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Aug-2024
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Overview
Market Insights Snapshot
LoFi Cannabis has shown a mixed performance across various categories and regions. In British Columbia, the brand has struggled to maintain a strong presence in the Flower category, consistently ranking around the 100th mark, which indicates it did not make the top 30 brands in this category. However, there is a noticeable upward trend in the Vapor Pens category, where LoFi Cannabis improved its ranking from 41st in June to 30th in August, suggesting a growing consumer preference for their vapor pen products. The Oil category remains a stronghold for the brand in British Columbia, maintaining a consistent 5th place ranking over the past months, reflecting steady consumer demand and possibly effective market strategies in this segment.
In Ontario, LoFi Cannabis shows variability across different product categories. The Capsules category saw LoFi Cannabis ranked 14th in May, but it did not appear in the top 30 in subsequent months, highlighting a significant drop in market presence. Conversely, the Oil category in Ontario presents a more stable outlook, with the brand maintaining a ranking within the top 30, fluctuating slightly between 19th and 22nd place from May to August. This indicates a relatively stable consumer base for their oil products in this region. Overall, while LoFi Cannabis has areas of strong performance, there are also notable gaps that suggest opportunities for strategic improvements.
Competitive Landscape
In the British Columbia oil category, LoFi Cannabis has maintained a consistent rank of 5th place from May to August 2024. Despite its steady position, it faces strong competition from brands like Glacial Gold and Pura Vida, which have been fluctuating between 3rd and 4th places. Notably, Pura Vida overtook Glacial Gold in August, moving up to 3rd place. Meanwhile, LoFi Cannabis has shown a positive trend in sales, increasing from $69,483 in May to $89,278 in August, indicating robust growth despite its static ranking. This suggests that while LoFi Cannabis is holding its ground in terms of rank, it is gaining traction in sales, potentially positioning itself for a future climb in rankings if the trend continues.
Notable Products
In August 2024, the top-performing product for LoFi Cannabis was CBD 1500 Oil (30ml), maintaining its number one rank for four consecutive months with a sales figure of 2247 units. The CBD:THC 1:1 Nostalgia x Rainbow Driver Cured Resin Cartridge (1g) held steady in second place, showing a significant increase from 738 units in July to 1064 units in August. CBD Oil 2500 (50ml) moved up to third place after previously fluctuating between second and fourth place. Nostalgia (7g) dropped to fourth place in August, down from its third place position in July. The CBD Full Spectrum Nostalgia Cartridge (1g) remained in fifth place, consistent with its ranking in July.
Top Selling Cannabis Brands
Data for this report comes from real-time sales reporting by participating cannabis retailers via their point-of-sale systems, which are linked up with Headset’s business intelligence software. Headset’s data is very reliable, as it comes digitally direct from our partner retailers. However, the potential does exist for misreporting in the instance of duplicates, incorrectly classified products, inaccurate entry of products into point-of-sale systems, or even simple human error at the point of purchase. Thus, there is a slight margin of error to consider. Brands listed on this page are ranked in the top twenty within the market and product category by total retail sales volume.
