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Aug-2024
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Overview
Market Insights Snapshot
Sapphire Farms has shown a varied performance across different categories and states. In Michigan, their Flower category has seen a significant decline in rankings, dropping from 45th in May 2024 to falling out of the top 30 by August 2024. This downward trend is coupled with a corresponding decrease in sales, indicating potential issues in either product quality or market competition. On the other hand, their Pre-Roll category has maintained a more stable position, fluctuating slightly but staying within the top 30 throughout the same period. This suggests a stronger foothold in the Pre-Roll market, which could be a strategic area for the brand to focus on for growth.
Examining the sales figures, the Flower category's performance in Michigan has not only seen a drop in rankings but also a consistent decline in sales, plummeting from $742,389 in May 2024 to a significantly lower figure by July 2024. In contrast, the Pre-Roll category has shown a positive trend, with sales increasing from $463,510 in May 2024 to $565,545 in August 2024. This contrasting performance across categories highlights areas of strength and potential weaknesses within Sapphire Farms' product lineup. Understanding these dynamics can provide valuable insights into market preferences and help guide future strategic decisions.
Competitive Landscape
In the Michigan pre-roll category, Sapphire Farms has experienced fluctuating rankings over the past few months, moving from 19th in May 2024 to 20th in August 2024. Despite these changes, their sales have shown a positive trend, with a notable increase from $463,510 in May to $565,545 in August. Competitors like LOCO and Fawn River have also seen shifts in their rankings, with LOCO peaking at 18th in July and Fawn River climbing to 18th in August. Meanwhile, Ready Rolled Co has shown a significant rise from 48th in May to 19th in August, indicating a strong upward trend. These movements suggest a highly competitive market, where Sapphire Farms must continue to innovate and market effectively to maintain and improve its position.
Notable Products
In August 2024, the top-performing product from Sapphire Farms was Kush Cake Pre-Roll (1g), which climbed from fourth place in July to secure the number one spot with impressive sales of $26,920. Macaroon Mouth Pre-Roll (1g) debuted strongly at second place. Hella Jelly Pre-Roll (1g) improved its ranking from fifth place in July to third place in August, showing a notable increase in sales. Wedding Mintz Pre-Roll (1g) entered the rankings for the first time in fourth place. Pound Cake Pre-Roll (1g) also made its first appearance on the list, securing fifth place.
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.
