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Jun-2024
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Overview
Market Insights Snapshot
Hiway's performance across categories and states/provinces shows a mix of upward and downward trends, reflecting varied market dynamics. In Alberta, Hiway's Flower category witnessed a slight improvement, moving from rank 78 in March 2024 to 71 in June 2024, indicating a steady but gradual increase in market presence. However, in the Pre-Roll category, Hiway remained more consistent, ranking within the top 30 throughout the period, with a notable peak at rank 14 in May 2024. This suggests a stronger foothold in the Pre-Roll segment in Alberta. Meanwhile, in British Columbia, Hiway's Flower category saw a significant rise, moving from rank 23 in March 2024 to 16 in June 2024, with a substantial increase in sales, reflecting growing consumer preference for their products.
In Ontario, Hiway's performance in the Flower category remained relatively stable, albeit with a slight decline, maintaining a rank around the 30s. However, their Pre-Roll category did not make it into the top 30, indicating a weaker market presence in this segment. Conversely, in Saskatchewan, Hiway's Flower category experienced a notable drop from rank 6 in March 2024 to 17 in June 2024, suggesting possible challenges in sustaining its market position. Interestingly, the Pre-Roll category was absent from the top 30 for March, April, and May, but made a brief appearance at rank 31 in June 2024, indicating a potential area for growth. These movements highlight the brand's varying performance and potential opportunities for strategic adjustments in different regions and categories.
Competitive Landscape
In the competitive landscape of the Flower category in British Columbia, Hiway has shown a significant upward trajectory in terms of rank and sales over the past few months. Starting from a rank of 23 in March 2024, Hiway climbed to 16 by June 2024, indicating a strong competitive performance. This rise is particularly notable when compared to Jonny Chronic, which also improved its rank but at a slower pace, moving from 22 to 17 in the same period. Meanwhile, Shred experienced fluctuations, missing the top 20 in April 2024, but reappearing at rank 18 in June 2024. MTL Cannabis and Parcel maintained relatively stable positions within the top 15, but Hiway's rapid ascent suggests a growing consumer preference. The substantial increase in Hiway's sales, particularly from May to June 2024, further underscores its strengthening market position, making it a brand to watch closely in the Flower category in British Columbia.
Notable Products
In June 2024, the top-performing product for Hiway was the Sativa Pre-Roll 2-Pack (2g), maintaining its first-place rank for four consecutive months with sales of $40,560. The Indica Pre-Roll 2-Pack (2g) also retained its second-place ranking throughout the same period. Slow Lane Indica (28g) saw a significant rise to third place after not being ranked in May. Fast Lane Sativa (28g) entered the rankings for the first time in June, securing the fourth position. Meanwhile, Slow Lane Indica (3.5g) dropped to fifth place, continuing its downward trend from previous months.
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