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Aug-2024
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Overview
Market Insights Snapshot
Mr. Honey Extracts has demonstrated a fluctuating performance across various categories and states over the past few months. In Arizona, the brand saw a notable decline in the Concentrates category, dropping from the 11th rank in May 2024 to 17th in August 2024. This drop is reflective of a decrease in sales from $143,779 in May to $92,212 in August. Despite the dip in rankings and sales, the brand managed to stay within the top 30, indicating a resilient market presence. The Vapor Pens category also showed volatility, with Mr. Honey Extracts starting at the 18th rank in May, peaking at 17th in July, and then falling to the 30th rank by August. The brand's presence in the top 30 for both categories suggests a competitive but challenging market environment in Arizona.
While the performance in Arizona highlights some concerns, it also showcases areas where the brand can focus its efforts to regain momentum. The sales data shows that Mr. Honey Extracts experienced significant fluctuations, particularly in the Vapor Pens category, where sales dropped from $234,978 in May to $92,804 in August. This decline in both sales and rank could be indicative of broader market shifts or increased competition. The absence of Mr. Honey Extracts from the top 30 in any other states or categories during these months points to potential areas for growth and expansion. By analyzing these trends, stakeholders can better understand the dynamics at play and strategize accordingly to enhance the brand's market position.
Competitive Landscape
In the competitive landscape of vapor pens in Arizona, Mr. Honey Extracts has experienced notable fluctuations in rank and sales over the past few months. Despite a strong start in May 2024 with a rank of 18, Mr. Honey Extracts saw a dip to 21 in June, a recovery to 17 in July, and a significant drop to 30 in August. This volatility contrasts with the more stable performance of competitors such as The Giving Tree, which maintained a relatively consistent rank around the mid-20s before falling to 34 in August, and Goldsmith Extracts, which hovered around the high 20s. Meanwhile, Connected Cannabis Co. showed a steady climb from rank 40 in May to 27 in August, indicating a positive trend in consumer preference. Additionally, Sweet Science improved its position from 39 in May to 32 in August. These shifts suggest that while Mr. Honey Extracts has the potential for high sales, it faces stiff competition and must strategize to stabilize and improve its market position in the Arizona vapor pen category.
Notable Products
In August 2024, the Jack Herer Distillate Cartridge (1g) emerged as the top-performing product for Mr. Honey Extracts, maintaining its first-place ranking from the previous month with sales of $3,510. The Blueberry Shortcake Shatter (1g) climbed to the second position, showing a significant increase from fourth place in July. The Royal Kush Budder (1g) debuted impressively at third place. The Orange Cookies Distillate Cartridge (1g) slipped slightly to fourth place from third in July, while the Mimosa Distillate Cartridge (1g) experienced a notable drop to fifth place from its consistent second-place ranking in the previous three months. This shift in rankings highlights changing consumer preferences and the strong performance of new entries.
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.
