Market Insights Snapshot
In the Michigan cannabis market, Rise (MI) has demonstrated consistent performance in several categories. The brand has maintained a strong position in the Capsules and Tincture & Sublingual categories, holding the 2nd and 1st ranks respectively from August to October 2023. This stability indicates a strong consumer base and effective marketing strategies in these segments. However, the brand was not ranked in the Topical category in July 2023, implying that it was not among the top 20 brands in that category for that month. This could indicate a need for improvement in this area.
On the other hand, Rise (MI) has shown a fluctuating performance in the Concentrates category. The brand's ranking dropped from 18th in August 2023 to 24th in October 2023. This downward trend, coupled with a decrease in sales over the same period, suggests a potential decline in popularity or market share within this category. Despite this, Rise (MI) has seen a marked improvement in the Topical category, moving from not being ranked in July 2023 to achieving the 5th rank in September 2023. This notable upward shift could be indicative of successful product launches or marketing campaigns in this segment.
In the Michigan concentrates market, Rise (MI) has seen a fluctuating performance over the months of July to October 2023. While it managed to break into the top 20 brands in August and September, it fell out of this ranking in October, indicating a potential decrease in market share. Notably, Rise (MI) has been outperformed by competitors such as Monster Xtracts and Farm Science, both of which have seen an upward trend in rank, with Farm Science making a significant leap from rank 54 in July to rank 21 in October. Ozone, another competitor, has also consistently ranked higher than Rise (MI), despite a dip in October. Lastly, Lit Labs has shown steady improvement, surpassing Rise (MI) in October. These trends suggest a highly competitive landscape for Rise (MI) in the Michigan concentrates market.
In October 2023, Rise (MI) saw its top-performing product as the THC Tincture (200mg), moving up from its second position in the previous months. The THC Tablets 10-Pack (100mg), despite leading in August and September, dropped to the second spot. The Hybrid Distillate Dart (1g) showed significant improvement, climbing from the fifth position in August and September to the third in October. The CBD Tincture (1000mg CBD) maintained its fourth position from September, while the CBN:CBD THC 1:1:1 PM Evening Tincture (200mg CBN, 200mg CBD, 200mg THC, 30ml) fell into the fifth spot. Notably, the THC Tincture (200mg) generated the highest sales in October, reaching 1894 units sold.