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Oct-2024
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Overview
Market Insights Snapshot
In the state of Michigan, Five Star Extracts has shown a notable upward trajectory in the Concentrates category, moving from a rank of 39 in July 2024 to 23 by October 2024. This improvement suggests a growing consumer preference for their products in this category, which is further supported by a steady increase in sales from July to October. However, their performance in the Vapor Pens category has been inconsistent. Despite a peak at rank 44 in August, they slipped to rank 72 by October, indicating potential volatility or increased competition in this segment.
On the other hand, Five Star Extracts has struggled to make a significant impact in the Edible category in Michigan. Consistently missing the top 30 rankings, their best position was 72 in both September and October, highlighting challenges in gaining traction among consumers. The fluctuating sales figures in this category also reflect these difficulties, suggesting a need for strategic adjustments to improve market presence. Overall, while Five Star Extracts has demonstrated strength in Concentrates, their performance across other categories indicates room for growth and optimization.
Competitive Landscape
In the Michigan concentrates market, Five Star Extracts has demonstrated a notable upward trajectory in its rankings over the past few months, moving from 39th place in July 2024 to 23rd by October 2024. This positive trend suggests a strengthening brand presence and potentially increasing consumer preference. In comparison, Redbud Roots has also shown improvement, climbing from 46th to 22nd, closely matching Five Star Extracts' performance. Meanwhile, ErrlKing Concentrates experienced a decline from 15th to 24th, indicating potential challenges in maintaining its market position. Peachy Hash & Co. displayed a significant recovery, rising from 31st in August to 21st in October, surpassing Five Star Extracts in the latest ranking. Conversely, Old School Hash Co. saw a slight decline, moving from 21st to 25th. These shifts highlight a dynamic competitive landscape where Five Star Extracts is gaining ground, but must continue to innovate and engage consumers to maintain its upward momentum against agile competitors.
Notable Products
In October 2024, the top-performing product from Five Star Extracts was Boston Swirl Cured Badder (1g) in the Concentrates category, which climbed to the number 1 rank with sales reaching 1592 units. Banana Sherbet Butter Badder (1g), also in the Concentrates category, debuted strongly at rank 2, demonstrating notable market entry success. Mango Madness Sugar Sauce Cartridge (0.5g) in the Vapor Pens category held a steady position, ranking 3rd, although it had previously topped the charts in September. Traverse City Cherry Full Spectrum Gummies 4-Pack (200mg) in the Edible category slipped to 4th place, showing a slight decline from its September ranking. Georgia Nug Run Sugar Sauce (1g) maintained its 5th position consistently from July through October, indicating stable sales performance.
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.
