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Bomb ass weed

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Ad Locations: USA
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GQ-OGKush

Categories: Growers
Ad Locations: USA
Tags: gqclones
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Condition: New
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GQ Apple Fritter

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Product categories: Cultivation, Products
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Vendor: GQCLONES

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Headset names top ten fastest growing brands for 2023

Headset names top ten fastest growing brands for 2023

Despite the challenges in the cannabis industry, like sales slipping in mature states and the long drawn-out battle over legislation, data provider Headset has found the silver lining in a new report published on February 15. Headset grabbed data from its point-of-sale systems of more than 3,000 of its cannabis retailer partners.

Headset wrote in its report that the data represents more than $24 billion in directly measured sales across all US cannabis markets. Headset said, “These brands stood out against a slate of more than 7,000 others in the United States that are monitored every day within Headset Insights.”

To be considered for the report, Headset counted brands that had more than $100,000 in sales in 2022 and products on store shelves for each month of 2023. While some of the names aren’t as recognizable as others, it sounds like that won’t last long.

Top five brands
Coming in at number one was Standard Farms from Tilt Holdings (OTC: TLLTF) which grew 2559% in 2023 and is sold in Ohio, Massachusetts, and Pennsylvania. Headset wrote, “With the introduction of unique products like Rosin Extracts, disposable Rosin Vapes, seasonal edibles, and 1oz Packaged Flower offerings, Standard Farms has focused on quality, variety, and catering to both premium and value-seeking consumers. This balanced approach highlights the brand’s commitment to meeting diverse consumer preferences and staying ahead in a competitive landscape.”

The report noted that Standard Farms has been able to adapt to trends like value offerings. The company engaged in strategic product offerings and targeted pricing strategies. Standard planted its flag in two medical states, that are poised to legalize and begin selling adult-use products. That signals continued growth for this brand.

Colorado-based gummy brand Ript is coming in at number two with a growth rate of 2505% in 2023. The report wrote that “Ript capitalized on its established gummy platform under the Ripple brand to introduce a cost-effective yet high-quality gummy that delivers fast and impactful effects.” Headset said that Ript was poised to dominate the Colorado gummy market, with the launch of three new SKUs on January 1, expanding their range to 10 SKUs.

The report also pointed out that Ript’s attention to low cost gave the perception that the product was of lower quality, however, the company was able to change that misperception and has begun to develop a following. For example, a 100 mg gummy could be sold for less than $10 while industry leader Wana Brands sold for twice that amount. That’s a lot of bang for the buck.

Kush Boys broke the top five and ranked number three for growth of 2288%. Headset didn’t dig into the products from the company as to why the growth has been so strong, but Kush Boys does have a solid social media presence with over 33,000 followers on X. The company has an active supplement business alongside its cannabis products.

Ranking number four with 2248% growth was Eleven Cannabis. While sales were some of the smallest in the top 10 groups, the ranking was based on growth. Eleven focuses on less processing to bring customers a better quality flower. If you are a fan of the movie Spinal Tap, you’ll likely recognize where the company gets its name. The brand even uses an amp dial as its logo. As a reminder, the character Nigel Tufnel, played by Christopher Guest says in the rockumentary his amp control knobs all have the highest setting of 11, unlike others that only go to 10. “If we need that extra push over the cliff, we go to 11.”

Rounding out the top five is Micro Bar with a growth of 2233%. The report stated, “Innovation lies at the heart of Micro Bar’s growth strategy, particularly through their pioneering vaping technology. The Micro Bar Dual stands out as a revolutionary 3-in-1 vape with a dual-tank post-less system, allowing users the flexibility to enjoy two flavors simultaneously or independently.” Headset also wrote that within six months of launching, Micro Bar was able to capture more than 2.5% of the total market share in Washington. “At the time, Washington had over 1,000 established brands, 240 of them in the Vapor Pen Category,” said the report.

Next fastest-growing brands
The next fastest-growing brands in the top ten were EZ Vape, Modern Flower, WEED, Ruby Farms, and Paisley Trees.

Headset said that EZ Vape had the lowest-priced products out of all of the top 15 cartridge producers in Washington state. The report said that EZ Vape recognized a market gap for lower-priced yet high-quality products, and the brand successfully introduced offerings that matched the quality of competitors at a more accessible price point.

Modern Flower had initially staked a place in dessert strains, but as consumer tastes changed, so did the company and it managed to stay on top by pivoting.

Headset concluded by saying, “These cannabis pioneers highlight the necessity of evolving with market trends, placing customer relationships at the forefront, and utilizing advanced technologies to refine operations and product lines. The experiences and lessons drawn from these brands underscore the importance of adaptive strategies and a deep understanding of market dynamics for growth and customer loyalty in the competitive cannabis landscape.”

 

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