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Aug-2024
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Overview
Market Insights Snapshot
Midnight Bar has shown a mixed performance across different states and categories over the past few months. In Michigan, the brand has managed to stay within the top 30 rankings for the Edible category, starting at rank 27 in May and moving slightly up to rank 25 in June. However, by July and August, Midnight Bar dropped out of the top 30, indicating a decline in their market presence in the state. This downward trend is also reflected in their sales figures, which peaked at $330,017 in June but saw a consistent decline to $256,092 by August. This suggests that while the brand had a brief period of improvement, sustaining that momentum has been challenging.
In other states, the performance of Midnight Bar in the Edible category has not been as encouraging, as they failed to break into the top 30 rankings, highlighting areas where the brand might need to focus more attention. The fluctuation in rankings and sales in Michigan could be indicative of broader market challenges or competitive pressures that Midnight Bar is facing. The brand's ability to regain its position and improve sales will be crucial in determining its long-term success in the Edible category. For a more detailed analysis, additional data on other states and categories would be beneficial to understand the full scope of Midnight Bar's market performance.
Competitive Landscape
In the Michigan Edible category, Midnight Bar has experienced notable fluctuations in its rank and sales over the past few months. Starting from a rank of 27 in May 2024, Midnight Bar improved to 25 in June but then dropped to 31 in both July and August. This decline in rank is mirrored by a decrease in sales, from a high of $330,017 in June to $256,092 in August. In contrast, competitors like Sauce Essentials and Treetown have shown more stable performance. Sauce Essentials, for instance, maintained a higher rank, fluctuating between 23 and 29, while Treetown consistently hovered around the 30th position. The stability of these competitors suggests that Midnight Bar needs to address the factors contributing to its recent decline to regain its competitive edge in this market.
Notable Products
In August 2024, the top-performing product from Midnight Bar was Full Moon - Thin Mint Dark Chocolate (200mg), which climbed to the number one spot with sales of 7,284 units. The Full Moon - Milk Chocolate Bar (200mg) followed closely in second place, showing a recovery from its fourth position in July. Full Moon - Strawberry Milkshake Chocolate Coin (200mg) maintained a consistent third place. Full Moon - Orange Milk Chocolate (200mg) remained steady in fourth place, while Full Moon - Rich Dark Chocolate (200mg) dropped to fifth from its peak position in July. Notably, the rankings of these products have shown some fluctuations over the past months, with significant movements particularly for the top two products.
Top Selling Cannabis Brands
Data for this report comes from real-time sales reporting by participating cannabis retailers via their point-of-sale systems, which are linked up with Headset’s business intelligence software. Headset’s data is very reliable, as it comes digitally direct from our partner retailers. However, the potential does exist for misreporting in the instance of duplicates, incorrectly classified products, inaccurate entry of products into point-of-sale systems, or even simple human error at the point of purchase. Thus, there is a slight margin of error to consider. Brands listed on this page are ranked in the top twenty within the market and product category by total retail sales volume.
