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Jun-2024
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Overview
Market Insights Snapshot
The performance of Strait-Fire in the Michigan market has shown a downward trend in the Concentrates category over the past few months. Starting with a rank of 10 in March 2024, the brand slipped to 13 in April, continued to fall to 19 in May, and reached 21 by June. This consistent decline indicates that Strait-Fire is facing increasing competition or possibly a shift in consumer preferences within the state. The sales figures support this trend, showing a decrease from $400,844 in March to $223,939 in June, suggesting that the brand needs to reassess its strategy in Michigan to regain its market position.
It's noteworthy that Strait-Fire did not rank within the top 30 brands in any other state or category during this period. This absence from the top rankings in other regions could be seen as a significant challenge for the brand, indicating limited market penetration outside of Michigan. However, this also presents an opportunity for Strait-Fire to explore and expand its presence in other states and categories. The brand's focus on the Michigan market has yielded mixed results, and diversifying its geographical and product category focus might help stabilize and potentially improve its overall performance.
Competitive Landscape
In the Michigan concentrates market, Strait-Fire has experienced notable fluctuations in its ranking and sales over the past few months. Starting at rank 10 in March 2024, it dropped to 13 in April, 19 in May, and further to 21 in June, indicating a downward trend in its market position. This decline is mirrored in its sales performance, which saw a significant decrease from March to April and a more gradual decline thereafter. In contrast, competitors like Anarchy Extracts maintained a strong presence, consistently ranking in the top 10 until June, when they fell to 19. Meanwhile, Dazed (MI) and Society C also showed volatility but managed to stay within or close to the top 20. Goodlyfe Farms re-entered the rankings in May at 32 and improved to 22 by June. These dynamics suggest that while Strait-Fire is facing challenges, there is still potential for recovery and growth with strategic adjustments.
Notable Products
In June 2024, the top-performing product for Strait-Fire was Banana Acai Mints Bubble Hash (1g), which climbed to the number one spot with notable sales of $1,210. Halle Berry Hash Rosin (1g) made a strong entry, ranking second. First Class Funk Live Rosin (1g) held steady at third place, although its sales have fluctuated over the past months. Jack Herer Bubble Hash (1g) dropped to fourth from its previous top position in May. Lemon Mintz Hash Rosin (1g) entered the rankings in June at fifth place, showcasing a diverse range of popular concentrates.
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