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Jun-2024
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Overview
Market Insights Snapshot
Lit Labs has shown a notable upward trajectory in the Concentrates category in Michigan. From March to June 2024, the brand has climbed from 61st to an impressive 16th position, indicating a strong market presence and growing consumer preference. This significant rise is accompanied by a substantial increase in sales, from $81,869 in March to $252,431 in June. The performance in the Edible category, however, presents a contrasting story. Lit Labs' ranking has declined from 61st in March to 75th in June, with a parallel drop in sales figures, suggesting potential challenges in this segment. The absence of a top 30 ranking in the Vapor Pens category for March and April, followed by an 84th position in May, further highlights areas for potential improvement.
Analyzing Lit Labs' performance across different categories in Michigan reveals a mixed bag of results. The Concentrates category stands out as a success story, with the brand making significant headway in rankings and sales. This upward trend could be indicative of successful marketing strategies or product quality improvements. On the other hand, the Edible and Vapor Pens categories reflect areas where Lit Labs may need to reassess their approach. The decline in Edible rankings and the lack of significant presence in Vapor Pens suggest that these categories are not resonating as well with consumers. This mixed performance underscores the importance of targeted strategies to bolster weaker segments while capitalizing on strengths.
Competitive Landscape
In the Michigan concentrates market, Lit Labs has shown a remarkable upward trend in rank and sales over recent months. Starting from a rank of 61 in March 2024, Lit Labs has climbed to the 16th position by June 2024, indicating a significant improvement in market presence. This upward trajectory is mirrored in their sales figures, which have surged from $81,869 in March to $252,431 in June. Notably, Lit Labs has outpaced Cloud Cover (C3) and ErrlKing Concentrates, both of which have also seen improvements but not as pronounced. GreenCo Ventures and Feefers remain strong competitors, with Feefers holding a higher rank consistently, although Lit Labs' rapid growth suggests potential for further market share gains. This data underscores Lit Labs' growing influence and the potential for continued success in the Michigan concentrates category.
Notable Products
In June 2024, Blue Blockerz Cured Resin (1g) emerged as the top-performing product for Lit Labs, achieving the highest sales figure of 3381 units. Strawberry Rosin Gummies 20-Pack (200mg) maintained its strong position, ranking second with notable sales of 3217 units, up significantly from the previous month. Toyz Cured Resin (1g) secured the third spot, followed by Duct Tape Cured Resin (1g) and Pure Michigan x Eastside Garry Cured Resin (1g) in fourth and fifth places, respectively. This month marked the debut of these products in the top five rankings. The strong performance of concentrates, particularly cured resin products, indicates a shift in consumer preference towards this category.
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