Market Insights Snapshot
Looking at the performance of CBD Living in Michigan, we can observe a slight fluctuation in their rankings within the Edible category. In July and August 2023, CBD Living held a steady rank of 85, but this ranking dipped to 92 in September and slightly improved to 89 in October. This trend suggests a moderate performance in the Edibles category, with room for improvement. Interestingly, the sales figures also reflect this trend, with a decline from July to September, followed by a slight recovery in October.
In contrast, CBD Living has shown a stronger performance in the Tincture & Sublingual category. Over the four-month period, the brand improved its ranking from 22 in July to 16 in August, maintaining this position through September and October. This consistent improvement demonstrates a positive trend for CBD Living in this category. However, in the Topical category, CBD Living only appeared in the rankings in September, securing the 35th position. The absence of ranking data for the other months indicates that the brand was not among the top 20 in this category, suggesting a need for further growth and development in the Topical market segment.
In the Michigan Edible category, CBD Living has seen a slight decline in rank from July to October 2023, moving from 85 to 89. This suggests a decrease in sales, although the brand still maintains a strong presence in the market. In comparison, Daze Off and Harbor Farmz have also seen a similar downward trend in rank, indicating a possible decrease in their market share. Interestingly, Lit Labs has improved its rank from 98 to 81, suggesting an increase in sales and a stronger market position. Fireball Cannabis only appeared in the top 20 in October, with a rank of 91, indicating a recent surge in popularity. The trends suggest a dynamic and competitive market, with brands constantly vying for the top positions.
In October 2023, CBD Living's top-performing product was the CBD Cherry Gummies 30-Pack (300mg CBD), which jumped from the 2nd rank in September to the 1st rank, selling 108 units. The CBD Mobility Bacon Flavor Dog Chews 30-Pack (300mg CBD), which had maintained the 1st rank from July to September, dropped to the 2nd rank in October, selling 93 units. A new entrant to the top five was the CBD Green Apple Tincture (300mg CBD, 30ml), securing the 3rd rank with 68 units sold. The CBD Gummy Bears (100mg CBD) dropped one rank to the 4th position, while the CBD:CBN Sleep Vegan Gummies 30-Pack (600mg CBD, 150mg CBN) maintained its 5th rank from the previous month. These shifts in rankings indicate a dynamic consumer preference within the CBD Living product range.