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Apr-2024
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Overview
Market Insights Snapshot
In the competitive landscape of cannabis brands across Canada, 7 Acres has shown a varied performance across different provinces and categories, demonstrating both growth and challenges. In Alberta, the brand's presence in the Flower category has seen a decline, dropping from a rank of 64 in January 2024 to 92 in March 2024, indicating a significant decrease in market share and visibility within this category. This downward trend is concerning, as it suggests a loss of traction in one of the core cannabis product categories. However, in the Pre-Roll category within the same province, 7 Acres has maintained a more stable position, hovering around the mid-60s in rankings from January to April 2024 and even showing a slight improvement to rank 63 in April. This resilience in the Pre-Roll segment, coupled with an increase in sales from January's 64,491 to 86,258 in April, highlights a potential area of strength for the brand in Alberta.
Contrastingly, in British Columbia, 7 Acres has demonstrated stronger performance and growth, particularly in the Pre-Roll category, where it improved from rank 15 in January 2024 to rank 17 in April 2024, alongside a consistent increase in sales over the four months. This indicates a solidifying position and growing consumer preference in this category within the province. On the other hand, the Flower category in British Columbia shows a gradual decrease in rankings from 33 in January to 56 in April, despite starting from a stronger position compared to Alberta. The consistent decline across the first four months of 2024 suggests that while the brand enjoys a certain level of popularity, it may be facing increased competition or changing consumer preferences in British Columbia's Flower market. This mixed performance across different provinces and categories underscores the importance of strategic market positioning and adaptation to consumer trends for cannabis brands like 7 Acres.
Competitive Landscape
In the competitive landscape of the Pre-Roll category in British Columbia, 7 Acres has experienced fluctuations in its market positioning, indicating a volatile yet resilient performance amidst stiff competition. Initially ranked 15th in January 2024, it saw a decline to 18th by February, before slightly recovering to 17th in April, showcasing a struggle to maintain its foothold. Notably, MTL Cannabis demonstrated a significant upward trajectory, moving from 17th to 13th, and eventually securing the 16th position by April, outpacing 7 Acres with a higher sales volume in March and April. Conversely, 1964 Supply Co and Pistol and Paris showed a gradual decline in rank, yet remained close competitors to 7 Acres, with 1964 Supply Co ending in 18th and Pistol and Paris in 19th position by April. BoxHot, however, maintained a stronger performance, consistently ranking above 7 Acres and showing a more stable sales trend, ending in 15th place in April. This competitive analysis underscores the need for 7 Acres to innovate and adapt its strategies to not only reclaim but also to secure a higher market position amidst the dynamic shifts within the British Columbia Pre-Roll market.
Notable Products
In April 2024, 7 Acres saw the Jack Haze Pre-Roll 2-Pack (1g) maintaining its position as the top-selling product with sales reaching 27,467 units, marking its consistent performance as the number one product across previous months. Following closely, the Platinum Kush Breath Pre-Roll 2-Pack (1g) and Purple Slurricane Infused Pre-Roll 3-Pack (1.5g) secured the second and third spots, respectively, also holding steady in their rankings from January through April. The Purple Pancakes Pre-Roll 2-Pack (1g) remained in fourth place, demonstrating a notable increase in sales despite a missing data point in February. The Cactus Funk Breath (7g) from the Flower category consistently ranked fifth, showing 7 Acres' ability to maintain product popularity over time. These rankings highlight not only the dominance of Pre-Roll products in 7 Acres' lineup but also the brand's stability in consumer preferences over the reviewed period.
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