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Jun-2024
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Overview
Market Insights Snapshot
LOCO's performance across different categories in Michigan has shown significant fluctuations over recent months. In the Concentrates category, LOCO experienced a notable decline, starting at rank 50 in March 2024 and dropping to rank 74 by June 2024. This downward trend is concerning, especially considering their sales in Concentrates dropped dramatically from $157,604 in April to just $37,351 in June. Such a decline indicates a loss of market share and possibly consumer interest in this category, which could be problematic if this trend continues.
In contrast, LOCO's performance in the Pre-Roll category in Michigan has been more stable and positive. Starting at rank 27 in March 2024, LOCO improved its position significantly, reaching rank 14 in April and maintaining a strong presence around rank 20 in both May and June. This consistency in the top 20 brands is a strong indicator of LOCO's competitive edge and consumer preference in the Pre-Roll category. The sales figures reflect this stability, with a notable increase from $325,910 in March to $531,741 in June. This suggests that while LOCO may be struggling in Concentrates, its performance in Pre-Rolls is robust and could be a focal point for future growth.
Competitive Landscape
In the competitive landscape of Michigan's Pre-Roll category, LOCO has experienced notable fluctuations in its rank and sales over recent months. Starting from a rank of 27 in March 2024, LOCO made a significant leap to 14 in April, indicating a strong upward momentum. However, this was followed by a slight decline to ranks 20 in both May and June. Despite this, LOCO's sales remained robust, peaking at $533,231 in April and maintaining a high level of $531,741 in June. In comparison, Sapphire Farms and Uplyfted Cannabis Co. have shown more stable but less dramatic rank changes, with Sapphire Farms fluctuating between ranks 18 and 22, and Uplyfted Cannabis Co. between 17 and 21. Notably, Mischief has seen a remarkable rise from rank 31 in March to 18 in June, suggesting a growing competitive threat. Meanwhile, Road Trip has consistently outperformed LOCO, although its rank dropped from 12 in March to 19 in June, which could indicate potential market share opportunities for LOCO. These dynamics highlight the competitive pressures and opportunities within Michigan's Pre-Roll market, underscoring the need for strategic adjustments to maintain and enhance LOCO's market position.
Notable Products
In June 2024, the top-performing product from LOCO was Berry Gelato Infused Pre-Roll (1g), maintaining its first-place ranking for the fourth consecutive month with notable sales of 14,491 units. Strawberry Cough Infused Pre-Roll (1g) rose to the second position, showing a significant increase from previous months with a sales figure of 10,971 units. Sour Tangie Live Resin Infused Pre-Roll (1g) held steady at the third position, reflecting its consistent popularity. Grape Ape Infused Pre-Roll (1g) made a notable entry into the rankings at fourth place. Cherry Pie Infused Pre-Roll (1g) dropped to the fifth position, indicating a decline from its higher ranks in earlier months.
Top Selling Cannabis Brands
