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Jun-2024
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Overview
Market Insights Snapshot
Midnight Bar has shown a consistent presence in the Michigan market, specifically within the Edible category. Over the past few months, the brand has maintained its ranking within the top 30, with slight fluctuations. In March 2024, Midnight Bar was ranked 25th, and although it dipped to 26th in April, it quickly regained its 25th position in May and improved to 23rd in June. This upward trend indicates a positive reception and growing consumer interest in Michigan, which is further supported by a noticeable increase in sales from April to June, culminating in over $361,000 in June sales.
However, it is important to note that Midnight Bar's presence is not as prominent in other states or provinces since no rankings are provided outside Michigan. This absence suggests that the brand has yet to break into the top 30 in other regions, highlighting a potential area for growth and expansion. The brand's consistent performance in Michigan could serve as a strong foundation for entering new markets, but it will require targeted strategies to replicate this success elsewhere. The current data underscores the importance of regional performance and the potential for Midnight Bar to leverage its strengths in Michigan to enhance its footprint in other states and provinces.
Competitive Landscape
In the competitive landscape of the Michigan edible cannabis market, Midnight Bar has shown a consistent performance with a slight upward trend in rank from March to June 2024, moving from 25th to 23rd position. This steady improvement is notable, especially when compared to competitors like True North Collective, which experienced a significant decline from 9th to 21st place over the same period, indicating a potential loss of market share. Similarly, Little Tree saw a drop from 13th to 22nd rank, suggesting challenges in maintaining their earlier momentum. On the other hand, Mitten Extracts and Mojo (Edibles) have had more fluctuating performances, with Mitten Extracts remaining relatively stable around the 23rd and 24th positions, and Mojo (Edibles) experiencing a slight decline. These shifts highlight Midnight Bar's resilience and potential for growth in a competitive market, suggesting that it may be capturing market share from its less stable competitors.
Notable Products
In June 2024, the top-performing product from Midnight Bar was Full Moon - Milk Chocolate Bar (200mg), maintaining its first-place ranking from May with sales reaching 10,135 units. The Full Moon - Thin Mint Dark Chocolate (200mg) held steady in second place, showing a significant rebound in sales to 8,186 units. Full Moon - Rich Dark Chocolate (200mg) improved to third place from fourth in May, indicating a resurgence in popularity. Full Moon - Orange Milk Chocolate (200mg) climbed to fourth place, continuing its upward trend from previous months. Notably, Full Moon - Strawberry Milkshake Chocolate Coin (200mg) dropped to fifth place from third, showing a decline in sales performance.
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