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Oct-2024
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Overview
Market Insights Snapshot
MediPharm Labs has demonstrated a strong performance in the Oil category across several Canadian provinces. Notably, in Alberta and Saskatchewan, the brand consistently held the top rank from July to October 2024, indicating a solid market presence and consumer preference in these regions. In Ontario, MediPharm Labs maintained a steady second place throughout the same period, showing resilience and consistent demand. However, in British Columbia, the brand experienced a decline in rankings, dropping from second in July to fifth by October, suggesting a competitive market environment or shifting consumer preferences.
The sales trends provide further insights into MediPharm Labs' performance across these provinces. In Alberta, the brand saw a significant increase in sales from July to October, which aligns with its top-ranking position. Conversely, in Saskatchewan, despite maintaining the top rank, sales figures showed a declining trend, which could indicate market saturation or other competitive pressures. Meanwhile, in British Columbia, the notable drop in sales from July to October aligns with the decline in rank, highlighting a potential area for strategic focus. Ontario's consistent rank of second is supported by a steady increase in sales, suggesting a strong foothold in the province despite not being the top brand.
Competitive Landscape
In the competitive landscape of the oil category in Ontario, MediPharm Labs consistently holds the second rank from July to October 2024, indicating a stable position in the market. Despite not surpassing Redecan, which maintains the top spot with a significant lead, MediPharm Labs shows a promising upward trend in sales, particularly in October, suggesting potential for growth. Meanwhile, Mod has shown notable improvement, climbing to the third rank since August, which could pose a future challenge to MediPharm Labs if this trend continues. On the other hand, NightNight remains stable at the fourth position, indicating a less immediate threat. This competitive environment highlights the importance for MediPharm Labs to focus on innovative strategies to close the gap with Redecan and fend off rising competitors like Mod.
Notable Products
In October 2024, the top-performing product for MediPharm Labs was the CBN:THC 1:2 Nighttime Formula Oil (30ml), maintaining its consistent rank of first place since July 2024, with sales figures reaching 7522 units. The THC 30 Regular Formula Oil (30ml) rose to second place, showing a significant increase from the previous months, with a notable sales figure of 5513 units in October. The CBN:CBD 1:2 Relax Formula Oil (30ml) dropped to third place after holding the second position for three consecutive months. The CBD 50 Plus Olive Formula Oil (30ml) remained steady in fourth place throughout the observed period. Lastly, the CBD 25 Regular Formula Oil (30ml) maintained its fifth-place ranking from September to October, indicating stable performance.
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.
