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Jun-2024
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Overview
Market Insights Snapshot
Neno's Naturals has shown consistent performance in the Michigan market, particularly in the Tincture & Sublingual category where it has maintained a solid 6th place ranking from March through June 2024. This stability indicates a strong foothold in this category, despite minor fluctuations in sales figures. In contrast, their performance in the Topical category has seen more variability, with rankings shifting from 6th in March to 8th in April, briefly improving to 7th in May before dropping back to 8th in June. Such fluctuations suggest a competitive landscape in the Topical category, where Neno's Naturals faces stiff competition.
While Neno's Naturals has managed to stay within the top 10 in both categories in Michigan, the brand's absence from the top 30 in other states and categories could be a point of concern. This highlights the need for the brand to strengthen its market presence beyond Michigan to achieve broader recognition and sales growth. The sales numbers, particularly in the Topical category, reflect a downward trend from April to June, which might suggest a need for strategic adjustments in marketing or product offerings to regain momentum. Overall, Neno's Naturals exhibits a robust performance in Michigan but faces challenges in expanding its reach and maintaining consistent growth across different categories and states.
Competitive Landscape
In the competitive landscape of the Michigan Topical cannabis market, Neno's Naturals has experienced notable fluctuations in its ranking and sales over the past few months. As of March 2024, Neno's Naturals held the 6th position but saw a decline to 8th in April, a slight recovery to 7th in May, and then a drop back to 8th in June. This variability in ranking suggests a competitive pressure from brands like Michigan Organic Rub, which consistently maintained its 6th position from April to June, and Proper Bakehouse, which fluctuated but remained within the top 10. Additionally, Zilla's and HOH Hempnotize also present competitive challenges, with Zilla's consistently ranking in the top 10 and HOH Hempnotize making a notable entry at 9th in May. The sales figures reflect these rankings, with Neno's Naturals showing a downward trend from March to June, indicating a need for strategic adjustments to regain and maintain a higher market position.
Notable Products
In June 2024, the THC Transdermal Patch (30mg) maintained its top position among Neno's Naturals products, despite a notable drop in sales to 4175 units. The CBD/THC 3:1 CBD Sweet Mint Calm Tincture (150mg CBD, 50mg THC) rose significantly to second place, up from fifth in May 2024, with impressive sales of 371 units. The Lavender Tincture (200mg) debuted at third place, showing strong market entry. The CBD Revive Transdermal Patch (30mg CBD) entered the rankings at fourth place. The CBD/THC 1:1 Lavender Tincture (100mg CBD, 100mg THC) reappeared in the rankings at fifth place after previously not being ranked.
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