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Mar-2024
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Overview
Market Insights Snapshot
In the competitive cannabis market of Michigan, Neno's Naturals has shown a consistent and promising performance across several categories, albeit with varying degrees of success. Particularly noteworthy is their standing in the Capsules category, maintaining a solid fifth position from December 2023 through March 2024. This consistency, despite a fluctuating sales volume that saw a significant dip in February before more than doubling in March, suggests a strong and loyal customer base. However, their entry into the Edibles category in March 2024, securing a rank of 93, indicates a challenging expansion effort, as they were not ranked in the top 30 for the preceding months. This late entry into a highly competitive category could be seen as a strategic move to diversify their product line, though it's clear they have ground to make up.
On the other hand, Neno's Naturals has demonstrated impressive growth in the Tincture & Sublingual and Topical categories. Their rankings in Tincture & Sublingual improved steadily from 12th in December 2023 to 6th by March 2024, accompanied by a consistent increase in sales volume that highlights a growing consumer preference for these products. Similarly, in the Topical category, they improved from 10th to 6th place within the same period, with sales more than doubling from December 2023 to March 2024. This remarkable growth in the Topical category, in particular, showcases Neno's Naturals' ability to capture and expand their market share in niche segments, suggesting a strategic focus on areas with less competition and potentially higher margins. Such movements across categories and the strategic positioning in the Michigan market underscore the brand's adaptability and potential for further growth.
Competitive Landscape
In the competitive landscape of the topical cannabis category in Michigan, Neno's Naturals has shown a notable upward trajectory in rank and sales over the recent months, moving from 10th in December 2023 to 6th by March 2024. This improvement is significant when compared to its competitors, such as Michigan Organic Rub, which, despite a slight fluctuation, maintained a strong presence in the top 5, and Vlasic Labs, which saw a substantial rise to 4th place by March 2024, indicating a robust performance with the highest sales increase in this period. Conversely, Rise (MI) experienced a decline, dropping to 8th place by March 2024. Neno's Naturals' upward movement in both rank and sales, amidst such competitive dynamics, suggests a growing consumer preference and market share within Michigan's topical cannabis category, highlighting its potential for further growth and the need for competitors to watch this brand closely.
Notable Products
In Mar-2024, Neno's Naturals saw its THC Transdermal Patch (30mg) maintain its position as the top-selling product with impressive sales of 6590 units, continuing its streak from previous months. Following closely, the CBD/THC 1:1 Balance Transdermal Patches (15mg CBD, 15mg THC) climbed to the second rank, marking a significant improvement from its fifth-place position in February. The CBD/THC 3:1 Calm Transdermal Patch (30mg CBD, 10mg THC) secured the third spot, consistent with its performance in February, showcasing stable consumer demand. The fourth place was held by the CBD Revive Transdermal Patch (30mg CBD), which has maintained a steady position just below the top three since December. Lastly, the CBD/THC 1:1 Balance Chill Heating & Cooling Cream (1000mg CBD, 1000mg THC) made a comeback to the fifth rank, indicating a resurgence in its popularity among consumers.
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