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Jun-2024
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Overview
Market Insights Snapshot
In Michigan, Treetown has shown mixed performance across various categories. In the Edible category, the brand maintained a steady ranking of 24th place in March and April but saw a significant drop to 34th in May and further down to 37th in June. This decline is reflected in their sales, which fell from $349,709 in April to $173,500 in June. On the other hand, Treetown's presence in the Pre-Roll category was inconsistent, initially ranking 78th in March, improving to 63rd in April, but then falling out of the top 100 entirely by June. The Tincture & Sublingual category, however, has been a strong point for Treetown, consistently holding the 1st place ranking from March through May, only dropping to 2nd place in June, indicating a strong market position despite some fluctuations in sales.
It's important to note that Treetown's performance in the Pre-Roll category in Michigan indicates potential challenges, as the brand was unable to maintain a top 30 ranking by June. This could be a point of concern for stakeholders looking at market stability and brand presence. Conversely, their consistent top rankings in the Tincture & Sublingual category highlight their dominance and reliability in that segment, making it a key area of strength. The drop in the Edible category rankings and sales over the months suggests that Treetown may need to reassess its strategies in this segment to regain market share. Overall, while Treetown has areas of strong performance, particularly in Tinctures & Sublinguals, other categories show room for improvement.
Competitive Landscape
In the Michigan edible cannabis market, Treetown has experienced notable fluctuations in its rank and sales over the past few months. Initially holding a strong position at rank 24 in March 2024, Treetown maintained this rank in April but saw a significant drop to rank 34 in May and further to rank 37 in June. This decline in rank is mirrored by a decrease in sales, from $337,290 in March to $173,500 in June. In contrast, competitors such as Kiva Chocolate and Platinum Vape have also seen declines in rank and sales, but not as steep as Treetown's. For instance, Kiva Chocolate dropped from rank 32 in March to 39 in June, while Platinum Vape moved from rank 30 to 35 over the same period. Interestingly, Distro 10 showed an upward trend, moving from outside the top 20 to rank 34 by June, indicating a potential shift in consumer preferences. These insights suggest that while Treetown's market position is currently weakening, there are opportunities to analyze competitor strategies and market trends to regain and improve its standing.
Notable Products
In June 2024, Treetown's top-performing product was the Sleep - CBN/THC 2:1 Blackberry Lavender Gummies 10-Pack with a sales figure of $4678, maintaining its first-place rank from previous months. The CBD/THC 1:2 Euphoria Melon Gummies 10-Pack climbed to the second position, up from fourth place in May 2024. The Fruity Rice Crispy Square dropped from second to third place. Blood Orange Energize Gummies 10-Pack slid from third to fourth place, while the CBD/THC 1:1 Passionfruit Gummies 10-Pack remained steady in the fourth position for the second consecutive month. Overall, the rankings show some movement, particularly with the Euphoria Melon Gummies showing notable improvement.
Top Selling Cannabis Brands
