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Aug-2024
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Overview
Market Insights Snapshot
Road Trip has shown varied performance across different states and categories over the past few months. In Michigan, the brand has experienced a notable decline in the Pre-Roll category. Starting at rank 13 in May 2024, Road Trip's position slipped to rank 26 by August 2024. This downward trend is significant, indicating potential challenges in maintaining market share or possibly increased competition within the state. The sales figures support this trend, showing a steady decrease from $718,115 in May to $371,774 in August. This movement out of the top 20 and nearing the bottom of the top 30 could be a cause for concern if the trend continues.
While Michigan's performance indicates a need for strategic adjustments, it's also important to note that Road Trip's absence from the top 30 in other states or categories could signify either a lack of market penetration or insufficient brand recognition. Not being in the top 30 rankings in additional states or categories can be viewed as a missed opportunity for growth and expansion. However, this also highlights potential areas where the brand can focus its efforts to improve visibility and sales. Overall, understanding these movements can help in identifying both strengths and areas for improvement, providing a roadmap for future strategies.
Competitive Landscape
In the competitive landscape of the Michigan pre-roll category, Road Trip has experienced notable fluctuations in its ranking and sales over the past few months. Starting from a strong position at rank 13 in May 2024, Road Trip saw a decline to rank 17 in June, further dropping to rank 25 in July, and slightly improving to rank 26 in August. This downward trend in rank is mirrored by a decrease in sales, from a high in May to a significant dip by August. In contrast, competitors like The Factory and Uplyfted Cannabis Co. also experienced declines in their rankings, with The Factory falling out of the top 20 by August. However, Galactic (fka Galactic Meds) showed a positive trajectory, climbing from rank 51 in May to rank 25 by August, indicating a potential threat to Road Trip's market share. Meanwhile, Grown Rogue maintained a relatively stable position, hovering around the mid-20s. These competitive dynamics suggest that while Road Trip faces challenges in maintaining its rank and sales, there are opportunities to strategize against both declining and rising competitors in the Michigan pre-roll market.
Notable Products
In August 2024, GMO Crasher Pre-Roll (1g) maintained its top position as the best-selling product for Road Trip, with a notable sales figure of $25,966. The Soap Pre-Roll (1g) entered the rankings at the second position, demonstrating a strong debut. Don Mega Pre-Roll (1g) improved its standing, moving up from fourth place in July to third place in August. Animal Tree Pre-Roll (1g) and Block Berry Pre-Roll (1g) secured the fourth and fifth positions, respectively, both making their first appearance in the rankings. Overall, the pre-roll category showed significant dynamism with new entries and changes in rankings from the 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.
