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Oct-2024
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Overview
Market Insights Snapshot
In the Massachusetts market, Choice has consistently held the 6th rank in the Edible category from July to October 2024. Despite maintaining a steady rank, the brand experienced a decline in sales, with October sales dropping to $736,439 from a high of $899,341 in August. This suggests that while their market position remains stable, there is room for improvement in driving sales growth. On the other hand, Michigan presents a different picture, where Choice has consistently secured the 2nd rank in the same category. Here, sales have shown resilience, with a noteworthy rebound in October, climbing back to over $3 million after a dip in September. This indicates a strong market presence and consumer loyalty in the Michigan market.
Interestingly, Choice's performance in Michigan contrasts with its Massachusetts sales trajectory, highlighting regional differences in consumer behavior and market dynamics. The brand's ability to maintain a top position in Michigan's Edible category underscores its competitive edge and potential for further market penetration. However, their absence from the top 30 in other states or categories could signal untapped opportunities or challenges that need addressing. This duality in performance across states suggests that while Choice has established a robust foothold in certain regions, there remains significant potential for growth and expansion in others. Understanding these market nuances could be key to strategizing future brand initiatives and optimizing their category performance.
Competitive Landscape
In the Michigan edible cannabis market, Choice has consistently held the second rank from July to October 2024, showcasing a stable market presence. Despite a slight dip in sales during September, Choice's sales rebounded in October, indicating resilience in consumer demand. The leading competitor, Wyld, maintained its top position throughout these months, with sales figures significantly higher than Choice, suggesting a strong brand loyalty or market penetration. Meanwhile, Wana and MKX Oil Company have shown fluctuations in their rankings, with MKX Oil Company improving its position to third in October. This competitive landscape highlights the need for Choice to innovate or enhance its marketing strategies to close the gap with Wyld and fend off rising competitors like MKX Oil Company.
Notable Products
In October 2024, Granddaddy Grape Soft Chews 10-Pack (200mg) from Choice led the sales ranking, maintaining its top position from September with sales reaching 54,765. Chronic Cherry Berry Soft Chews 10-Pack (200mg) followed closely, dropping to the second position after leading in July and September. Sativa Blue Razz Dream Gummies (200mg) held steady at third place, showing consistent performance since August. Red Raz Haze Gummies 10-Pack (200mg) remained in fourth place, indicating stability in its sales rank over the months. Sunset Orange Soft Chews 10-Pack (200mg) re-entered the top five in October, showing a notable comeback after being unranked in September.
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.
