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Jun-2024
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Overview
Market Insights Snapshot
Dragonfly Cannabis has shown a mixed performance across various categories and states in recent months. In Michigan, the brand's ranking in the Flower category has been absent from the top 30 for the last four months, indicating a potential area for improvement. However, their performance in the Pre-Roll category has been notably strong, maintaining a top 6 position consistently, though there has been a slight decline from 3rd in March to 6th in June. This suggests that while Dragonfly Cannabis is a dominant player in the Pre-Roll market, they may need to address some competitive pressures to sustain their high rankings.
In the Vapor Pens category, Dragonfly Cannabis has shown a positive trend in Michigan. The brand improved its ranking from 39th in March to 24th by May, although it slightly dipped back to 26th in June. This upward movement indicates a growing acceptance and popularity of their vapor products among consumers, even though they are still outside the top 20. The sales figures for Vapor Pens also reflect this growth, with a noticeable increase from March to May before stabilizing in June. This performance suggests that Dragonfly Cannabis is making inroads in the Vapor Pens market, positioning themselves for potential future gains.
Competitive Landscape
In the competitive landscape of the Michigan pre-roll category, Dragonfly Cannabis has experienced notable fluctuations in rank and sales over the past few months. Starting strong in March 2024 with a rank of 3rd, Dragonfly Cannabis maintained this position in April but saw a decline to 4th in May and further to 6th in June. This downward trend in rank is mirrored by a decrease in sales from $3,017,301 in March to $2,503,147 in June. In contrast, STIIIZY experienced a more stable performance, fluctuating between 5th and 8th place, while Simpler Daze showed an upward trend, moving from 4th to 4th place with increasing sales, peaking at $3,202,819 in June. Distro 10 also demonstrated a positive trajectory, climbing from 7th to 5th place with a significant sales increase. These shifts highlight the competitive pressures Dragonfly Cannabis faces and underscore the importance of strategic adjustments to regain and sustain higher market positions in Michigan's pre-roll segment.
Notable Products
In June 2024, the top-performing product for Dragonfly Cannabis was MMXX Pre-Roll (1g), which rose to the first rank with notable sales of $53,137. SFV Sunset Pre-Roll (1g), previously holding the top spot from March to May, dropped to the second position. Biker Kush Pre-Roll (1g) maintained a steady performance, securing the third rank with increased sales compared to previous months. Red Razzleberry Infused Pre-Roll (1.25g) made its debut in the rankings at fourth place. Wavy Watermelon Infused Pre-Roll (1.25g) reappeared in the rankings, securing the fifth position after being absent in previous months.
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