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Jun-2024
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Overview
Market Insights Snapshot
Mood Ring has shown varying performance across different categories and states/provinces. In Alberta, the brand's presence in the Capsules category fluctuated, ranking 12th in March 2024, dropping out of the top 30 in April, and then reappearing at 13th in May. This inconsistency indicates a volatile market position within this category. Conversely, in the Vapor Pens category, Mood Ring made significant strides, moving from outside the top 30 in March and April to 78th in May and further improving to 56th in June, suggesting a positive trend and growing consumer interest in their vapor pen products.
In Ontario, Mood Ring exhibited a steady performance in the Capsules category, consistently holding the 10th position from March through June 2024, which reflects a stable market presence and possibly a loyal customer base in this segment. However, in the Oil category, the brand's ranking was less stable, starting at 24th in March, improving slightly to 23rd in April, and then dropping out of the top 30 by May. This fluctuation could indicate challenges in maintaining a competitive edge in the oil market. Meanwhile, in British Columbia, Mood Ring was ranked 11th in the Oil category in March but did not maintain a top 30 position in the subsequent months, highlighting potential market penetration issues or increased competition.
Competitive Landscape
In the Ontario cannabis capsules market, Mood Ring has consistently held the 10th rank from March to June 2024. Despite maintaining its position, Mood Ring's sales have shown a positive trend, increasing from 28,100 units in March to 38,548 units in June. This growth is notable when compared to competitors like Stigma Grow and C Minor, which have both held higher ranks (9th and 8th respectively) but have not demonstrated as significant a sales increase. Pennies, ranked 12th, experienced a decline in sales from 19,289 units in March to 16,774 units in June, indicating a potential opportunity for Mood Ring to further solidify its market position. Meanwhile, Frank has remained at the 11th rank with fluctuating sales, suggesting that Mood Ring's consistent performance and upward sales trajectory could help it outpace close competitors in the near future.
Notable Products
In June 2024, the top-performing product for Mood Ring was Papaya OG Co2 Cartridge (1g) in the Vapor Pens category, which moved up from second place in May to first place with notable sales of $1,232. High THC Capsules 30-Pack (300mg) dropped from its consistent first-place ranking in the previous three months to second place. NRDZ Co2 Cartridge (1g) improved its position, climbing from fourth to third place. High CBD Capsules 30-Pack (900mg CBD) maintained steady performance, ranking fourth, consistent with its May position. High THC Oil (30ml) saw a decline, dropping to fifth place after being unranked in May.
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