Market Insights Snapshot
In the Beverage category, the cannabis brand MyHi has shown some notable performance trends across different states. In Massachusetts, their ranking fluctuated within the top 20 from July to September 2023, but fell to 24th place in October. This drop may indicate a decrease in brand popularity or increased competition within the state. However, it's important to note that despite the drop in ranking, MyHi remained within the top 25 brands in the state, which is still a commendable position.
On the other hand, in Michigan, MyHi maintained a more consistent ranking within the top 20 from July to October 2023. Despite the slight drop from 12th to 16th place, this consistency could suggest a steady demand for MyHi products within the Michigan market. However, without further data, it's hard to determine the exact factors contributing to this trend. The brand's sales figures also showed a downward trend over the four months, which could be a point of concern or an area for improvement.
In the Beverage category within Michigan, MyHi has shown a consistent but slight downward trend in rank from July to October 2023, moving from 12th to 16th place. This is indicative of a decrease in sales, though the brand still remains within the top 20. Among its competitors, Cannavis Syrup has shown a significant improvement in rank, moving from 21st to 15th place, suggesting a substantial increase in sales. Ripple (formerly Stillwater Brands), despite a higher initial rank, has shown a similar downward trend to MyHi, dropping from 5th to 14th place. Harbor Farmz and Happi have also experienced a decrease in rank, though less pronounced than MyHi. These shifts in the competitive landscape suggest a volatile market in Michigan's Beverage category, with opportunities for MyHi to regain its position.
In October 2023, the top-performing product from MyHi was the 'Stix - Berry Infused Stir Stiks (20mg)', maintaining its position from the previous month. Following closely in second place was the 'Stix - Lemon Infused Stir Stiks (20mg)', showing a consistent performance from September. The 'Stix - Grape Infused Stir Stiks (20mg)' dropped a rank to the third position, while the 'Stix - Tea Infused Stir Stik (20mg)' held steady at the fourth rank. The 'Myhi- Tea Stir Stick Drink Mix 5-Pack (100mg)' remained at the fifth position. Notably, the 'Stix - Berry Infused Stir Stiks (20mg)' had impressive sales, reaching 382 units sold in October.