Market Insights Snapshot
In the Michigan market, Earthbound Remedies has shown a mixed performance across different categories. In the Beverage category, the brand did not make it to the top 20 in July 2023, but managed to secure the 20th position in August 2023. However, the performance for the following months is not available, indicating that they might not have maintained their position within the top 20. In the Tincture & Sublingual category, the brand has consistently stayed within the top 15, although there has been a slight drop in their rank, moving from 10th in July to 13th in October. This might suggest a slight decline in their market competitiveness in this category.
On the other hand, Earthbound Remedies has shown a notable improvement in the Topical category. Despite a minor dip in ranking from 12th in July to 15th in August, the brand has managed to bounce back to 12th position by October. This category also saw a steady increase in sales from July to October, indicating a positive trend in market acceptance and consumer preference. However, it's important to note that the brand's overall performance should be evaluated in the context of the broader market dynamics in Michigan, and the competitive landscape of each category.
In the Topical category within the Michigan market, Earthbound Remedies has maintained a steady presence, with its rank fluctuating slightly between 12th and 15th over the period from July to October 2023. While it has consistently outperformed Meg & Zen, which has seen a downward trend in rank, Earthbound Remedies has been overtaken by HOH Hempnotize which climbed from 17th to 10th place over the same period. Meanwhile, Primitiv has seen a drop in rank, but still remains a close competitor. Notably, Mary Jane's Medicinals entered the top 20 in September and has since climbed to 11th place, indicating a potential new competitor for Earthbound Remedies. Despite these shifts, Earthbound Remedies has seen a steady increase in sales, suggesting a growing customer base.
In October 2023, Earthbound Remedies' top-performing product was the CBD Extra Strength Pain Relief Balm (6000mg CBD), ranking first with 75 units sold. This product showed a steady increase in ranking over the previous three months, moving from fourth in August to second in September, and finally to first in October. The CBD Sicilian Blood Orange Lip Balm (100mg CBD) and the CBD Grapefruit Lip Balm (100mg CBD, 7ml) were the new entrants in the top rankings, securing the first and second positions respectively. The CBD Muscle Freeze Relief Gel (900mg CBD), despite a dip in September, managed to secure the second position in October. The CBD Extra Strength Pain Relief Balm (3000mg CBD) dropped from fourth in July to third in October, showing a slight decrease in its popularity.