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Oct-2024
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Overview
Market Insights Snapshot
In the Canadian market, Mood Ring has shown a varied performance across different categories and provinces. In Alberta, the brand's presence in the Vapor Pens category was not strong enough to secure a spot in the top 30 rankings from July to October 2024. This absence from the top rankings could indicate a need for strategic adjustments to improve market penetration in this category. Meanwhile, in Ontario, Mood Ring's performance in Capsules remained stable with a consistent position at rank 11 from July to September, before slipping slightly to rank 12 in October. This stability suggests a solid consumer base in the Capsules category, although the slight drop in October could be a point of concern for maintaining market share.
The Oil category in Ontario tells a different story, where Mood Ring entered the top 30 rankings at position 22 in August and maintained this rank through September. The absence of a ranking in July followed by a consistent presence suggests a positive trajectory in this category, potentially indicating an effective marketing or product strategy that began mid-year. However, the lack of data for October leaves the current trend open to speculation. Overall, Mood Ring's performance highlights both opportunities and challenges, with the Capsules category in Ontario showing a need for vigilance to retain its market position, while the Oil category indicates potential for growth.
Competitive Landscape
In the Ontario capsules market, Mood Ring has experienced a slight decline in its ranking, moving from 11th place from July to September 2024 to 12th place in October 2024. This shift is notable as it coincides with a decrease in sales from September to October, suggesting potential challenges in maintaining market share. Competitors such as Decimal have shown resilience, climbing to 11th place in October, while C Minor has seen a downward trend, dropping from 8th to 10th place over the same period. Meanwhile, Pennies and Spring Hill Cannabis Co. have maintained relatively stable positions, indicating a competitive landscape where Mood Ring must innovate to regain its previous standing and boost sales.
Notable Products
In October 2024, the top-performing product from Mood Ring was the High THC Capsules 30-Pack (300mg), maintaining its consistent first-place ranking from previous months despite a decrease in sales to 495 units. The High CBD Capsules 30-Pack (900mg CBD) held steady in second place, showing solid performance across the months. High THC Oil (30ml) remained in third place, though its sales have been on a declining trend since July. High CBD Oil (30ml) secured the fourth spot, with its sales also decreasing over time. Notably, the Papaya OG Co2 Cartridge (1g) re-entered the rankings in fifth place after being unranked in August and September, indicating a resurgence in popularity.
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.
