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Oct-2024
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Overview
Market Insights Snapshot
HiColor has shown a steady presence in the Maryland market, particularly in the Edible category. Over the last few months, their ranking has fluctuated slightly, moving from 8th place in July 2024 to 10th in October 2024. This indicates a competitive stance, though not without challenges, as they slipped to 11th place in September before recovering in October. Despite these changes in ranking, HiColor's sales figures reveal a slight decline from July to September, followed by a modest recovery in October. Such movements suggest that while the brand maintains a strong foothold, there is room for strategic adjustments to regain higher positions.
Interestingly, HiColor's absence from the top 30 brands in other states or categories could be seen as a missed opportunity for expansion or as a strategic focus on maintaining their current market. The lack of rankings in other regions might be a point of concern if market penetration is a goal. However, it also highlights the potential for HiColor to explore new markets or categories where they could replicate their Maryland success. This insight into their market strategy could be valuable for stakeholders looking to understand HiColor's positioning and growth potential in the broader cannabis market landscape.
Competitive Landscape
In the Maryland edible market, HiColor has experienced fluctuating rankings over the past few months, which could be indicative of shifting consumer preferences or competitive pressures. HiColor started strong in July 2024 with an 8th place rank, but saw a dip to 11th place by September before recovering slightly to 10th in October. This pattern contrasts with competitors like Smokiez Edibles, which maintained a steady 9th place rank from August through October, and Beboe, which, despite a drop to 12th place in October, consistently ranked higher than HiColor in the earlier months. Notably, Select re-entered the top 20 in October at 8th place after missing ranks in July and September, highlighting a potential resurgence. Meanwhile, Do Drops showed a similar trend to HiColor, ending October just below at 11th place. These dynamics suggest that while HiColor faces strong competition, there is room for strategic improvements to regain and sustain higher rankings in this competitive market.
Notable Products
In October 2024, the top-performing product from HiColor was the CBN/THC 1:1 Blackberry Dream Gummies 10-Pack, which regained its leading position from July and maintained it in October with sales of 1,902 units. The Cherry RSO Gummies 10-Pack followed closely, ranking second, dropping from its top position in September. Sour Blueberry Nano Gummies 10-Pack climbed to third place, showing a steady rise from fifth in September. Concord Grape Nano Gummies 10-Pack made its debut in the rankings at fourth place, indicating strong initial sales. The CBD/THC 5:1 Sour Cherry Gummies 10-Pack returned to the rankings at fifth, after being absent in September, suggesting a resurgence in consumer interest.
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.
