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Apr-2024
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Overview
Market Insights Snapshot
In Michigan, Element has shown a notable performance across various cannabis product categories, with a particularly strong presence in Concentrates, Pre-Rolls, and Vapor Pens. The brand’s trajectory in the Concentrates category is impressive, climbing from a rank of 38 in January 2024 to 25 by April 2024, indicating a significant increase in market share and consumer preference. This upward movement is mirrored in their sales figures, with a notable jump from $144,708 in January to $215,961 by April. However, their performance in the Edibles category tells a different story, with rankings in the 70s in the first two months of the year and no ranking in the subsequent months, highlighting a potential area for growth or reevaluation.
Element's strategy in the Pre-Roll and Vapor Pens categories demonstrates their ability to maintain and improve their market position within Michigan. The Pre-Roll category saw a dramatic improvement, moving from a rank of 32 in January to 31 in April, alongside a substantial increase in sales, peaking at $325,657. This suggests a strong consumer loyalty and an effective marketing strategy within this category. Similarly, in the Vapor Pens category, Element improved its rank from 39 in January to 30 by April, despite a slight decrease in sales in April compared to March. This fluctuation in sales, while showing a slight dip, does not overshadow the overall positive trend in ranking, indicating a resilient brand performance amidst competitive market dynamics.
Competitive Landscape
In the competitive landscape of the Pre-Roll category in Michigan, Element has experienced notable fluctuations in its market position over the recent months. Initially ranked 32nd in January 2024, Element saw a significant drop to 52nd in February, before slightly recovering to 50th in March, and then making a substantial leap to 31st in April. This trajectory suggests a volatile market presence, with a remarkable recovery noted in the latest month. Competitors such as Grown Rogue and Goldkine have shown more stability, yet faced their challenges, with Grown Rogue experiencing a gradual decline in rank and Goldkine seeing a drop from 15th to 33rd by April. Meanwhile, Traphouse Cannabis Co. has consistently outperformed Element, maintaining a higher rank and showing a steady increase in sales, indicating a stronger market position. High Minded also presents itself as a noteworthy competitor, with ranks hovering close to Element's but showing a slight decline in April. Element's recent upswing in April, however, positions it as a brand with potential for growth and recovery, challenging its competitors in the dynamic Michigan Pre-Roll market.
Notable Products
In April 2024, Element saw its top product as the Blueberry Zkittlez x Strawberry Slushie Live Resin Infused Pre-Roll (1g) within the Pre-Roll category, achieving sales of 2235 units. Following closely behind, the Lemon Push Pop x Lemoncello Live Resin Infused Pre-Roll (1g) ranked second, indicating strong consumer preference for live resin infused pre-rolls. The third place was secured by Grease Mintz X Wonka Bars Live Resin Infused Pre-Roll (1g), further emphasizing the popularity of this product type. Notably, the Apple Fritter x Haven OG Live Resin Infused Pre-Roll (1g), which was ranked fourth in January 2024, dropped to fifth place by April, showcasing a shift in consumer preferences over the months. These rankings highlight a significant trend towards live resin infused pre-rolls within Element's product lineup, indicating a clear consumer preference in this category.
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