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May-2024
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Overview
Market Insights Snapshot
In the state of Michigan, Terpene Tanks has experienced varied performance across different product categories. Notably, in the Vapor Pens category, the brand saw a significant drop in rankings from February to April 2024, moving from 7th to 25th position. However, there was a slight recovery in May 2024, with the brand climbing to the 24th spot. This movement indicates a volatile market presence for Terpene Tanks in the Vapor Pens category, with a notable decline in sales from February to May 2024. Conversely, in the Pre-Roll category, Terpene Tanks did not make it into the top 30 brands in any of the months from February to May 2024, which could be seen as a negative indicator of their performance in this segment.
It is important to highlight that the absence of Terpene Tanks from the top 30 rankings in the Pre-Roll category in Michigan suggests that the brand may need to reassess its strategy or product offerings in this category. The consistent presence in the Vapor Pens category, despite the fluctuations, shows that there is still consumer interest and market potential that the brand could capitalize on. The data points to a need for Terpene Tanks to focus on stabilizing and improving their Vapor Pens market share while exploring new opportunities or enhancements in the Pre-Roll segment to achieve a more balanced and robust market performance.
Competitive Landscape
In the competitive landscape of Vapor Pens in Michigan, Terpene Tanks has experienced significant fluctuations in rank and sales over the past few months. Starting from a strong position at rank 7 in February 2024, Terpene Tanks saw a sharp decline to rank 19 in March, and further dropped out of the top 20 by April and May. This downward trend in rank correlates with a substantial decrease in sales, from over $1.2 million in February to just over $400,000 by May. In contrast, competitors such as North Cannabis and ErrlKing Concentrates have shown more stable performance, with North Cannabis maintaining ranks in the low 20s and ErrlKing Concentrates improving from rank 32 in February to rank 19 in April. The volatility in Terpene Tanks' performance suggests potential challenges in market positioning or consumer preference, highlighting the need for strategic adjustments to regain market share in Michigan's Vapor Pens category.
Notable Products
In May-2024, the top-performing product from Terpene Tanks was Peach Soda Distillate Cartridge (1g) in the Vapor Pens category, which climbed to the first position with sales of $6,292. Sour Jack Distillate Cartridge (1g) maintained its strong performance, ranking second, a slight drop from its previous second position in April-2024. Purple Dosi Distillate Cartridge (1g) re-entered the rankings at third place, showing a consistent upward trend. Cereal Milk Distillate Cartridge (1g) saw a minor improvement, moving up to the fourth position from fifth in April-2024. Jealousy Runtz Distillate Cartridge (1g) dropped to fifth place after previously holding the top spot in March-2024.
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