September 2023 Cannabis Market Overview

September 2023: Maryland Shines, and Breakout Brands Find Success in Contracting Legacy Markets

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In the rapidly evolving world of cannabis, metrics are the heartbeat. At Headset, we don't just crunch numbers; we make data analysis easy, turning complex insights into digestible narratives. Let's dive into the story of cannabis in August 2023 looking at macro trends, basket metrics and some breakout brands in August.

Market Overview: The State of the Union by Numbers

• Month Two for Maryland: And the market grew 5% from its already successful July launch, delivering $91.7M in sales
• Flourishing Floridians: Florida is a beacon with a 17.6% market growth compared to August 2022.
• Michigan’s Surge: A substantial 31.5% growth in August, translating to a market worth $273,304,741 for the month, showcasing Michigan's vast potential.
• Californian Current: Despite a 9% contraction in August, the market volume remains immense at $377,180,195. Could this be an early sign of market saturation?
• Colorado’s Cool Phase: Its 11.3% YTD dip reveals challenges but its persistent market presence can't be ignored.
• Steady States: Washington and Oregon, with respective contractions of 0.9% and 0.8% in August, remain strong pillars in the cannabis world.
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Breakout Brands: From Seedlings to Redwoods

• Jeeter's Phenomenal Jump: Their 1122.77% YTD growth isn't just impressive, it's monumental, moving from $3,180,099 in 2022 to $38,885,317 in 2023. In Michigan's booming market, they contributed a cool $7,157,725 in August.
• Simply Remarkable: Simply Herb in Massachusetts has grown from $3,286,037 in 2022 to a dazzling $29,332,208 in 2023. A success story in the making.
• Nevada’s Gleaming Gem: &Shine’s 721.65% growth YTD is nothing short of spectacular, marking them as a brand to watch closely.
• Micro Bar's Rise: In Washington, the Micro Bar brand went from no sales in 2022 to a top brand in the market. An incredible achievement in a market that hasn't been growing much on the top-line recently.

Basket Analytics: Consumer Chronicles

• The Splurge Story: Maryland is tasting luxury with a 15.24% surge in the average item price, indicating a potential shift towards premium offerings.
• Sizing the Baskets: Basket sizes have been on a decline with states like California seeing a drop of 12.46%, while Massachusetts witnessed a sharper fall of 18.64%. On the flip side, some states like AB saw a slight increase of 0.64%.
• Floridian Frequents: More than just growth in market volume, Florida marked a transaction surge of 33.84%, suggesting a robust consumer presence.
• Price Points and Patterns: Average item prices are in flux, with states like Illinois seeing a 13.38% decline. Is this a sign of intensified competition or the dawn of a more budget-conscious buyer?

While these are just a few of the many insights available to our subscribers at Headset, they paint a vivid picture of a market in flux. Stay ahead of the curve, understand the narratives behind the numbers, and embrace the cannabis market's opportunities and challenges with the power of Headset's comprehensive analysis.

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