MyHi

Data Snapshot: May 05, 2024
MyHi Cannabis Brand Logo
$50K+

Apr-2024

Sales

Neutral

Trend

6-Month

22

Product Count

SKUs

MyHi

Overview

Markets

MyHi Locations

Product Trends

MyHi Categories

MyHi Sales

Market Insights Snapshot

MyHi Historical Sales by Category

In the competitive cannabis market, MyHi's performance across different categories and states shows a mixed bag of results. In Michigan, MyHi's Beverage category started strong in January 2024, ranking 12th with sales reaching 10,010, but failed to maintain a top 30 position in the following months, indicating a significant drop in either sales volume or market competitiveness—or possibly both. Contrastingly, in New York, the brand's Beverage category remained consistently high within the top 5 ranks from January to April 2024, even showing sales growth from 29,312 in January to 32,856 in April. This suggests a strong market presence and consumer preference in New York, despite the competitive landscape. However, the brand's foray into the Edibles market in New York in April, landing at rank 44, highlights challenges in gaining immediate traction in new category segments.

Further analyzing MyHi's performance, the brand's venture into Vapor Pens in New York demonstrates a struggle to capture a significant market share, with rankings sliding from 35th in January to 45th by April 2024. This downward trend, despite an initial high sales figure of 17,500 in January, indicates a potential decline in consumer demand or increased competition. It's noteworthy that the brand's presence across multiple categories in New York showcases an ambitious attempt to diversify its product offerings. However, the varying performance levels—excellent in Beverages yet struggling in Vapor Pens and Edibles—underscore the complexities and competitive nature of the cannabis market in New York. MyHi's strategic movements and adaptability in such a dynamic market landscape will be crucial for future growth and market penetration across these categories.

Apr-2024 Rank
Beverage
Edible
Vapor Pens
4
44
45
MyHi

Competitive Landscape

In the competitive landscape of the cannabis beverage market in New York, MyHi has maintained a strong presence, consistently ranking in the top 4 from January to April 2024. However, its position has seen slight fluctuations, moving from 3rd to 4th place over these months, indicating a fiercely competitive environment. Notably, Tune has emerged as a significant competitor, improving its rank from 5th to 2nd place by March and maintaining it into April, showcasing a remarkable increase in sales that far surpasses MyHi's. On the other hand, Weed Water also presents a challenge, moving ahead of MyHi in March and April with sales figures that significantly outstrip those of MyHi by April. The entry of Off Hours into the top 5 in April further intensifies the competition, although its sales remain lower than MyHi's. Meanwhile, Harney Brothers Cannabis trails behind, ranking 6th but showing a steady increase in sales. This dynamic market landscape suggests that while MyHi holds a strong position, the rapid growth and shifts among competitors could impact its rank and sales, underscoring the need for strategic marketing and innovation to maintain and enhance its market standing.

MyHi market ranking for NY Beverage

MyHi

Notable Products

In April 2024, MyHi's top-performing product was the Lively Lemon Stir Stick (10mg) from the Beverage category, securing the number one rank with sales figures reaching 440 units. Following closely behind was the Boisterous Berry Stir Stick (10mg), also from the Beverage category, which took the second spot. Interestingly, the Stix - Grape Infused Stir Stiks (20mg) shared the second rank with Boisterous Berry but did not have its sales figures disclosed. The Simply Flavorless Stir Stick 10-Pack (100mg) made a notable jump to the third position, showing a significant rise in popularity. Lastly, the Simply Flavorless Stir Stick (10mg) dropped from the top position in January to the fourth rank in April, indicating a shift in consumer preferences within the MyHi beverage line.

Product Rank
Category
Jan-2024
Feb-2024
Mar-2024
Apr-2024
Lively Lemon Stir Stick (10mg)
Beverage
2
>5
1
1
Boisterous Berry Stir Stick (10mg)
Beverage
4
>5
2
2
Stix - Grape Infused Stir Stiks (20mg)
Beverage
3
3
>5
2
Simply Flavorless Stir Stick 10-Pack (100mg)
Beverage
>5
2
>5
3
Simply Flavorless Stir Stick (10mg)
Beverage
1
4
3
4
View product & sales data

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