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Oct-2024
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Overview
Market Insights Snapshot
Summit has shown varied performance across different cannabis categories and states, with notable fluctuations in rankings and sales. In Colorado, the brand's performance in the Flower category has been particularly dynamic. Despite a dip in rankings from July to September, falling from 77th to 85th, Summit made a significant recovery in October, climbing to 57th place. This rebound is reflected in their sales figures, which saw a substantial increase from September to October. However, in the Concentrates category, Summit did not make it into the top 30 brands from July to October, indicating a potential area for improvement. Meanwhile, their Vapor Pens category experienced ups and downs, peaking in August and September before dropping again in October.
In Michigan, Summit's presence in the Concentrates category has been less prominent, with the brand only entering the top 90 as of August and September. This suggests that while Summit is making headway, it has yet to establish a strong foothold in Michigan's Concentrates market. The absence of top 30 rankings during these months highlights the competitive landscape Summit faces. Despite these challenges, the brand's ability to maintain a consistent presence in the rankings from August to September suggests a potential for growth if they can leverage their market strategies effectively. Overall, Summit's performance across states and categories underscores a mixed yet promising potential for market expansion and brand strengthening.
Competitive Landscape
In the competitive landscape of the Flower category in Colorado, Summit has experienced notable fluctuations in its market position over the past few months. After struggling with lower rankings in July and August 2024, where it did not appear in the top 20 brands, Summit made a significant leap in October 2024, climbing to 57th place. This improvement in rank coincides with a substantial increase in sales, suggesting a positive reception of recent marketing or product changes. In contrast, competitors like Chronic Creations and Kaviar have shown more stable rankings, with Chronic Creations maintaining a consistent presence in the 40s and 50s range, while Kaviar improved from the 60s to 56th place in October. Meanwhile, Seed and Smith (LBW Consulting) and Rare Dankness have experienced more volatility, with Rare Dankness dropping to 66th place in October. Summit's recent upward trend in both rank and sales positions it as a brand to watch, potentially signaling a strategic shift that could further enhance its competitive standing in the Colorado Flower market.
Notable Products
In October 2024, Tropic Cherry (Bulk) from Summit emerged as the top-performing product, achieving the number one rank with sales of 3063 units, a significant increase from its third-place position in September. Granny Apple Sass (Bulk) made a notable debut in the rankings, securing the second spot with impressive sales figures. Summit Berry Jellies 10-Pack (200mg), which held the top rank from July to September, slipped to third place in October. Pint Sized (Bulk) climbed one spot from September to October, moving from fifth to fourth in the rankings. Guava Melt (3.5g) entered the top five in October, despite not being ranked in September, indicating a growing interest in this product.
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.
