Market Insights Snapshot
In the realm of concentrates, Apothecary Labs had a notable presence in Colorado in July 2023, ranking 91st. However, the brand did not appear in the top 20 brands for concentrates in the following months, suggesting a decrease in its market standing in this category. On the other hand, Apothecary Labs demonstrated a consistent performance in the oil category in Ontario, maintaining a rank around the 40s in July, August, and September 2023. The absence of a ranking in October suggests a potential drop in their market position for that month.
When it comes to topicals, Apothecary Labs showed a steady performance in Ontario throughout the analyzed period, with rankings ranging from 12th to 14th. Interestingly, the brand exhibited a positive trend in Saskatchewan, climbing from the 12th position in July 2023 to the 9th in October 2023. This upward movement in rankings suggests a growing consumer preference for Apothecary Labs' topicals in Saskatchewan, potentially indicating a successful market strategy in this area.
In the Ontario Topical category, Apothecary Labs has seen a slight decline in rank from July to October 2023, moving from 12th to 14th place. This suggests a decrease in market competitiveness, which is also reflected in their declining sales over the same period. In comparison, Eve&Co has shown a slight improvement in rank, moving from 17th to 15th place, while their sales have been relatively stable. Atlas Thrive has maintained a steady rank, fluctuating between 15th and 16th place, but their sales have been decreasing. Pura Earth has improved in rank, moving from 14th to 13th place, and their sales have been relatively stable. Replay, despite a drop in rank from 8th to 12th place, still ranks higher than Apothecary Labs, but they have seen a significant decrease in sales. This competitive landscape suggests that while Apothecary Labs is facing increasing competition, there are opportunities for growth if they can capitalize on the declining performance of higher-ranking brands like Replay.
In October 2023, Apothecary Labs' top-performing product was the 'CBD/THC 1:3 Topical Roll-On Gel (20mg CBD, 60mg THC)', maintaining its position from the previous three months. The 'Apawthecary - CBD Bacon Oil (30ml)' rose to second place, improving its rank from third in September. The 'Chem De La Cake Live Resin Syringe (1g)', which was the top seller in July, dropped out of the top ranks in October. Notably, the 'CBD/THC 1:3 Topical Roll-On Gel' sold 105 units in October, demonstrating its consistent popularity. The shifting rankings indicate a dynamic market and varied consumer preferences over time.