Market Insights Snapshot
In the realm of Tincture & Sublingual, Blooming Botanicals has shown a consistent performance in Michigan. The brand maintained its 18th position in both August and July 2023, a commendable rise from its 21st rank in June and 23rd in May. This consistent upward trend indicates a growing consumer preference and market penetration. However, it's worth noting that sales figures dipped slightly in August 2023 compared to July, a detail that warrants further analysis and could be indicative of various market factors.
Switching our focus to the Topical category, Blooming Botanicals' performance in Michigan has been somewhat inconsistent. The brand ranked 24th in August 2023, a drop from its 20th position in July. Interestingly, it was not among the top 20 brands in May 2023, which suggests a volatile market presence. Despite this, the brand managed to significantly increase its sales from June to July 2023. This fluctuation in rankings and sales figures could be a result of changing consumer preferences, competition, or other market dynamics.
In the Tincture & Sublingual category for Michigan, Blooming Botanicals has been experiencing a slight upward trend in rank, moving from 23rd in May to 18th in August 2023. However, it's worth noting that this improvement in rank hasn't translated to a significant increase in sales, suggesting a highly competitive market. Key competitors include Ripple (formerly Stillwater Brands), which despite a drop in rank from 8th to 16th, still maintains higher sales than Blooming Botanicals. Kynd Cannabis Company and The Helping Friendly Hemp Company also show fluctuating ranks but maintain sales levels above Blooming Botanicals. Lastly, Green Gruff has been consistently ranked lower than Blooming Botanicals but has shown a significant increase in sales from May to August 2023, indicating a potential threat.
In August 2023, the top-performing product from Blooming Botanicals was the CBD Healing Salve (500mg CBD) in the Topical category, maintaining its top spot from July. It sold 44 units, a decrease from 66 units in July. The CBD Lavender Tincture (500mg CBD, 30ml) in the Tincture & Sublingual category moved up to second place from third in July. The CBG Full Spectrum Oil Tincture (1000mg CBG, 30ml, 1oz) dropped to third place in August from second in July, indicating a shift in customer preference. Notably, the CBD Tumeric Tincture (2000mg CBD, 30ml) reappeared in the top four after not being ranked in July.