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Aug-2024
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Overview
Market Insights Snapshot
Hover Beverages has shown a steady presence in the beverage category in Ontario. Throughout the summer months, the brand has maintained a position within the top 30, with notable fluctuations in its ranking. In May 2024, Hover Beverages was ranked 29th, and by August 2024, it improved slightly to 27th. This upward movement indicates a positive trend, suggesting that the brand is gaining traction in the Ontario market. However, the sales figures show some variability, with a dip in June followed by a peak in July, before stabilizing in August. This suggests that while the brand is generally performing well, there are still some inconsistencies in its monthly sales performance.
It is worth noting that Hover Beverages has managed to stay within the top 30 brands in Ontario's beverage category consistently, which is a positive sign. However, the fact that the brand has not broken into a higher ranking may indicate that there is still room for growth and improvement. The slight increase in rank from 30th in June to 27th in August is encouraging, but the brand will need to continue this upward trajectory to make a more significant impact. The performance in Ontario could serve as a benchmark for Hover Beverages as it evaluates its strategies and looks to expand its presence in other states and provinces.
Competitive Landscape
In the Ontario cannabis beverage market, Hover Beverages has experienced fluctuations in its rank over the past few months, indicating a competitive landscape. Hover Beverages ranked 29th in May 2024, dropped to 30th in June, climbed back to 29th in July, and improved to 27th in August. This upward trend in recent months suggests a positive response to their marketing or product adjustments. In comparison, Ace Valley consistently ranked higher but showed a declining trend from 24th in May to 26th in August, which might indicate a potential opportunity for Hover Beverages to capture some of their market share. Sense & Purpose Beverages also demonstrated a stable yet slightly improving rank from 30th in May to 28th in August, while Yandi Fresh remained relatively stable but lower in rank compared to Hover Beverages. Notably, Sheeesh! experienced a significant drop from 9th in May to 25th in August, suggesting a potential decline in consumer interest or market challenges. These dynamics highlight the importance of strategic positioning and continuous market analysis for Hover Beverages to maintain and improve its standing in the competitive Ontario cannabis beverage market.
Notable Products
In August 2024, the top-performing product for Hover Beverages was the CBD:THC 1:1 Peach Mango High Sparking Beverage (10mg CBD, 10mg THC, 355ml), maintaining its number one rank for four consecutive months despite a sales dip to 1271 units. The second rank was consistently held by the CBD:THC 1:1 Lemon Iced Tea High Sparkling Beverages (10mg CBD, 10mg THC), which saw sales of 548 units. The CBD:THC 1:1 Watermelon Sparkling Beverage (10mg CBD, 10mg THC, 355ml) climbed back to the third position from fourth in July, showing notable improvement with 318 units sold. The CBD:THC 1:1 Strawberry Starfruit Sparkling Beverage (10mg CBD, 10mg THC, 355ml) entered the top four for the first time, securing the fourth rank with 159 units sold. These changes highlight a dynamic market where new flavors are gaining traction while established favorites remain strong.
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.
