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Apr-2024
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Overview
Market Insights Snapshot
In the competitive cannabis market across Canada, Tweed has shown varied performance across different provinces and categories. In Alberta, Tweed's presence in the Flower category has seen a slight improvement, moving from a rank of 16 in January to 14 by April, despite a dip in February and March. This upward trend in ranking is mirrored in their Oil and Pre-Roll categories within the province, with Oil making a notable entrance in March at rank 4 and maintaining it into April. However, their Vapor Pens category saw a drop, starting at rank 23 in January and not making it into the top 30 thereafter, indicating a potential area for growth or reevaluation. Conversely, in British Columbia, Tweed's Flower category performance remains strong, consistently staying within the top 6 ranks from January to April, showcasing their robust market presence there. Yet, their Pre-Roll category in British Columbia witnessed fluctuations, dropping from rank 12 in January to 21 in March, before making a significant jump to rank 10 in April, suggesting a potential recovery or successful marketing effort.
Ontario and Saskatchewan offer contrasting narratives for Tweed's market performance. In Ontario, Tweed's Capsules category holds a strong position, consistently ranking at number 2 from January to April, indicating a solid foothold and consumer preference in this segment. However, their Vapor Pens category struggled, with a downward trend from rank 29 in January to 40 by April, highlighting a significant challenge in this category. Flower and Pre-Roll categories in Ontario show signs of improvement, especially Pre-Rolls, which improved from rank 30 in January to 20 by April, reflecting effective strategies to climb the ranks. Saskatchewan shows Tweed leading the Capsules category, maintaining the top position from January through March, and their Flower category consistently ranking in the top 3 during the same period. However, a notable drop to rank 7 in April for Flower could indicate shifting market dynamics or increased competition. This mixed performance across states/provinces and categories underscores the complexity of the cannabis market and the need for adaptive strategies to maintain and grow market share.
Competitive Landscape
In the competitive landscape of the Flower category within Ontario, Tweed has experienced a gradual decline in rank from 8th in January 2024 to 14th by April 2024, indicative of a challenging quarter. This shift is noteworthy, especially when considering the performance of its competitors. Big Bag O' Buds has shown resilience, maintaining a position above Tweed throughout the period, moving from 15th in January to 13th by April, suggesting a stronger market presence. Conversely, FIGR and Carmel have made significant strides, with FIGR climbing from a rank outside the top 20 in January to 15th by April, and Carmel making an impressive leap from 25th to 16th in the same timeframe. This upward trajectory for both FIGR and Carmel, especially in sales volume, poses a direct challenge to Tweed's market share. Meanwhile, Versus has consistently outperformed Tweed, moving from 11th to 12th, and demonstrating a more stable position within the top ranks. The directional trends in sales and rankings highlight a competitive pressure on Tweed, necessitating strategic adjustments to reclaim and enhance its market position in Ontario's cannabis flower sector.
Notable Products
In April 2024, Tweed's top-performing product was the Quickies - Kush Mints Pre-Roll 10-Pack (3.5g) in the Pre-Roll category, maintaining its number one rank from the previous months with sales figures reaching 18,430 units. Following closely, the Quickies - Chemsicle Pre-Roll 10-Pack (3.5g) also in the Pre-Roll category, secured the second position for the second consecutive month, showing a notable increase in sales. The third spot was held by Quickies - Tiger Cake Pre-Roll 10-Pack (3.5g), which moved up one position from the previous month, indicating a growing preference for this product among consumers. Penelope Softgels 15-Pack (105mg CBD, 150mg THC) in the Capsules category ranked fourth, dropping one position from March 2024, suggesting a slight shift in consumer interest. Lastly, Fizz - Mango Sparkling Water (5mg THC, 355ml) in the Beverage category made it to the top five, maintaining its position from the previous month, which reflects a consistent demand for cannabis-infused beverages.
Top Selling Cannabis Brands
