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Three new cannabis brands gaining momentum in Canada
Canada is home to over 300 cannabis brands. With so many players in the space, how can new brands differentiate themselves amongst the competition? While there are many great answers to that question, here we shine some light on three brands that have recently entered the Canadian market and are already seeing noteworthy growth.
Shred
Shred entered the Canadian Flower market in September of 2020 and was already ranked as the 8th highest brand in sales across Canada by May 2021. The majority of Shred's sales come from Ontario (47%) and Alberta (45%). In May, Shred's mix of products was between Flower (69%) and Pre-Rolls (31%). Although they only recently introduced Pre-Rolls to their mix of sales starting in February of 2021, their overall top-selling product in May 2021 was Tropic Thunder Pre-Roll 14-Pack (7g). A 14-Pack might seem a bit extreme, but it's working well for Shred!
Legend Cannabis
Legend Cannabis entered the Canadian market in June of 2020 and was ranked as the 7th highest brand in sales within the Edible category in May 2021. Between January and May 2021, they achieved 60% growth in sales, and most of their sales came from Ontario (47%) and Alberta (29%). Looking at the same time frame, their category sales were divided primarily between Edibles (51%) and Vapor Pens (31%). Their top product in May was Cactus Breath (28g), which contributed 22% to the brand's sales.
Back 40 Cannabis
Back 40 Cannabis entered the Canadian market in October of 2020 and they now own 2.8% of the total Canadian cannabis market. From January 2021 to May 2021, Back 40 Cannabis was the second best selling brand in the entire Vapor Pen category. Most of their sales are from the Ontario (49%) and Alberta (26%) markets. When we look at categories, the majority of their sales come from Vapor Pens (81%), and the rest of their sales come from Flower (19%), which they released in March 2021. Their top product between January 2021 and May 2021 was Kush Mint Distillate Cartridge (1g) with 26% of the brand's total sales.
At Headset, we love watching new companies make strides towards market leadership and we'll be keeping a close eye on these three brands as well as others in the space. Want to see how other cannabis brands are doing in Canada? Sign up for a demo of Insights Premium to learn how you can keep an eye on Canadian cannabis brands and products.