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Nov-2024
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Overview
Market Insights Snapshot
In the Canadian market, Pennies has shown varied performance across different provinces and product categories, particularly in the Capsules segment. In Alberta, the brand maintained a consistent rank of 13 in both August and September 2024, experienced a drop in October, and then rebounded back to the 13th position by November. This fluctuation suggests that while Pennies has a stable presence, there are external factors affecting its market position. Conversely, in British Columbia, Pennies made a notable entry into the top 10 in November, indicating a significant improvement in market penetration or consumer preference in that province. The absence of rankings for the preceding months could imply that the brand was not a major player until recently, which might be a positive indicator of growth potential in this region.
Meanwhile, in Ontario, Pennies has shown a more dynamic performance. The brand started at the 13th position in August, dropped slightly to 14th in September and October, but then climbed to the 12th position by November. This upward movement in Ontario, coupled with a noticeable increase in sales, suggests a strengthening foothold in this competitive market. The brand's consistent presence in the rankings indicates a loyal customer base and effective market strategies. The absence of a ranking in October for Alberta highlights a potential area of concern or opportunity for Pennies to address in order to stabilize its performance across all provinces. Overall, while Pennies is gaining traction in some areas, there remains room for improvement and strategic focus in others.
Competitive Landscape
In the Ontario capsules category, Pennies has shown a notable improvement in its competitive positioning over the past few months. Starting in August 2024, Pennies was ranked 13th, and despite a slight dip to 14th place in September and October, it climbed back to 12th in November. This upward movement is significant, especially when compared to Spring Hill Cannabis Co., which experienced a decline from 13th to 14th place in the same period. Meanwhile, Decimal maintained a stable position just ahead of Pennies, ranking 11th in November. Interestingly, Frank emerged in the rankings in October at 15th and improved to 13th in November, indicating a potential new competitor. Despite these dynamics, Pennies' sales saw a substantial increase in November, suggesting that its market strategies may be effectively capturing consumer interest and driving growth, even as it faces stiff competition from brands like C Minor, which consistently held a top 10 position.
Notable Products
In November 2024, Pennies' top-performing product was THC Softgels 5-Pack (50mg) in the Capsules category, maintaining its number one rank for four consecutive months with impressive sales of 5,780 units. Following closely, THC Plus Softgels 20-Pack (200mg) also retained its consistent second-place position since August, with a notable increase in sales to 1,032 units. This steady ranking indicates strong consumer preference for these products within the Capsules category. Both products have shown significant sales growth from October to November, highlighting a successful month for Pennies. The consistent performance of these products suggests a well-established demand and effective market strategy.
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.
