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Sep-2024
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Overview
Market Insights Snapshot
Canna Bee Extracts has shown varied performance across different categories and states. In the Concentrates category within Michigan, the brand maintained a consistent presence in the top 30 rankings, with minor fluctuations. Starting at the 26th position in both June and July 2024, the brand experienced a slight dip out of the top 30 in August, only to recover to the 29th spot by September. This indicates a minor yet noticeable decline in their market position over the summer months, which could be attributed to a decrease in sales from $183,941 in June to $131,430 by September. Such movements suggest that while Canna Bee Extracts remains competitive, there are challenges in sustaining its ranking in the Concentrates category.
In contrast, the Vapor Pens category in Michigan presents a more positive trajectory for Canna Bee Extracts. The brand's rank improved significantly from 87th in June to 63rd by September 2024. This upward movement reflects a strategic gain in market share, despite the brand not breaking into the top 30. The sales figures support this trend, showing a notable increase in August before stabilizing in September. This suggests that Canna Bee Extracts is gaining traction in the Vapor Pens market, potentially positioning itself for future growth if the trend continues. However, further insights into their strategies or market conditions would provide a clearer picture of their performance dynamics.
Competitive Landscape
In the competitive landscape of the Michigan concentrates market, Canna Bee Extracts has experienced some fluctuations in its ranking over the past few months. Starting from a stable 26th position in both June and July 2024, Canna Bee Extracts saw a slight decline to 32nd in August, before improving to 29th in September. This movement indicates a competitive pressure from brands like ErrlKing Concentrates, which, despite a drop from 12th to 33rd between June and August, managed to recover to 28th by September, showcasing resilience and potentially impacting Canna Bee's market share. Meanwhile, Rise (MI) and Redbud Roots have shown upward trends, with Rise improving from 38th to 27th and Redbud Roots climbing from 58th to 30th over the same period, suggesting increasing consumer preference or effective marketing strategies. Canna Bee Extracts' sales have seen a downward trend, which may necessitate strategic adjustments to regain and enhance its competitive positioning in this dynamic market.
Notable Products
In September 2024, Canna Bee Extracts saw its top-performing product, Black Cherry Punch Live Resin Terp Diamonds, maintain its leading position in the Concentrates category with a notable sales figure of 1,732 units. Jungle Pie Live Resin Moon Rocks emerged as a strong contender in the Flower category, securing the second rank. Jar Jar Stink Live Resin Disposable continued its consistent performance in the Vapor Pens category, holding the third rank for two consecutive months. White Runtz Live Resin Terp Diamonds showed a stable presence in the Concentrates category, ranking fourth in September. Meanwhile, Mac Mints Cookies Live Resin Disposable entered the top five in the Vapor Pens category for the first time, indicating a positive shift in consumer preference.
Top Selling Cannabis Brands
Data for this report comes from real-time sales reporting by participating cannabis retailers via their point-of-sale systems, which are linked up with Headset’s business intelligence software. Headset’s data is very reliable, as it comes digitally direct from our partner retailers. However, the potential does exist for misreporting in the instance of duplicates, incorrectly classified products, inaccurate entry of products into point-of-sale systems, or even simple human error at the point of purchase. Thus, there is a slight margin of error to consider. Brands listed on this page are ranked in the top twenty within the market and product category by total retail sales volume.
