Market Insights Snapshot
In the Michigan market, Cannalicious Labs has demonstrated a mixed performance across various categories. In the Concentrates category, the brand maintained a steady position at rank 2 in both July and August 2023 before experiencing a slight drop to rank 3 in September. However, a more significant slide to rank 8 was noted in October. This downward trend suggests that the brand might be facing increased competition in this category. Although specific sales figures are not disclosed, a general decrease in sales over the observed period aligns with the drop in ranking.
The brand's performance in the Edibles category presents a different picture. Cannalicious Labs started at a respectable rank 7 in July 2023, but there has been a gradual slip down the rankings to 14th by September, a position it maintained in October. This could indicate a need for the brand to revisit its strategy in this category. In contrast, the brand's performance in the Tincture & Sublingual category has been more stable, fluctuating around the 5th rank, with a brief dip to 8th in September. This relative consistency could suggest that Cannalicious Labs has found a solid foothold in this particular category within the Michigan market.
In the Michigan Edible category, Cannalicious Labs has seen a notable shift in its competitive landscape. Initially ranked 7th in July 2023, it has slipped to the 14th position by October 2023. This drop in rank indicates a decrease in sales, though it still maintains a position within the top 20 brands. Its closest competitors, Detroit Edibles / Detroit Fudge Company and Treetown, have also experienced a similar downward trend, with Detroit Edibles / Detroit Fudge Company falling from 9th to 15th rank and Treetown from 11th to 16th. Interestingly, True North Collective has managed to climb up the ranks, moving from 13th to 12th position. A surprising entry into the top 20 is Good Tide, which was not in the top 20 in July but had climbed to the 13th position by October, indicating a significant increase in sales. This dynamic market situation presents both challenges and opportunities for Cannalicious Labs.
In October 2023, the top-performing product from Cannalicious Labs was the Mixed Berry RSO Rest Gummies 10-Pack (200mg), maintaining its number one position from the previous three months with sales of 7555 units. The Watermelon RSO Gummies 10-Pack (200mg) climbed to the second position, improving from its previous third-place ranking and selling 6854 units. The Recovery - Mango RSO Gummies 10-Pack (200mg) dropped to the third spot, down from its consistent second-place ranking in the past months. The Original - Cherry RSO Nano Gummies 10-Pack (200mg) held steady at the fourth position, while the Recovery - Pear RSO Gummies 10-Pack (200mg) remained at the fifth spot since August 2023. This analysis shows a slight shift in consumer preferences within the Edible category from Cannalicious Labs.