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Mar-2024
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Overview
Market Insights Snapshot
In Michigan, Pleasantrees has shown notable performance across several cannabis product categories, with its presence being strongest within the Flower category. Over the recent months, the brand maintained a steady improvement in rankings within this category, moving from a rank of 13 in December 2023 to a rank of 11 by March 2024. This upward trend is reflective of a significant increase in sales, jumping from approximately 1.5 million in December 2023 to over 2.1 million in March 2024, indicating a growing consumer preference for Pleasantrees' Flower offerings. However, in the Vapor Pens category, Pleasantrees struggled to improve its position, remaining at the bottom of the rankings (40th and 41st) during the same period, which suggests challenges in capturing a larger share of this market segment.
Moreover, the brand's performance in the Beverages and Concentrates categories within Michigan presents a mixed picture. Pleasantrees improved its standing in the Beverage category, moving from 5th to 4th place in January 2024, before experiencing slight fluctuations and settling back at 5th place in March 2024. This stability in the top 5 suggests a strong and consistent market presence in Beverages. Conversely, the Concentrates category saw more volatility, with Pleasantrees ranking improving significantly from 18th in December 2023 to 12th in February 2024, only to fall back to 18th place the following month. This inconsistency could highlight competitive challenges or shifts in consumer preferences within the concentrates market. Notably, the brand's ranking in the Pre-Roll category also saw minor fluctuations, yet it remained within the 20th to 23rd range, indicating a need for strategic improvements to climb higher in this competitive space.
Competitive Landscape
In the competitive landscape of the Michigan flower cannabis market, Pleasantrees has shown a notable upward trajectory in terms of sales and rank among its competitors. Despite starting in 13th place in December 2023, Pleasantrees climbed two positions by March 2024, surpassing Simply Herb and closely trailing behind Goldkine, which managed to secure the 10th position by March 2024 after experiencing a fluctuation in ranks. Interestingly, NOBO, which consistently held a higher rank than Pleasantrees, saw a slight decline in rank but still remained ahead in 9th place by March 2024. On the other hand, Grown Rogue faced a significant drop from 4th to 13th place, indicating a challenging period for the brand. Pleasantrees' sales growth, especially from February to March 2024, not only underscores its increasing market share but also highlights its potential to further ascend in the competitive ranks, challenging both established and emerging brands in the Michigan flower cannabis market.
Notable Products
In March 2024, Pleasantrees saw THC Raspberry Iced Tea (10mg) maintain its position as the top-selling product with 9,398 units sold, leading the Beverage category and showing a consistent first-place ranking over the past four months. Following closely, THC-infused Lemon Iced Tea (10mg) held its second rank with a strong performance in the same category. THC Peach Teas (10mg) secured the third spot, demonstrating steady demand among Pleasantrees' offerings. Notably, THC-Infused Peach Iced Tea (10mg) made a comeback in the rankings, landing at fourth after not being listed in February's data. Blueberry Shortcake (3.5g) from the Flower category broke into the top five, highlighting a diversifying consumer interest within Pleasantrees' product range.
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