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Jun-2024
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Overview
Market Insights Snapshot
MediPharm Labs has demonstrated a strong performance in the Oil category across various provinces in Canada. In Alberta, the brand has consistently held the top rank from March to June 2024, with a notable increase in sales from $479,783 in March to $550,292 in June. This consistent top ranking indicates a solid market presence and consumer preference. Similarly, in Saskatchewan, MediPharm Labs maintained the number one position throughout the same period, although there was a slight dip in sales from $152,203 in March to $106,508 in June, suggesting potential market fluctuations or increased competition.
In British Columbia and Ontario, MediPharm Labs has secured the second position in the Oil category for four consecutive months. The steady ranking in these provinces, combined with a gradual increase in sales, highlights the brand's robust market strategy and consumer loyalty. For instance, in Ontario, sales grew from $543,624 in March to $611,193 in June. However, the absence of MediPharm Labs from the top 30 brands in other categories or states could indicate areas where the brand may need to enhance its market penetration or diversify its product offerings to capture a larger share of the market.
Competitive Landscape
In the competitive landscape of the cannabis oil market in Ontario, MediPharm Labs has maintained a consistent rank of 2nd place from March to June 2024. This stability highlights its strong market presence, although it trails behind Redecan, which has consistently held the top spot with significantly higher sales figures. Notably, Viola has shown remarkable growth, climbing from 9th place in March to 4th place by May, indicating a potential threat to MediPharm Labs if this upward trend continues. Meanwhile, NightNight has remained stable in 3rd place, but its sales figures are substantially lower, posing less of a competitive threat. These dynamics suggest that while MediPharm Labs holds a strong position, it must remain vigilant of emerging competitors like Viola to maintain its market share.
Notable Products
In June 2024, the top-performing product from MediPharm Labs was CBN:THC 1:2 Nighttime Formula Oil (30ml), maintaining its first-place ranking with notable sales of 10,173 units. THC 30 Regular Formula Oil (30ml) secured the second position, improving from third place in May 2024. CBN:CBD 1:2 Relax Formula Oil (30ml) held steady in third place, while CBD 50 Plus Olive Formula Oil (30ml) consistently ranked fourth throughout the past months. Lastly, CBG/CBD 1:2 Advanced Formula Oil (30ml) remained in fifth place, showing a modest increase in sales figures. Overall, the rankings showcased stability with minor shifts in the top three positions.
Top Selling Cannabis Brands
