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Mar-2024
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Overview
Market Insights Snapshot
In Michigan, Play Cannabis has shown a varied performance across different cannabis product categories over the recent months. Notably, their Edible and Flower categories have demonstrated strong and improving positions, with rankings in the top 10 consistently from December 2023 to March 2024. The Edible category, in particular, saw a significant increase in rankings, moving from 8th to 5th place, accompanied by a substantial rise in sales from 875,916 in December 2023 to 1,405,053 in March 2024. Similarly, the Flower category improved from a 15th place ranking in December 2023 to 5th by March 2024, with sales more than doubling in the same period. However, the Concentrates and Pre-Roll categories tell a different story, with the former experiencing a decline from 9th to 52nd place and the latter showing a fluctuating yet generally improving trend, despite a slight dip in March 2024.
Contrastingly, in Nevada, Play Cannabis's performance in the Pre-Roll category has been less impressive, with rankings slipping from 43rd in December 2023 to 71st by March 2024. This downward trend is concerning, especially considering the smaller number of sales in Nevada compared to Michigan, and indicates a potential area of weakness in Play Cannabis's market strategy within Nevada. The steady decline in rankings, coupled with a decrease in sales from 33,853 in December 2023 to 13,018 in March 2024, suggests that Play Cannabis may need to reassess its approach in this state to bolster its market presence. This contrast between the two states underscores the importance of tailored strategies to cater to the unique dynamics of each market.
Competitive Landscape
In the competitive landscape of the cannabis flower category in Michigan, Play Cannabis has shown a remarkable upward trajectory in its market position. Initially ranked 15th in December 2023, it made a significant leap to 4th place by January 2024, and then slightly adjusted to 6th in February before settling at 5th in March 2024. This shift indicates a strong performance and growing consumer preference, as evidenced by its sales growth over these months. Its competitors, such as High Supply / Supply, which experienced a slight decline from the top position in December to 3rd by March, Ozone, and Society C, have shown fluctuations in their rankings, indicating a highly competitive market. Notably, Common Citizen maintained a steady 7th place, showcasing consistent performance amidst these shifts. Play Cannabis's rise in rank and sales amidst such competition underscores its growing market presence and the dynamic nature of consumer preferences in the Michigan cannabis flower market.
Notable Products
In March 2024, Play Cannabis's top product was Blue Razz Gummies 4-Pack (200mg) within the Edible category, maintaining its number one rank from the previous two months with remarkable sales of 63,452 units. Following closely, Green Apple Gummies 4-Pack (200mg) rose to the second position from its fourth rank in February, showcasing a significant recovery in popularity. The third spot was held by Cherry Gummies 4-Pack (200mg), consistently performing well and maintaining its third rank from February. Notably, Orange Gummies 4-Pack (200mg) made a striking debut in the rankings at the fourth position, indicating a strong market entry. Lastly, Mango Gummies 4-Pack (200mg) rounded out the top five, despite not being ranked in February, highlighting dynamic shifts in consumer preferences within Play Cannabis's product lineup.
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