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Apr-2024
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Overview
Market Insights Snapshot
In the competitive cannabis market of Michigan, Five Star Extracts has shown a notable performance, especially in the Concentrates category. The brand's ranking improved significantly from 40th in January 2024 to 20th in March 2024, before slightly dropping to 27th in April 2024. This upward trajectory, particularly the jump from January to March, suggests a growing consumer preference for Five Star Extracts' concentrates. The sales figures support this trend, with a substantial increase from $136,655 in January 2024 to $251,214 in March 2024. However, the slight dip in ranking and sales in April might indicate a need for the brand to innovate or intensify marketing efforts to maintain its momentum.
On the other hand, Five Star Extracts' performance in the Edibles and Vapor Pens categories tells a different story. In the Edibles category, the brand consistently ranked outside the top 30, with rankings hovering around the 90s from January to April 2024. This indicates a struggle to capture a significant market share in this category within the Michigan market. The Vapor Pens category showed a decline in both ranking and sales over the four-month period, starting at 43rd in January and falling to 75th by April 2024. The sharp decrease in sales from $214,360 in January to $87,022 in April suggests a significant loss of consumer interest or possible operational challenges. For Five Star Extracts, focusing on areas of strength like Concentrates while addressing weaknesses in Edibles and Vapor Pens could be key to overall brand growth.
Competitive Landscape
In the competitive landscape of the concentrates category in Michigan, Five Star Extracts has shown a notable upward trajectory in rank from January to March 2024, moving from 40th to 20th place, before slightly dropping to 27th in April. This fluctuation in ranking is indicative of the brand's growing presence and potential challenges in maintaining its market position amidst stiff competition. Noteworthy competitors include Element, which has consistently ranked close to Five Star Extracts, ending up in 25th place in April, slightly ahead of Five Star. Mac Pharms demonstrated a significant leap in February, moving from 90th to 10th, and maintaining a top 10 position in March, showcasing a remarkable increase in sales and market impact. Dabs & Doses and Feefers also remain key players, with Feefers notably ranking higher than Five Star Extracts in April, despite a drop in their own sales. This competitive analysis underscores the dynamic nature of the concentrates market in Michigan, highlighting the importance for Five Star Extracts to strategize effectively to enhance its market share and rank amidst these fluctuations.
Notable Products
In April 2024, Five Star Extracts saw Garlic Chernobyl Cured Badder (1g) from the Concentrates category take the top spot, with sales reaching 1723 units, marking it as the highest-selling product. Following closely was Purple Mac Cured Badder (1g), also in the Concentrates category, securing the second rank. The third position was held by Rainbow Sherbert 11 Nug Run Sugar Sauce Cartridge (0.5g) from the Vapor Pens category, showcasing a step up from its previous fourth position in March. Rainbow Blizzard Cured Badder (1g) made its debut in the rankings at the fourth position, indicating a strong entry for new products in the lineup. Lastly, Whoa-Si-Whoa Nug Run Sugar Sauce (1g) maintained its fifth position from the previous month, demonstrating consistent demand among consumers.
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