Market Insights Snapshot
Midnight Bar, a prominent cannabis brand known for its edibles, has been making notable strides in the Michigan market. From August to November 2023, the brand has consistently improved its ranking in the top edible brands in the state, moving from the 23rd position in August to the 17th by November. This upward trend signifies a growing preference for Midnight Bar among Michigan's cannabis consumers. However, it's worth noting that the brand was not among the top 20 edible brands in the state at the beginning of this period, which is a significant point of improvement.
Looking at the sales numbers, there has been a consistent increase in sales over the same period. Without going into specifics, it's safe to say that the brand's improved ranking is corroborated by a corresponding increase in sales. This trend suggests a positive consumer response to the brand's products in the Michigan market. However, despite the promising progress, Midnight Bar still has room to grow and secure a stronger position among the top edible brands in the state.
In the edible category within Michigan, Midnight Bar has shown a consistent upward trend in rank from August to November 2023, moving from not being in the top 20 to a rank of 17 by November. This is indicative of a steady increase in sales, outpacing some of its competitors. For instance, Treetown has seen a decline in rank from 12 to 18 over the same period, suggesting a decrease in sales. Similarly, Cannalicious Labs has also slipped in rank from 9 to 16. However, not all competitors are on a downward trajectory. Good Tide has made a significant leap from not being in the top 20 to a rank of 15, indicating a substantial increase in sales. Banned Cannabis Edible Co. has also shown a mixed performance, fluctuating in rank but remaining within the top 20. These dynamics suggest a highly competitive market, with Midnight Bar showing promising growth.
In November 2023, the top-performing product from Midnight Bar was the Full Moon - Milk Chocolate Bar (200mg) which ranked first, with an impressive sales figure of 9429 units. Following closely was the Full Moon - Rich Dark Chocolate (200mg), maintaining its second position from October. The Full Moon - Thin Mint Dark Chocolate (200mg) dropped to third place from its top spot in September. The Full Moon - Orange Milk Chocolate (200mg) moved up one spot to fourth place, while the Full Moon - Strawberry Milkshake Chocolate Coin (200mg) made its way into the top five. This analysis shows a dynamic shift in consumer preferences within the Edible category of Midnight Bar's product line.