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Aug-2024
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Overview
Market Insights Snapshot
HYTN has shown varied performance across different states and categories over the past few months. In Alberta, the brand's ranking in the Beverage category has fluctuated, starting at rank 9 in May 2024 and dropping to rank 13 by August 2024. This downward trend in Alberta might be a cause for concern, especially considering that their sales also decreased from $49,969 in May to $28,502 in August. However, despite the drop in rankings, HYTN managed to stay within the top 30 brands, which indicates a consistent presence in the market.
In contrast, HYTN's performance in British Columbia has been more stable and positive. The brand improved its ranking from 15 in May 2024 to consistently holding the 10th position in July and August. This upward movement is accompanied by a steady increase in sales, reaching $49,149 in August. The consistent top 10 ranking in British Columbia reflects a strong foothold in the Beverage category, suggesting that HYTN's market strategies may be more effective in this region compared to Alberta.
Competitive Landscape
In the highly competitive beverage category in British Columbia, HYTN has shown a notable improvement in its market position over the summer of 2024. Starting from a rank of 15 in May, HYTN climbed to 11 in June and maintained a steady position at 10 through July and August. This upward trend indicates a positive reception and growing consumer preference, which is crucial for sustaining sales momentum. In contrast, Ray's Lemonade experienced a decline, dropping from 6th to 9th place, while Green Monke fluctuated but remained relatively stable around the 7th and 8th positions. Meanwhile, Solei and Collective Project held steady lower ranks, with Solei moving from 9th to 11th and Collective Project consistently at 12th. These dynamics suggest that HYTN's strategic initiatives are paying off, positioning it as a rising competitor in the market.
Notable Products
For Aug-2024, the top-performing product from HYTN is Rosewater Lemonade Drink (10mg THC, 355ml), maintaining its first-place ranking with notable sales of 4234 units. Watermelon Mint Sparkling Drink (10mg THC, 355ml) is in second place, experiencing a slight drop from its first-place ranking in Jul-2024. Citrus Nano Shot (100mg THC, 50ml) holds steady in third place for the fourth consecutive month. Peach Nectarine Sparkling Drink (10mg THC, 355ml) ranks fourth, a slight improvement from its fifth-place ranking in Jul-2024. Lastly, Pomelo Papaya Sparkling Drink (10mg THC, 355ml) has dropped to fifth place, continuing its downward trend from previous months.
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.
