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Jun-2024
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Overview
Market Insights Snapshot
True North Collective has shown varied performance across different product categories in Michigan. In the Concentrates category, the brand has experienced a positive trend, moving from a rank of 73 in March 2024 to 53 in June 2024, indicating a steady improvement in market position. This upward trajectory is also reflected in their sales, which increased from $56,649 in March to $68,573 in June. On the other hand, their performance in the Edible category has seen a decline, with the brand dropping from rank 9 in March to 21 by June. This downward shift is accompanied by a decrease in sales, from $754,478 to $415,016 over the same period, suggesting challenges in maintaining consumer interest or competitive pressures in the Edible segment.
The Vapor Pens category has also been a challenging area for True North Collective in Michigan. The brand's rank fell from 26 in March to 41 by June, indicating a loss of market share. This decline is mirrored in their sales figures, which dropped significantly from $422,710 in March to $221,574 in June. The absence of True North Collective in the top 30 brands for Vapor Pens in May and June highlights the competitive nature of this category and suggests that the brand may need to reassess its strategies to regain its foothold. Despite these challenges, the brand's positive movement in the Concentrates category offers a glimmer of hope and a potential area for growth.
Competitive Landscape
In the Michigan edibles market, True North Collective has experienced a notable decline in rank and sales over the past few months. Starting from a strong position at rank 9 in March 2024, the brand has slipped to rank 21 by June 2024. This downward trend is reflected in their sales, which have decreased from a peak in March to significantly lower figures by June. In contrast, competitors like Midnight Bar and Cannalicious Labs have maintained more stable positions, with Cannalicious Labs consistently ranking around 19th place and Midnight Bar showing a slight improvement from 25th to 23rd place. Additionally, Banned Cannabis Edible Co. and Little Tree have also shown fluctuations but not as severe as True North Collective. These competitive dynamics indicate that True North Collective may need to reassess its market strategies to regain its former standing and counteract the gains made by its competitors.
Notable Products
In June 2024, the top-performing product for True North Collective was Traverse City Cherry Gummies 4-Pack (200mg), which rose to the number one spot with sales of 6800 units. Sweet Summer Peach Gummies 4-Pack (200mg) held strong at the second position, although its sales slightly decreased to 6590 units from the previous month. Electric Watermelon Gummies 4-Pack (200mg) maintained its position at third place, showing a slight increase in sales to 6311 units. True North Confections x Five Star Extracts - Strawberry Fields Gummies 4-Pack (200mg) entered the rankings at fourth place, while Fruit Punch Gummies 4-Pack (200mg) slipped to fifth place. These changes indicate a dynamic market with shifting consumer preferences among the top edible products.
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