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Jun-2024
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Overview
Market Insights Snapshot
Platinum Vape's performance in the Vapor Pens category has shown significant variability across different states. In California, the brand has experienced a downward trend, starting from a rank of 64 in March 2024 and slipping to 85 by June 2024. This decline is mirrored by a reduction in sales, which fell from $215,567 in March to $116,450 in June. Conversely, in Michigan, Platinum Vape has maintained a strong presence, consistently holding the 3rd or 4th position from March to June 2024. This stability in Michigan is indicative of a robust market performance, despite a slight decrease in sales over the same period. Meanwhile, in Missouri, the brand has seen a slight decline in rank from 2nd in March to 5th in June, although its sales figures have shown some resilience.
In the Edible category, Platinum Vape's performance in Michigan has been relatively consistent, fluctuating slightly but remaining within the top 40 brands. The brand's rank moved from 30th in March to 35th in June 2024, indicating a stable yet competitive market position. It's worth noting that Platinum Vape did not appear in the top 30 rankings for Vapor Pens in Ontario in April and May 2024, suggesting challenges in maintaining a foothold in this market. However, they reappeared at the 46th position in June, hinting at potential market re-entry or improved performance. These trends highlight the brand's varying success across different regions and categories, offering insights into its strategic market positioning.
Competitive Landscape
In the competitive landscape of vapor pens in Michigan, Platinum Vape has experienced notable shifts in its market position over recent months. From March to June 2024, Platinum Vape's rank dropped from 3rd to 4th, indicating a slight decline in its competitive standing. This change is particularly significant when compared to MKX Oil Company, which consistently held the 3rd position from April to June 2024. Additionally, Breeze Canna maintained a strong lead, consistently ranking 2nd throughout the same period. Meanwhile, Crude Boys and Muha Meds showed fluctuating ranks, with Crude Boys moving between 6th and 7th, and Muha Meds climbing from 7th to 5th. These dynamics suggest that while Platinum Vape remains a key player, it faces increasing competition, particularly from MKX Oil Company and Breeze Canna, which could impact its future sales and market strategy.
Notable Products
For June 2024, the top-performing product from Platinum Vape is TT Sprinkles Distillate Cartridge (1g) in the Vapor Pens category, which climbed to the number one rank from fifth place in May 2024, with notable sales of 11,667 units. The OPP x Smarties Distillate Cartridge (1g) secured the second position, dropping from the top spot it held in May 2024. Pink Lemonade Distillate Cartridge (1g) maintained a strong presence, ranking third after holding the second position in May 2024. Banana Candy Distillate Cartridge (1g) re-entered the rankings at fourth place after not being ranked in May 2024. Platinum Churros Distillate Cartridge (1g) debuted in the rankings at fifth place, showing a significant rise in popularity.
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