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Dec-2024
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Overview
Market Insights Snapshot
MyHi has shown a consistent performance in the New York market, particularly in the Beverage category, where it maintained a steady ranking at 4th place from September to December 2024. This stability suggests a strong foothold and consumer loyalty within this category. Interestingly, sales in the Beverage category increased from $32,752 in September to $52,018 in December, indicating a positive trend despite the stable ranking. In contrast, MyHi's presence in the Edible category in New York was not as prominent, as it ranked 53rd in September and did not appear in the top 30 in subsequent months. This absence highlights a potential area for growth or reevaluation for the brand.
In the Vapor Pens category in New York, MyHi demonstrated a gradual improvement in rankings, moving from 64th in September to 55th by December 2024. This upward trajectory, coupled with a noticeable increase in sales from $22,518 in September to $50,197 in December, suggests growing consumer interest and market penetration. The brand's ability to climb the ranks in this competitive category hints at effective marketing strategies or product enhancements. However, the fact that it did not break into the top 30 indicates that there is still significant room for improvement and potential market share to capture.
Competitive Landscape
In the competitive landscape of the New York cannabis beverage market, MyHi has maintained a stable position, consistently ranking 4th from September to December 2024. Despite its steady rank, MyHi faces stiff competition from brands like Tune and Harney Brothers Cannabis, which have consistently held the 2nd and 3rd positions, respectively. Notably, Tune has shown a significant upward trend in sales, while MyHi's sales have plateaued in December after a peak in November. Meanwhile, Weed Water remains a close competitor, consistently ranking 5th, indicating a tight race in this category. The absence of Altua from the top 20 in the earlier months, only appearing in December, suggests potential volatility and emerging competition. For MyHi, maintaining its current rank amidst these dynamics highlights the importance of strategic marketing and product differentiation to capture a larger market share and potentially climb the ranks.
Notable Products
In December 2024, MyHi's top-performing product was the Simply Flavorless Stir Stick 10-Pack (100mg), maintaining its leadership position with sales reaching 860 units. The Boisterous Berry Stir Stick (10mg) held steady in second place, showing consistent growth over the months. The Lively Lemon Stir Stick (10mg), although once the leader in September, settled into third place by December, indicating a shift in consumer preference. The Boisterous Berry Stir Stick 10-Pack (100mg) re-emerged in the rankings at fourth, with significant sales improvement from previous months. Simply Flavorless Stir Stick (10mg) also made a notable return to the top five, suggesting a resurgence in its popularity.
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.
