Market Insights Snapshot
In the state of Michigan, Meg & Zen has been performing variably in different categories. In the Concentrates category, the brand did not rank in the top 20 for the months of July, August, and September 2023. This could be seen as a potential area of concern, as it indicates that the brand is not among the leading players in this category in the Michigan market. However, there was a noticeable uptick in sales in October 2023, suggesting that the brand may be gaining some traction in this product category.
On the other hand, in the Topical category, Meg & Zen has maintained a consistent presence in the top 20 brands in Michigan. Throughout the period from July to October 2023, the brand's ranking fluctuated slightly, peaking at 14th place in both July and October, and dropping to 18th place in September. Despite some minor fluctuations, the brand's sales in this category have shown a promising upward trend, particularly with a significant increase in sales observed in October. This suggests that Meg & Zen is performing well in the Topical category and could potentially capitalize on this success to boost its overall market standing in Michigan.
In the Concentrates category in Michigan, Meg & Zen made a notable entry into the top 20 brands in October 2023. This is a significant achievement considering that they were not ranked in the previous months. Their main competitors include Cookies, Goodlyfe Farms, Bossy, and Mozey Extracts. Cookies showed a fluctuating trend, with their rank improving in August, declining in September, and slightly improving in October. Goodlyfe Farms, on the other hand, saw a steady decline in rank from July to October, despite a significant jump in sales in August. Bossy maintained a relatively stable rank, with a slight improvement in October, while Mozey Extracts, like Meg & Zen, made their first appearance in the top 20 in October. Sales-wise, Meg & Zen's October sales were lower than Cookies and Bossy but higher than Mozey Extracts.
In October 2023, the top-performing product from Meg & Zen was the THC RSO Syringe (1g) from the Concentrates category, maintaining its number one ranking from previous months. This product achieved impressive sales figures, peaking at 2551 units sold. The second best-selling product was the CBG RSO Syringe (1g), also from the Concentrates category, which climbed from the third position in September to second in October. The Zen Ice Balm (100mg THC, 60ml, 2oz) from the Topical category secured the third position, dropping one place from its previous rank. Lastly, the Zen Spice Balm (100mg THC, 2oz, 60ml) maintained its fourth position from the previous month.