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Jun-2024
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Overview
Market Insights Snapshot
MyHi has shown a notable performance in the Beverage category in New York. Over the past four months, the brand has consistently held strong positions, moving from rank 5 in March and April to rank 3 in May and June. This steady climb indicates a growing preference for their products among consumers. Their sales figures also reflect this upward trend, with a significant increase from $24,653 in March to $43,747 in June. This growth trajectory in the Beverage category suggests that MyHi is successfully capturing market share and resonating well with its target audience in New York.
In contrast, MyHi's performance in the Edible and Vapor Pens categories in New York presents a mixed picture. The brand did not rank in the top 30 for Edibles in March, but made a re-entry at rank 45 in April and slightly improved to rank 44 in May, though it did not maintain this position in June. This indicates a challenging market presence in the Edible category. Similarly, in the Vapor Pens category, MyHi's rankings fluctuated around the mid-40s, starting at rank 43 in March and ending at rank 47 in June. Despite these challenges, the brand's sales in Vapor Pens saw a modest increase from $20,599 in March to $22,746 in June, suggesting some resilience and potential areas for growth.
Competitive Landscape
In the competitive landscape of the New York cannabis beverage market, MyHi has shown notable resilience and growth. Over the past four months, MyHi has climbed from the 5th position in March 2024 to the 3rd position by May 2024, maintaining that rank through June 2024. This upward trend is indicative of a strong market presence and increasing consumer preference. In contrast, Ayrloom has consistently held the top position, with sales figures significantly higher than MyHi's, suggesting a dominant market share. Meanwhile, Tune experienced fluctuations, dropping to 5th place in May before rebounding to 2nd in June, highlighting a volatile performance. Weed Water also saw a decline, falling to 6th place in June after a brief stint at 2nd in May. Harney Brothers Cannabis maintained a steady 4th position throughout the period. MyHi's consistent rise in rank and sales, despite fierce competition, underscores its growing influence in the market, making it a brand to watch in the New York cannabis beverage sector.
Notable Products
In June 2024, the top-performing product for MyHi was the Simply Flavorless Stir Stick 10-Pack (100mg), which ranked first with sales reaching 775 units. The Boisterous Berry Stir Stick (10mg) maintained its second position from the previous month with notable sales of 732 units. The Lively Lemon Stir Stick (10mg), which had held the top spot for three consecutive months, dropped to third place with 632 units sold. The newly introduced Lively Lemon Stir Stick 10-Pack (100mg) debuted at fourth place in June. The Boisterous Berry Stir Stick 10-Pack (100mg) re-entered the rankings at fifth place, showing a slight increase in sales compared to its last recorded month.
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