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Apr-2024
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Overview
Market Insights Snapshot
In the edible category, Bhang has shown varying performances across different states and provinces, demonstrating both stability and volatility in its market standings. In British Columbia, Bhang maintained a consistent position in the mid-teens from January to April 2024, albeit with a slight downward trend in sales, starting the year with $55,407 in January and dipping to $39,457 by April. This consistency in ranking, despite a drop in sales, suggests a stable consumer base. Conversely, in Nevada, Bhang appeared in the rankings in January at 33rd position but was not ranked in the top 30 for the subsequent months up to April, indicating a significant challenge in maintaining its market presence in this state.
On the other hand, Bhang's performance in Ontario and Saskatchewan tells a story of more positive momentum. In Ontario, the brand enjoyed top 10 rankings, peaking at 9th in February and experiencing only a slight slip to 11th by April, despite a noticeable decrease in sales over the same period. Saskatchewan saw a similar trend, with Bhang holding strong in the top 10, even improving to 8th in March before falling to 11th in April. These movements indicate a relatively strong brand performance and consumer loyalty within these markets, contrasting sharply with its struggles in Nevada and the slow decline in British Columbia. The data hints at regional preferences and market dynamics that Bhang navigates differently across the board, with noteworthy successes and areas of challenge.
Competitive Landscape
In the competitive landscape of the edible category in Ontario, Bhang has experienced slight fluctuations in its ranking over the first four months of 2024, starting at 10th in January, moving up to 9th in February, returning to 10th in March, and then slipping to 11th in April. This indicates a challenging market environment, with Bhang facing stiff competition from brands like Foray, which consistently held the 8th position, indicating stronger sales performance. Another notable competitor, No Future, showed an upward trajectory, moving from 12th to 10th place by April, surpassing Bhang. This shift suggests that No Future's sales and market presence have strengthened relative to Bhang. Conversely, Chowie Wowie and Fly North have shown varied performance but remain close competitors, with Chowie Wowie improving its rank to 12th by April and Fly North experiencing a decline to 13th. These dynamics underscore the competitive pressures Bhang faces, with sales trends and rank changes highlighting the need for strategic adjustments to maintain or improve its market position in Ontario's edible cannabis sector.
Notable Products
In April 2024, Bhang's THC Milk Chocolate Bar 4-Pack (10mg) remained the top-selling product with sales figures reaching 17,554 units, continuing its lead from the previous months. The THC Dark Chocolate Bar 4-Pack (10mg) followed as the second best-seller, showing a consistent performance and moving up from the third position in March to the second in April. The Cookies and Cream White Chocolate Bar (10mg) ranked third, despite being the second best-seller in the earlier months, indicating a shift in consumer preferences. The CBD/THC 1:1 Caramel Dark Chocolate Bar (10mg CBD, 10mg THC) held its ground at the fourth position, demonstrating steady demand among consumers for balanced CBD/THC products. Lastly, the Toffee and Salt Milk Chocolate Bar (10mg) maintained its fifth position, showcasing a niche but consistent market presence within Bhang's product lineup.
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