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Aug-2024
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Overview
Market Insights Snapshot
Terpene Tanks has shown notable improvement in the Michigan Pre-Roll category over the summer months. Starting from a rank of 78 in May 2024, they have climbed steadily to reach 33 by August 2024. This upward movement indicates a significant gain in market share and consumer preference. The sales figures also reflect this trend, with a marked increase from $106,572 in May to $283,462 in August. This rapid ascent suggests that Terpene Tanks' strategy in the Pre-Roll category is paying off, positioning them as a rising competitor in the Michigan market.
In contrast, their performance in the Michigan Vapor Pens category has been more stable, yet still impressive. While their ranking slightly fluctuated, moving from 27 in May to 32 in June, they quickly rebounded to 16 in July and further improved to 15 in August. This consistency in the top 30 underscores their strong foothold in the Vapor Pens market. Despite a minor dip in sales from June to August, the overall sales volume remains robust, highlighting their sustained popularity and market presence. However, it's worth noting that their absence from the top 30 in other states or categories could be a point of concern or an area of potential growth.
Competitive Landscape
In the competitive landscape of the Vapor Pens category in Michigan, Terpene Tanks has shown a notable upward trend in rankings over the past few months, moving from 27th in May 2024 to 15th in August 2024. This improvement is significant, especially when compared to competitors like Ozone and Play Cannabis. While Ozone maintained a relatively stable position within the top 15, Terpene Tanks' rise suggests a growing market presence and customer preference. On the other hand, Play Cannabis experienced a decline from 8th to 17th, indicating potential challenges in maintaining their market share. Similarly, Vapin Ape and Amnesia showed fluctuating ranks, which could imply inconsistent sales performance. Terpene Tanks' consistent climb in rankings and substantial sales growth, particularly in July and August, highlight its increasing competitiveness and potential for continued market penetration in Michigan's Vapor Pens category.
Notable Products
In August 2024, the top-performing product for Terpene Tanks was Ice Cream Cookies Infused Pre-Roll (1.2g), which secured the number one rank with impressive sales of 20,539 units. Following closely was Mai Tai Jack Infused Pre-Roll (1.2g) at the second rank, showing a consistent performance from previous months. Lemon Headband Infused Pre-Roll (1.2g) rose to the third position, indicating a significant improvement in sales compared to earlier months. Jealousy Runtz Distillate Cartridge (1g) slipped to the fourth rank after being the top performer in July 2024. Lastly, Strawberry Diesel Distillate Cartridge (1g) made its debut on the rankings at fifth place, showcasing its growing 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.
