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Apr-2024
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Overview
Market Insights Snapshot
In Michigan, Lit Labs has shown a fluctuating performance across different categories, with its presence in the concentrates and edibles markets demonstrating varied trends. For concentrates, the brand managed to secure a spot within the top 30 in January 2024, ranking 29th, but saw a decline in the following months, dropping to 48th in February, slightly improving to 52nd in March, and then stabilizing at 48th again in April. This trajectory indicates a struggle to maintain or improve its position in the competitive concentrates category. Conversely, in the edibles category, Lit Labs began outside the top 30 in January 2024, with a rank of 61, but made a significant jump to 53rd in February. However, the subsequent months saw a sharp decline, falling to 74th in March and further down to 85th in April, highlighting challenges in sustaining its initial gains in this segment.
The sales data provides additional insights into Lit Labs' performance in Michigan, with a notable decrease observed across both categories. In concentrates, January 2024 sales started at 168,779 dollars, but experienced a decline each month, reaching 102,559 dollars by April 2024. This downward trend in sales aligns with the brand's slipping ranks, suggesting a need to revitalize its market strategy in this category. The edibles market tells a similar story of decline, albeit with a brief increase in February 2024 to 77,275 dollars from 47,478 dollars in January. However, sales plummeted in the following months, ending at 14,977 dollars in April 2024. This sales pattern, alongside the rankings, indicates significant challenges for Lit Labs in maintaining consumer interest and market share in Michigan's highly competitive cannabis market.
Competitive Landscape
In the competitive landscape of the concentrates category in Michigan, Lit Labs has experienced fluctuations in its market position, indicating a dynamic and challenging environment. Initially ranked 29th in January 2024, Lit Labs saw a decline in rank to 48th by February and further to 52nd in March, before slightly recovering to 48th in April. This trajectory suggests a struggle to maintain its foothold amidst aggressive competition. Notably, Harbor Farmz outperformed Lit Labs, showcasing a stronger presence with a higher rank and sales in the earlier months, but also experiencing a slight decline in rank over time. Conversely, Muha Meds, despite entering the rankings later in March, quickly surpassed Lit Labs by April, highlighting the volatile nature of the market and the rapid shifts in consumer preference. Other competitors like ErrlKing Concentrates and Skymint also saw varied performance, with ErrlKing Concentrates experiencing a notable dip in April. This analysis underscores the importance for Lit Labs to innovate and adapt strategies to navigate the competitive dynamics and improve its market standing in Michigan's concentrates category.
Notable Products
In April 2024, Lit Labs saw Platinum Zkittles Live Resin (1g) from the Concentrates category as its top-selling product, securing the first position with notable sales of 1192 units. Following closely, Baja Blast x Purple Chem Cured Resin (1g) and Kush Mints Cured Resin (1g) ranked second and third, indicating a strong preference for cured resin products among consumers. The fourth and fifth spots were taken by White Truffle Live Resin (1g) and Lemon Mintz x Ghost OG Cured Resin (1g), respectively. Notably, Platinum Zkittles Live Resin (1g) experienced a fluctuation in its ranking over the months, starting strong in January, dropping to fourth in February, and not being sold in March before reclaiming the top spot in April. This trend highlights dynamic consumer preferences and the competitive nature of the cannabis concentrates market.
Top Selling Cannabis Brands
