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Nov-2024
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Overview
Market Insights Snapshot
In the province of Ontario, Mood Ring has shown notable fluctuations across different product categories over the recent months. In the Capsules category, the brand maintained a steady rank of 11th place in both August and September 2024, before experiencing a slight decline to 12th in October and a more significant drop to 15th by November. This downward trend is mirrored in their sales figures, which saw a reduction from 41,846 CAD in August to 11,968 CAD by November. Such a decrease in sales and ranking could indicate increased competition or shifting consumer preferences within the Capsules category.
Meanwhile, Mood Ring's performance in the Oil category in Ontario has been less consistent. The brand held the 22nd position in both August and September 2024, but failed to maintain a top 30 ranking in October and November. This absence from the top rankings suggests a possible decline in market presence or demand for their oil products. Despite these challenges, the brand's initial sales figures for Oil in August and September were relatively close, with a slight decrease from 13,011 CAD to 11,909 CAD. This could imply that while they were able to retain a stable position initially, sustaining this in the face of market dynamics has proven to be challenging.
Competitive Landscape
In the Ontario capsules category, Mood Ring has experienced a notable decline in its rank and sales over the past few months. Starting from August 2024, Mood Ring held the 11th position, but by November, it had dropped to 15th, with sales decreasing significantly from $41,846 to $11,968. This downward trend contrasts with competitors like Frank, which entered the top 20 in November at rank 13 with increasing sales from $14,542 in October to $21,999 in November. Similarly, Spring Hill Cannabis Co. maintained a relatively stable position, fluctuating slightly but ending November at rank 14 with consistent sales. Nutra and Portals were not in the top 20 by November, indicating potential market volatility. The competitive landscape suggests that Mood Ring may need to reassess its market strategies to regain its standing and address the sales decline in this category.
Notable Products
In November 2024, the top-performing product for Mood Ring was the High CBD Capsules 30-Pack (900mg CBD), which ascended to the number one rank with sales of 307 units. The High THC Oil (30ml) followed closely, moving up to the second position despite a decline in sales from the previous month. The Papaya OG Co2 Cartridge (1g), a new entry, secured the third rank, indicating a strong debut in the Vapor Pens category. Meanwhile, the NRDZ Co2 Cartridge (1g) improved its standing to fourth place, showing a slight increase in sales. The High CBD Oil (30ml) maintained a consistent presence in the rankings, holding steady at fifth place across the past two months.
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.
