Market Insights Snapshot
In the Vapor Pens category, Element has shown a steady performance in the state of Arizona, with rankings hovering around the 60s from July to October 2023. This could be seen as a good sign of stability, however, the brand is not breaking into the top 20. On the other hand, Element's performance in the state of Michigan has been a bit of a roller coaster. Starting off strong in the top 10 for Concentrates in July, the brand has seen a significant drop to 12th place by October. This downward trend is also reflected in sales, with a noticeable decrease from September to October.
When we turn our gaze to the Edibles category, Element's performance in Michigan is not as strong, with the brand consistently ranking in the 70s. A similar trend can be observed in the Pre-Roll category, where the brand has remained in the mid-20s, indicating a stable but not outstanding performance. The Vapor Pens category in Michigan is perhaps the most concerning, with a significant downward trend from 22nd place in July to 54th place in October. This sharp decline suggests that Element may be facing stiff competition in this category. However, without more detailed data, it's hard to pinpoint the exact cause of this decline.
In the Concentrates category within Michigan, Element has shown a strong performance against its competitors. In comparison to 710 Labs, Element climbed in rank from 7th to 6th place between July and August 2023, while 710 Labs dropped from 6th to 10th. However, Element's rank fell to 12th in October, indicating a potential loss in market share. Humblebee and #Hash also saw a decrease in rank over this period, suggesting a highly competitive market. Interestingly, Rkive Cannabis maintained a steady rank, hinting at consistent sales. This analysis suggests that while Element had a strong performance in the middle of the year, it needs to strategize to maintain its position in the face of stiff competition.
In October 2023, Element's top-performing product was the Don Mega x Garlic Icing Infused Pre-Roll (1g) from the Pre-Roll category, with a staggering 4373 units sold. This product maintained a consistent performance, ranking 3rd in July, 2nd in August and September, and finally taking the lead in October. The second and third best-sellers were Gello Live THCa (1g) and Motor Breath Live THCA (1g), both from the Concentrates category, with no sales data available for previous months. The fourth and fifth positions were held by Paris Breath x Grape Gas THCA Infused Pre-Roll (1g) and Sherb Cake x Bacio Gelato Live THCa (1g), respectively. This data suggests a growing preference for Element's THCa products and Pre-Rolls.