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Oct-2024
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Overview
Market Insights Snapshot
In the Canadian market, Pennies has shown varied performance across different provinces and categories. In Alberta, the brand maintained a consistent position in the Capsules category, holding the 12th rank from July to September 2024. However, it fell out of the top 30 rankings in October, indicating a potential decline in market presence or increased competition. Meanwhile, in British Columbia, Pennies was ranked 9th in July for Capsules, but did not appear in the top 30 for the subsequent months, suggesting a significant drop or strategic shift. These movements highlight the challenges Pennies faces in maintaining its market position in certain regions.
Conversely, in Ontario, Pennies demonstrated a more stable performance in the Capsules category. The brand was ranked 13th in July and August, and although it dropped slightly to 14th in September and October, it remained within the top 15, indicating a relatively strong foothold in this province. This stability in Ontario contrasts with its performance in other provinces, showcasing the brand's varying regional success. Such insights can guide strategic decisions for Pennies, particularly in understanding where to bolster their efforts to regain or maintain market share.
Competitive Landscape
In the Ontario capsules market, Pennies has experienced a relatively stable yet competitive positioning over the past few months. From July to October 2024, Pennies maintained its rank at 13th and 14th, indicating a consistent presence in the top 20 despite fierce competition. Notably, Mood Ring consistently held the 11th position until October when it dropped to 12th, while Spring Hill Cannabis Co. improved its rank from 14th to 13th, surpassing Pennies in September. This shift highlights a competitive challenge for Pennies as it strives to climb the ranks. Meanwhile, Frank reappeared in October at the 15th position after missing ranks in August and September, suggesting potential volatility in the market. Despite these dynamics, Pennies demonstrated a positive sales trend, with an increase in sales from August to October, contrasting with the declining sales of Mood Ring. This upward sales trajectory for Pennies could signal a strengthening market position if sustained, particularly as it competes closely with brands like Spring Hill Cannabis Co. and Frank.
Notable Products
In October 2024, the top-performing product from Pennies was THC Softgels 5-Pack (50mg) in the Capsules category, maintaining its number one ranking consistently for four months. Despite a slight decrease in sales to 3,887 units, it remains the most popular product. THC Plus Softgels 20-Pack (200mg) also retained its second-place position throughout the same period, showing steady sales performance. The stability in rankings for these products indicates a strong and consistent demand among consumers. The sales figures suggest that the Capsules category continues to dominate Pennies' product lineup.
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.
