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Jun-2024
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Overview
Market Insights Snapshot
In the state of Michigan, Cannashine has shown a notable fluctuation in its performance within the Concentrates category over the past few months. The brand was ranked 24th in March 2024 but saw a decline in April and May, dropping out of the top 30 rankings entirely. However, Cannashine made a significant comeback in June 2024, reclaiming the 25th position. This rebound suggests a potential recovery or successful campaign that may have positively impacted sales and visibility within the market, despite the earlier dip.
Analyzing the sales figures provides further insight into Cannashine's performance trends. While the brand experienced a decline in sales from March to May, with a notable drop from $210,260 in March to $131,005 in May, June saw a resurgence with sales climbing back up to $202,315. This pattern indicates that while Cannashine faced challenges in maintaining its ranking, there is resilience and potential for growth in the Michigan market. The fluctuations in ranking and sales highlight the competitive nature of the Concentrates category in Michigan, and Cannashine's ability to navigate this dynamic environment.
Competitive Landscape
In the competitive landscape of the Michigan concentrates market, Cannashine has experienced notable fluctuations in its rank and sales over recent months. Starting at rank 24 in March 2024, Cannashine saw a significant drop to rank 36 in April and further down to rank 38 in May, before rebounding to rank 25 in June. This volatility contrasts with more stable competitors like Element, which maintained a relatively steady position around the low 20s, and Humblebee, which also saw some fluctuation but remained within the top 30. Meanwhile, Society C and Gas Station have shown more consistent performance, often ranking higher than Cannashine. These shifts suggest that while Cannashine has the potential for recovery, it faces strong competition and must strategize effectively to stabilize and improve its market position.
Notable Products
In June 2024, the top-performing product for Cannashine was Gelato Cookie Sugar (1g) in the Concentrates category, which achieved the number one rank with sales of $3449. Cookies N Cream Sugar (1g) followed closely in second place, climbing from third place in May 2024. Beach Babe Wax (1g) dropped from second to third place, while Cake Face Sugar (1g) maintained its fourth position. SFV OG Sugar (1g) entered the rankings for the first time, securing the fifth spot. This reshuffle indicates a dynamic market with notable shifts in product popularity.
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