Market Insights Snapshot
In the Tincture & Sublingual category, HOH Hempnotize has maintained a relatively steady position within the top 20 brands in Michigan over the four-month period from July to October 2023. The brand saw a minor improvement in rank from 14th in July to 13th in August, but then maintained a steady 15th position in both September and October. While specific sales figures will not be disclosed, it's worth noting that there was a significant increase in sales from July to August, followed by a decrease in the subsequent months. This fluctuation could be indicative of market trends or specific brand strategies.
On the other hand, HOH Hempnotize has shown a positive upward trend in the Topical category in Michigan. The brand improved its ranking from 17th in July to 10th in October, indicating a substantial gain in market share over this period. The sales trend aligns with the improvement in ranking, with a notable increase from July to August, and then a further uptick in September. It's an impressive performance that shows the brand's growing influence in the Topical category within the state. However, there was a slight dip in sales in October, despite the improved ranking, which could suggest increased competition or other market dynamics at play.
In the Topical category for the state of Michigan, HOH Hempnotize has shown a consistent upward trend in its ranking, moving from 17th place in July 2023 to 10th place by October 2023. This improvement in rank is indicative of a positive sales trend, outperforming competitors such as Mary Jane's Medicinals and Earthbound Remedies, both of which have seen fluctuations in their rankings over the same period. However, HOH Hempnotize still lags behind other competitors like Proper Bakehouse and Vlasic Labs, who have maintained higher rankings and presumably higher sales. It's worth noting that Mary Jane's Medicinals was not even in the top 20 brands in July and August, indicating a significant sales increase in the later months. The data suggests a competitive and dynamic market in Michigan's Topical cannabis category.
In October 2023, the top-performing products from HOH Hempnotize were the CBD Intensive Relief Cream, CBD Mint Flavored Full Spectrum Tincture, and the CBD Gummies 30-Pack (750mg CBD), ranking first, second, and third respectively. Notably, the CBD Intensive Relief Cream maintained its number one position from the previous month, with a remarkable sales figure of 209 units. The CBD Mint Flavored Full Spectrum Tincture improved its performance, moving up from third place in September to second in October. On the other hand, the CBD Gummies 30-Pack (750mg CBD) fell from its fourth-place position in September to third in October. Overall, these rankings reflect a dynamic market with shifting consumer preferences.