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Jun-2024
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Overview
Market Insights Snapshot
Choice has demonstrated a robust performance in the Edible category across different states. In Massachusetts, the brand maintained a strong presence, holding steady at the 6th position in April and May before experiencing a slight dip to 7th place in June. This fluctuation indicates a minor shift in consumer preferences or competitive dynamics within the state. Despite the drop, Choice's sales remained relatively stable, with only a slight decrease from May to June. This suggests that while their ranking shifted, their market share and consumer base in Massachusetts remain solid.
In contrast, Choice's performance in Michigan has been remarkably consistent. The brand has consistently held the 2nd position from March through June, showcasing its strong foothold in the Edible category within the state. This consistency is noteworthy, especially given the competitive nature of the cannabis market. Although there was a slight decline in monthly sales from March to June, the brand's ability to maintain its ranking indicates a loyal customer base and effective market strategies. This steadiness in Michigan contrasts with the minor volatility seen in Massachusetts, highlighting the brand's varying dynamics across different regions.
Competitive Landscape
In the Michigan edible cannabis market, Choice has consistently held the second rank from March to June 2024. Despite maintaining its position, Choice has experienced a slight decline in sales, dropping from $3,063,190 in March to $2,890,219 in June. This stability in rank but decline in sales suggests that while Choice remains a strong contender, it faces stiff competition from the leading brand Wyld, which has consistently occupied the top spot with sales figures significantly higher than Choice's. Additionally, MKX Oil Company and Play Cannabis have shown varying performance, with Play Cannabis notably improving its rank from 6th in April to 4th in June, indicating a potential threat to Choice's market share. This competitive landscape underscores the importance for Choice to innovate and strategize effectively to not only maintain but potentially improve its market position amidst dynamic market trends.
Notable Products
In June 2024, the top-performing product for Choice was Red Raz Haze Gummies 10-Pack (200mg), maintaining its number one rank from March and April, with sales figures reaching 37,078 units. Granddaddy Grape Soft Chews 10-Pack (200mg) climbed to the second position, showing a significant resurgence after not being ranked in April and May. Sativa Blue Razz Dream Gummies (200mg) held steady in the third spot, having fluctuated between first and third place in previous months. Sunset Orange Soft Chews 10-Pack (200mg) moved up to fourth place from its fifth-place debut in May. Chronic Cherry Berry Soft Chews 10-Pack (200mg) rounded out the top five, dropping from its second-place position in May.
Top Selling Cannabis Brands
