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Feb-2024
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Overview
Market Insights Snapshot
In Michigan, Midwest Extracts has shown significant movement across multiple cannabis product categories, indicating a dynamic presence within the state's market. Particularly noteworthy is their performance in the Concentrates category, where they were not ranked in the top 20 brands for November 2023 but made a remarkable leap to 16th place by January 2024, eventually reaching 11th place in February 2024. This upward trajectory suggests a rapidly growing consumer interest and market share in this category, underscored by a substantial increase in sales from $66,171 in December 2023 to $298,874 by February 2024. Such a significant improvement in rankings and sales highlights Midwest Extracts' growing dominance and consumer acceptance in the Michigan concentrates market.
Additionally, Midwest Extracts has demonstrated consistent progress in the Edibles and Vapor Pens categories within Michigan. In Edibles, they improved from a 60th place ranking in November 2023 to 28th by February 2024, paired with a notable increase in sales, indicating strengthening brand recognition and preference among edible consumers. The Vapor Pens category shows a gradual improvement in rankings from 72nd in November 2023 to 53rd by February 2024. Although the movement in Vapor Pens is less dramatic compared to Concentrates and Edibles, it still signifies a positive trend towards greater market penetration and brand loyalty among vape users. These trends across different categories reflect Midwest Extracts' strategic market positioning and growing footprint in Michigan's cannabis industry.
Competitive Landscape
In the competitive landscape of the concentrates category in Michigan, Midwest Extracts has shown a remarkable trajectory, despite not being ranked in the top 20 in November 2023, it surged to 16th in January 2024 and further climbed to 11th by February 2024. This upward movement is significant when compared to its competitors. For instance, Cannalicious Labs experienced a decline from 7th in November 2023 to 12th by February 2024, indicating a potential opportunity for Midwest Extracts to capture more market share. Similarly, Dazed (MI) maintained a stable presence but did not show the same growth momentum, hovering around the 10th position. Notably, Strait-Fire made an impressive leap from 53rd to 9th within the same period, suggesting a highly competitive environment. Distro 10 saw a fluctuating performance, ending slightly above Midwest Extracts in February 2024. The dynamic shifts in rankings and sales among these brands highlight the volatile nature of the concentrates market in Michigan, with Midwest Extracts demonstrating a promising growth trajectory that could disrupt the current standings if the trend continues.
Notable Products
In February 2024, Midwest Extracts saw Apple Gummies 10-Pack (200mg) as its top-selling product with impressive sales of 9715 units, moving up from fourth place in January to first. Strawberry Gummies 10-Pack (200mg) followed closely behind, improving its rank from fifth to second, showcasing a strong consumer preference for fruit-flavored edibles. Mango Gummies 8-Pack (200mg), which was the top product in January, dropped to third place, indicating a slight shift in consumer preferences. Notably, both Pineapple Gummies 8-Pack (200mg) and Watermelon Gummies 10-Pack (200mg) shared the fourth rank, with the former maintaining its previous month's position and the latter falling from second place. These rankings highlight a competitive landscape within the edible category, with minor fluctuations in consumer choices significantly impacting the top products' standings.
Top Selling Cannabis Brands
