.svg){kind=small}
Oct-2024
Sales
Trend
6-Month
Product Count
SKUs
Overview
Market Insights Snapshot
Lit Labs has shown a notable performance in the Michigan concentrates category, with a significant climb in the rankings from 35th place in September 2024 to 19th place by October 2024. This upward movement is particularly impressive given their earlier dip to 48th place in August 2024. The sales figures reflect this positive trend, with sales increasing from $119,048 in September to $186,880 in October. This indicates a strong recovery and growing consumer demand for their concentrates, a potential area of strength for Lit Labs in Michigan.
In contrast, Lit Labs' performance in the edible category within Michigan has been relatively stable, yet less remarkable. Their rankings have hovered around the low 50s over the four months, never breaking into the top 50. Sales have shown a downward trend, culminating in a decrease from $73,293 in September to $58,381 in October. This suggests that while their presence is consistent, there may be challenges in capturing a larger market share in the edibles category. The absence from the top 30 in this category might indicate a need for strategic adjustments to improve their standing.
Competitive Landscape
In the competitive Michigan concentrates market, Lit Labs has shown a significant fluctuation in its ranking over the past few months, indicating a dynamic market presence. In July 2024, Lit Labs was ranked 25th, but experienced a drop to 48th in August, before rebounding to 35th in September and further improving to 19th in October. This upward trajectory in the latter months suggests a recovery in market strategy or consumer preference. In comparison, Redemption maintained a relatively stable position, hovering around the mid-teens, while GreenCo Ventures consistently ranked in the top 20, showing a steady performance. Bowhouse and Peachy Hash & Co. also demonstrated fluctuations, with Bowhouse dropping to 20th in October and Peachy Hash & Co. moving from 18th in July to 21st in October. These movements highlight the competitive nature of the market and suggest that Lit Labs' recent improvements could position them well for future growth if they continue to capitalize on their recent gains.
Notable Products
In October 2024, the top-performing product for Lit Labs was the Blue Razz Full Spectrum Vegan Gummies 10-Pack (200mg), maintaining its first-place ranking for four consecutive months with a notable sales figure of 4121 units. The Mango Rosin + Resin Full Spectrum Vegan Gummies 10-Pack (200mg) climbed from fourth to second place, showing a strong increase in sales. Strawberry Rosin Gummies 20-Pack (200mg) held steady in third place, indicating consistent demand. Pure Michigan x Sherb Cream Pie Cured Resin (1g) made a notable debut, securing the fourth position. Meanwhile, the Watermelon Full Spectrum Rosin Vegan Gummies 10-Pack (200mg) dropped to fifth place after peaking in second place 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.
