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Jun-2024
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Overview
Market Insights Snapshot
Element's performance in the Michigan market shows varied results across different product categories. In the Concentrates category, Element maintained a relatively stable presence, starting at rank 28 in March 2024 and peaking at rank 23 in both April and May before slightly dipping to rank 26 in June. This consistency indicates a strong foothold in the Concentrates market in Michigan, despite a minor drop in June. However, the Pre-Roll category presented more volatility, with Element climbing from rank 50 in March to an impressive rank 23 in April, only to fall to ranks 33 and 44 in May and June, respectively. This fluctuation suggests that while Element experienced a significant surge in popularity in April, maintaining this momentum proved challenging in the subsequent months.
The Vapor Pens category highlighted a different trend for Element in Michigan. Starting at rank 30 in March, Element saw a slight improvement to rank 28 in April. However, the rankings dropped to 34 in May and further to 46 in June, indicating a downward trend in this category. This decline contrasts with the brand's relatively stable performance in Concentrates and the volatility in Pre-Rolls, suggesting that Element may need to reassess its strategy for Vapor Pens to regain its position. Notably, Element did not make it into the top 30 brands in the Vapor Pens category in May and June, highlighting a significant area for potential improvement.
Competitive Landscape
In the competitive landscape of the Michigan concentrates market, Element has experienced fluctuating ranks over the past few months, indicating a dynamic market environment. Element's rank improved from 28th in March 2024 to 23rd in April and May, before slightly dropping to 26th in June. This suggests a temporary boost in sales, possibly due to promotional activities or product launches, but also highlights the need for sustained marketing efforts to maintain a higher rank. In comparison, Humblebee consistently outperformed Element, maintaining a rank within the top 20 for most months, although it also saw a decline to 27th in June. Cannashine showed a volatile performance, dropping out of the top 20 in April and May but rebounding to 25th in June, indicating potential seasonal or product-specific influences. Uplyfted Cannabis Co. demonstrated a similar pattern to Element, with ranks fluctuating between 22nd and 32nd. Notably, Gas Station consistently ranked higher than Element, peaking at 15th in May, suggesting a stronger market presence and possibly more effective sales strategies. These insights underscore the competitive pressures Element faces and the importance of strategic initiatives to enhance its market position.
Notable Products
In June 2024, Element's top-performing product was Lilac Diesel Live Resin Infused Pre-Roll (1g), maintaining its number one rank with sales of $1,670. Sherb Pie x Bananaconda Hash Infused Pre-Roll (1g) followed closely in second place, showing a strong entry into the rankings. Don Mega x Garlic Icing Infused Pre-Roll (1g) secured the third position, marking its debut in the top ranks. Milk Chocolate Pot Dots 10-Pack (100mg) held steady at fourth place, despite a drop in sales from May. Apple Fritter x Haven OG Live Resin Infused Pre-Roll (1g) rounded out the top five, consistent with its previous month's ranking.
Top Selling Cannabis Brands
