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Aug-2024
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Overview
Market Insights Snapshot
Element's performance in the Michigan market shows notable movements across various product categories. In the Concentrates category, Element improved its ranking from 29th in July 2024 to 22nd in August 2024, signaling a positive trend despite earlier declines. This rebound is reflected in their sales, which increased from $168,297 in July to $187,819 in August. However, Element's presence in the Edible category is less impressive, as they only appeared in the top 100 in July 2024 at rank 95 and were absent from the top 30 in other months, indicating limited traction in this segment.
In the Pre-Roll category, Element saw a significant drop in rankings, moving from 33rd in May 2024 to 84th by August 2024, accompanied by a sharp decline in sales from $271,553 to $61,551 over the same period. This downward trend suggests challenges in maintaining market share. Similarly, in the Vapor Pens category, Element's rank fluctuated, starting at 33rd in May and ending at 52nd in August, with a corresponding decrease in sales from $264,019 to $129,399. These movements highlight the competitive nature of the Michigan market and suggest areas where Element may need to focus on improving their market strategy.
Competitive Landscape
In the Michigan concentrates market, Element has experienced notable fluctuations in its rank over the past few months. Starting at 24th place in May 2024, Element saw a slight decline to 26th in June and further to 29th in July, before rebounding to 22nd in August. This recovery is significant, especially when compared to competitors like Rise (MI), which made a substantial leap from 34th to 21st place in the same period, and Goodlyfe Farms, which consistently maintained a higher rank, peaking at 20th in June. Meanwhile, Canna Bee Extracts showed a more stable performance, hovering around the mid-20s. The most striking competitor, however, is Bowhouse, which, despite a drop from 6th to 20th place, still outperformed Element significantly in terms of rank. These dynamics suggest that while Element is making strides to regain its market position, it faces stiff competition from brands that are either rapidly ascending or maintaining strong performance in the Michigan concentrates category.
Notable Products
In August 2024, Element's top-performing product was the Don Mega x Garlic Icing Infused Pre-Roll (1g), which maintained its first-place ranking from July. The Runtz Cured Resin (1g) rose to second place, showing a slight decline in sales to 894 units from the previous month. The Candy Grahams x Blue Fur Coat Live Resin Infused Pre-Roll (1g) entered the top rankings at third place with 512 units sold. The Lilac Diesel Live Resin Infused Pre-Roll (1g) dropped to fourth place from its previous fifth-place position, with sales continuing to decline to 468 units. Overall, the rankings indicate a dynamic shift in consumer preferences, with some products experiencing significant changes in their positions over the past few months.
Top Selling Cannabis Brands
Data for this report comes from real-time sales reporting by participating cannabis retailers via their point-of-sale systems, which are linked up with Headset’s business intelligence software. Headset’s data is very reliable, as it comes digitally direct from our partner retailers. However, the potential does exist for misreporting in the instance of duplicates, incorrectly classified products, inaccurate entry of products into point-of-sale systems, or even simple human error at the point of purchase. Thus, there is a slight margin of error to consider. Brands listed on this page are ranked in the top twenty within the market and product category by total retail sales volume.
