SEATTLE – Headset, the leading provider of data and analytics to the cannabis industry, announced today the launch of its competitive intelligence tool, Headset Insights Premium, in Michigan. This will be Headset’s eleventh retail-derived cannabis market read based on aggregated Point of Sale data at the receipt level for the U.S. and Canadian markets. Headset Insights Premium is also currently available in California, Colorado, Nevada, Oregon, Washington, Ontario, British Columbia, Alberta, Saskatchewan, and most recently Pennsylvania.
The expansion of Headset Insights into Michigan will provide the rapidly-expanding U.S. cannabis industry with even more valuable consumer trend insights and real-time market data. The platform will help cannabis businesses in Michigan better understand changes within the market, identify potential opportunities, and develop data-driven strategies to stay competitive. Michigan is the 10th largest state by population and became the first Midwestern state to allow both medical and recreational marijuana use in 2018.
“Now that we have every legal recreational market in the Western U.S. covered, we are thrilled to bring Headset Insights Premium into the Midwest,” said Cy Scott, Founder and CEO of Headset. “Data from both the Eastern and Midwestern U.S. markets will further complete our profile of the U.S. market as a whole and give new and existing Michigan businesses the information they need to succeed.”
Even though Michigan is a young market, it has surpassed Oregon and Washington sales already this year and is only $145M behind Colorado. Michigan stands out among other US cannabis markets with the second to largest average basket size so far this year, at $81.04; 2.3x larger than Washington’s average basket size, which has the smallest baskets of any state. Michigan has sold more edibles than Colorado by 416k so far this year and is selling their edibles at an average item price of $14.48 which is 11% lower than California’s average item price of $16.23. Headset Insights will help companies track Michigan’s cannabis market growth, product category sales and shares, basket size and make more accurate projections for the U.S. cannabis market.
To learn more about Headset Insights, please click here. For more Michigan market insights, please read the recent industry report, “The Michigan cannabis market: a high-level overview” here.
Headset is a data analytics company in the cannabis industry with a mission to help businesses make better-informed decisions through data. Headset focuses on collecting and analyzing consumer transaction information. Headset’s models and dashboards help cannabis retailers better optimize their day-to-day operations. In addition, product manufacturers, processors and distributors leverage the aggregated, standardized and anonymized receipt-level sales data in real-time to identify trends and opportunities, stay competitive and collaborate with retail customers. Learn more at https://www.headset.io/.