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Oct-2024
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Overview
Market Insights Snapshot
Element has shown a noteworthy performance in the Michigan cannabis market, particularly in the Concentrates category. Over the past few months, Element has climbed from a rank of 26 in July 2024 to 16 by October 2024, indicating a strong upward trend in this segment. This improvement is supported by a consistent increase in sales, culminating in a notable growth from $168,235 in July to $228,614 in October. However, the brand's performance in the Vapor Pens category has been less stable, with a ranking that fluctuated from 32 in July, down to 39 by October. This suggests potential challenges in maintaining a steady position within this competitive category.
In contrast, Element's presence in the Pre-Roll category in Michigan has been inconsistent. The brand was ranked 33 in both July and September, but it fell out of the top 30 in August and October, showing a rank of 47 and 45, respectively. This volatility might reflect shifting consumer preferences or increased competition. Despite these fluctuations, the sales figures reveal a significant drop from $291,957 in July to $157,868 in October, suggesting that Element may need to reevaluate its strategy in the Pre-Roll category to regain momentum. The varying performance across these categories highlights the dynamic nature of the cannabis market and the importance of strategic adaptability.
Competitive Landscape
In the competitive landscape of the Michigan concentrates market, Element has demonstrated a notable upward trajectory in recent months. Starting from a rank outside the top 20 in July and August 2024, Element surged to 18th place in September and further improved to 16th in October. This positive trend is indicative of Element's growing market presence and effective strategies, as evidenced by a steady increase in sales. In contrast, Redemption experienced a decline, dropping from 15th to 18th place between September and October, suggesting a potential shift in consumer preference towards Element. Meanwhile, Canna Bee Extracts and Dazed (MI) also showed fluctuations, with Dazed (MI) making a significant leap to 14th place in October. Element's consistent growth amidst these dynamics highlights its competitive edge and potential for continued success in the Michigan concentrates market.
Notable Products
In October 2024, Element's top-performing product was Cadillac Rainbows Cured Resin (1g) in the Concentrates category, which secured the number one rank with sales reaching 1355 units. Lime Heads Cured Resin (1g) followed closely as the second best-seller, while Super Zmash Cured Resin (1g) and Zazul Cured Resin (1g) tied for the third position. Grease Mintz Live Resin Cartridge (0.5g) from the Vapor Pens category rounded out the top five, ranking fourth. Notably, all these products were not ranked in the previous months, indicating a significant surge in their popularity in October. This shift suggests a growing consumer interest in Element's concentrate offerings during this period.
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.
