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Jun-2024
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Overview
Market Insights Snapshot
LoFi Cannabis has shown varied performance across different categories and regions. In British Columbia, the brand saw a notable improvement in the Capsules category, climbing to the 11th position in June 2024 after not being in the top 30 in the previous months. This indicates a strong upward trend in consumer demand for their capsules. However, their performance in the Vapor Pens category has been inconsistent, with a drop from 34th to 41st rank from May to June 2024, suggesting potential challenges in maintaining market share in this segment. The Flower category also saw a slight improvement, moving from 100th to 97th rank, but still far from being a significant player in that category.
In Ontario, LoFi Cannabis has maintained a steady presence in the Capsules category, consistently ranking around the 13th to 15th positions from March to June 2024. This stability indicates a loyal customer base for their capsules in this region. Conversely, their performance in the Oil category has been relatively static, holding positions between 21st and 23rd, which suggests that while there is consistent demand, the brand has not managed to break into the top tier of the market. It's worth noting that LoFi Cannabis did not rank in the top 30 for several other categories in Ontario, indicating areas where the brand could potentially expand or improve its offerings.
Competitive Landscape
In the British Columbia oil category, LoFi Cannabis has consistently maintained its 5th rank from March to June 2024. This stability in ranking indicates a steady performance, although it faces stiff competition from brands like Glacial Gold, which has fluctuated between 3rd and 4th positions, and Pura Vida, which has similarly oscillated but remains a strong contender. Notably, Purefarma has shown a positive trend, climbing from 9th to 7th place over the same period, which could pose a future threat to LoFi Cannabis's position. Meanwhile, NightNight has held steady at 6th place, just behind LoFi Cannabis. The sales figures for LoFi Cannabis show a notable increase in June 2024, suggesting a potential upward trend, but the brand needs to strategize effectively to improve its rank amidst the dynamic competitive landscape.
Notable Products
In June 2024, the top-performing product from LoFi Cannabis was CBD 1500 Oil (30ml), maintaining its first-place ranking for four consecutive months with sales reaching 2464 units. CBD Oil 2500 (50ml) climbed to second place, up from third place in the previous two months. The CBD:THC 1:1 Rainbow Driver x Nostalgia Cured Resin Cartridge (1g) dropped out of the rankings in June after holding second place in April and May. CBD Softgels 1500 30-Pack (1500mg CBD) remained steady in fourth place, while Nostalgia (7g) also held its fifth-place position consistently over the last three months. Overall, the rankings show stability with slight shifts in the top positions, highlighting the sustained popularity of certain products.
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