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Aug-2024
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Overview
Market Insights Snapshot
Theory Wellness has demonstrated notable performance across various categories in Massachusetts. In the Concentrates category, the brand has shown a steady upward movement, climbing from rank 30 in May 2024 to rank 28 in August 2024, indicating a positive trend. However, their performance in the Edible category has been less impressive, consistently ranking outside the top 60. The Flower category has been a strong suit for Theory Wellness, with a significant improvement from rank 74 in May 2024 to rank 52 by August 2024, reflecting a substantial increase in sales over the months. The Pre-Roll category, however, saw a decline with the brand dropping out of the top 30 by August 2024, which could be a point of concern.
In New York, Theory Wellness has only recently started making inroads, particularly in the Vapor Pens category. Despite not being in the top 30 for May and June 2024, the brand entered the rankings at position 61 in July 2024 and improved to rank 55 by August 2024. This indicates a growing presence and potential for further market penetration. The overall trend suggests that while Theory Wellness is gaining traction in some categories and states, there are areas where the brand needs to focus on improving its market position to ensure sustained growth and competitiveness.
Competitive Landscape
In the competitive landscape of the Massachusetts Flower category, Theory Wellness has shown a consistent upward trend in rankings and sales over the past few months. Starting from a rank of 74 in May 2024, Theory Wellness improved its position to 52 by August 2024, reflecting a significant boost in sales from $148,728 to $228,811. This upward trajectory is noteworthy when compared to other brands in the same category. For instance, Khalifa Kush also showed improvement but at a slower pace, moving from rank 70 to 51 with sales increasing from $173,158 to $260,106. Meanwhile, Good Green made a more dramatic leap from rank 88 to 58, with sales rising from $95,916 to $202,433. On the other hand, The Botanist experienced a decline, dropping from rank 37 to 50, and a corresponding decrease in sales from $372,317 to $265,918. Additionally, Savvy showed inconsistent ranking data but had a notable sales figure of $223,481 in August 2024. These insights suggest that Theory Wellness is gaining traction and market share in Massachusetts, positioning itself favorably against both rising and declining competitors.
Notable Products
In August 2024, the top-performing product for Theory Wellness was Dosidos (3.5g) in the Flower category, maintaining its number one ranking from previous months with sales reaching 1514 units. The 3D (3.5g) product in the Flower category climbed to the second spot with notable sales of 1485 units, marking a significant rise from its fourth position in June 2024. Wedding Cake (3.5g), also in the Flower category, secured the third position, showing a strong comeback after not appearing in the rankings for two months. Butterwolf (3.5g) in the Flower category ranked fourth, consistently staying within the top five over the past months. Blood Orange Distillate Cartridge (1g) in the Vapor Pens category dropped to fifth place, down from its peak position in June 2024, but still maintained solid sales figures.
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.
