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Apr-2024
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Overview
Market Insights Snapshot
In Alberta, FIGR's performance across categories showcases a notable variance in market positioning, with its Flower category witnessing a significant improvement from a rank of 66 in January 2024 to 23 by April 2024. This upward trajectory, highlighted by a substantial increase in sales from January's 66,267 to 268,739 in April, suggests a growing consumer preference within this segment. Conversely, the brand's entry into the Pre-Roll category in February at rank 91, without further ranking data for subsequent months, indicates a challenge in establishing a strong foothold. Vapor Pens in Alberta also saw a slight improvement, moving from rank 56 in January to 55 in February, but lacked data for March and April, leaving a gap in understanding the full scope of its market performance.
Meanwhile, in Ontario, FIGR's Flower category demonstrated consistent growth, moving from rank 21 in January 2024 to 15 by April, accompanied by a steady increase in sales over the four-month period. This consistent upward movement in both rank and sales volume indicates a strong and growing market presence in Ontario's competitive cannabis landscape. The Pre-Roll and Vapor Pens categories showed more stability in rankings, with Pre-Rolls experiencing a slight fluctuation but ending at rank 33 in April, and Vapor Pens seeing a decline from rank 41 in January to 46 in April. The decline in Vapor Pens, contrasted with the growth in other categories, suggests a potential area for strategic focus to bolster its market share within this segment.
Competitive Landscape
In the competitive landscape of the cannabis flower category in Ontario, FIGR has shown a notable upward trajectory in its rankings from January to April 2024, moving from not being in the top 20 to securing the 15th position by April. This improvement in rank is indicative of a positive sales trend, with FIGR's sales increasing each month within the period. In contrast, Tweed, which started in a strong 8th position in January, experienced a gradual decline in rank, ending up at 14th by April, just ahead of FIGR. This shift suggests that while Tweed's sales have decreased, FIGR has successfully capitalized on this, narrowing the gap between them. Another competitor, Carmel, closely trails FIGR, moving from not being in the top 20 to 16th place by April, showing a significant sales increase that nearly mirrors FIGR's performance. Big Bag O' Buds and 3Saints also show competitive dynamics, with Big Bag O' Buds maintaining a higher rank than FIGR throughout the period but experiencing a slight decline, whereas 3Saints remained relatively stable but was outperformed by FIGR by April. This analysis underscores the competitive nature of the Ontario cannabis flower market, highlighting FIGR's upward movement as a sign of its growing market presence and potential challenge to established brands.
Notable Products
In April 2024, FIGR's top-performing product was Go Steady - Sunshine Bubble Kush (3.5g) from the Flower category, maintaining its number one rank from the previous two months with sales figures reaching 3240 units. The Jungle Fumes Pre-Roll 10-Pack (3.5g) made a significant debut in the rankings, securing the second position in its first month of reported sales. The Go Steady - Black Cherry Punch Pre-Roll 3-Pack (1.5g), also in the Pre-Roll category, ranked third, showing a consistent improvement in its position from the beginning of the year. Jungle Fumes (3.5g) from the Flower category saw a slight improvement, moving up to the fourth rank in April after being ranked fifth in March. Lastly, Go Steady -Black Cherry Punch (3.5g) from the Flower category ranked fifth, indicating a stable demand for FIGR's Flower products despite a slight drop in its ranking from the previous month.
Top Selling Cannabis Brands
