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Mar-2024
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Overview
Market Insights Snapshot
In the competitive cannabis market, LowKey's performance across categories and states/provinces shows a mixed bag of results, with some clear areas of opportunity and challenge. In British Columbia, the brand maintained a relatively stable position in the Flower category, with rankings fluctuating slightly between 27th and 25th from December 2023 to March 2024. Despite this stability, sales figures indicate a gradual decline, dropping from 222,927 in December to 172,021 by March. This trend suggests a need for strategic adjustments to either bolster market share or diversify offerings within the province. Conversely, in Saskatchewan, LowKey showed notable volatility in the Pre-Roll category, entering the top 30 in January 2024 at rank 72, then making a significant leap to 23rd in February, before falling back to 44th in March. This erratic performance, coupled with a spike in sales in February (41,222), indicates potential, but also underscores the importance of consistency in maintaining a strong market presence.
On the other hand, Ontario and Saskatchewan's Flower category tells a story of resilience and growth potential for LowKey. In Ontario, the brand saw a notable improvement in rankings, moving from 79th in December 2023 to 66th by March 2024, despite fluctuations in sales figures. This upward trajectory, even in the face of sales dips, points to an increasing brand recognition and consumer interest within a highly competitive market. Similarly, in Saskatchewan, LowKey's rankings in the Flower category improved from 58th in December to 53rd in March, with a corresponding increase in sales from 15,833 to 19,050. This consistent improvement in both rank and sales highlights LowKey's growing foothold in Saskatchewan, suggesting a strategic focus on this market could yield significant benefits. However, it's crucial to note that while these trends provide a snapshot of LowKey's performance, the broader context of market dynamics and consumer preferences will ultimately shape the brand's trajectory in these regions.
Competitive Landscape
In the competitive landscape of the cannabis flower category in British Columbia, LowKey has demonstrated a notable consistency in its market position, hovering around the mid-20s in rank from December 2023 through March 2024. Despite a slight fluctuation in its ranking—peaking at 25th in January and dipping to 27th in March—LowKey's sales trajectory shows a modest decline over the same period. This performance places it in a competitive but stable position relative to its peers. Notably, Soar has shown a more volatile rank change, initially leading in December but experiencing a significant drop by January, only to recover closer to its original standing by March. Meanwhile, 18twelve and Color Cannabis have seen more significant rank improvements, suggesting a more aggressive market movement. San Rafael '71, despite its lower starting point, has made notable gains, hinting at a dynamic competitive environment where brand positions can shift rapidly, impacting LowKey's potential market share and necessitating strategic adjustments to maintain or improve its market standing.
Notable Products
In Mar-2024, LowKey's top-performing product was Dessert (3.5g) from the Flower category, maintaining its number one rank across previous months with a notable sales figure of 9220 units. Following closely, the Dessert Pre-Roll 7-Pack (3.5g) in the Pre-Roll category secured the second rank, showing a slight improvement from its previous positions. Haze (3.5g), also from the Flower category, consistently held the third rank, indicating stable consumer preference. The Dessert (28g) variant made a notable entry into the top rankings, climbing to the fourth position from being unranked in Feb-2024. Lastly, Apple Fritter (3.5g) managed to retain its fifth rank, showcasing the consistent demand for diverse Flower category products within LowKey's offerings.
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