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Sep-2024
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Overview
Market Insights Snapshot
HiColor's performance in the Maryland edibles category shows a slight decline over the summer months, moving from 8th place in June and July to 12th place by September. This shift in ranking is accompanied by a noticeable decrease in sales, indicating potential challenges in maintaining market share. Despite the drop, HiColor remains within the top 15, suggesting that while they are facing competition, they continue to hold a significant position in the market. The decline in sales from June to September could be attributed to various factors, such as increased competition or changes in consumer preferences, and understanding these dynamics could be crucial for future strategy adjustments.
In other states, HiColor's presence is less prominent, as they did not appear in the top 30 brands for any other category or state during the same period. This absence highlights a potential area for growth or a need for strategic reevaluation to expand their market reach beyond Maryland. The focus on edibles in Maryland might indicate a stronghold in that particular category, but exploring opportunities in other states or diversifying their product offerings could be beneficial. The data suggests that while HiColor has a foothold in Maryland, there is ample room for growth across other regions and categories, which could be pivotal for their long-term success.
Competitive Landscape
In the Maryland edibles market, HiColor has experienced a notable decline in rank from June to September 2024, dropping from 8th to 12th place. This downward trend in ranking is mirrored by a decrease in sales, particularly evident in September when sales fell significantly compared to previous months. In contrast, competitors such as Do Drops and Beboe have maintained or improved their positions, with Do Drops climbing from 12th to 10th place and Beboe consistently holding the 11th spot. This suggests that while HiColor is facing challenges, possibly due to increased competition or market dynamics, other brands are capitalizing on these conditions to stabilize or enhance their market presence. The performance of Dixie Elixirs and Strane also highlights the competitive nature of this market, as they fluctuate in rankings but manage to stay within the top 20, indicating resilience and adaptability in their strategies.
Notable Products
In September 2024, Cherry RSO Gummies 10-Pack (100mg) emerged as the top-performing product for HiColor, climbing from its fifth position in August to first place, with sales reaching 1668 units. Previously holding the top spot for three consecutive months, CBN/THC 1:1 Blackberry Dream Gummies 10-Pack (100mg CBN, 100mg THC) slipped to second place with a notable decrease in sales. Blueberry RSO Gummies 10-Pack (100mg) made a strong comeback to secure the third position, up from being unranked in August. Sour Blueberry Nano Gummies 10-Pack (100mg) fell two spots to fourth place, while Hawaiian Pineapple Gummies 10-Pack (100mg) rounded out the top five after a consistent performance in previous months. The Edible category continues to dominate the rankings, showcasing a dynamic shift in consumer preferences within HiColor's product range.
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.
