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Mar-2024
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Overview
Market Insights Snapshot
In the competitive landscape of cannabis brands across Canada, Ovis has shown a notable performance in the Capsules category within both Alberta and Saskatchewan. In Alberta, the brand moved from a rank of 4 in December 2023 to 6 in March 2024, after a slight dip to 11 in January and February, indicating a significant recovery and upward trend in market positioning. This is underscored by a substantial increase in sales from February to March, jumping from 13,437 to 60,438, showcasing a strong consumer demand resurgence. However, in the Edibles category within Alberta, Ovis struggled to maintain a top 30 rank after December 2023, suggesting a potential area for growth or reevaluation of market strategy. The link to the Alberta market can be found here.
Meanwhile, in Saskatchewan, Ovis's performance in the Capsules category demonstrates consistent growth and improvement in market rank, moving from 10th place in December 2023 to 5th by March 2024. This progression is accompanied by a steady increase in sales, culminating in nearly doubling from February to March 2024, from 2,432 to 4,907. Such a trend not only highlights Ovis's growing foothold in the Saskatchewan market but also suggests a strong consumer preference for their Capsules product line within this province. The steady climb in rankings and sales points towards a successful market penetration and brand loyalty strategy by Ovis in Saskatchewan, which could serve as a model for expansion into other categories or regions. For more details on the Saskatchewan market, click here.
Competitive Landscape
In the competitive landscape of the capsule category within Alberta's cannabis market, Ovis has experienced notable fluctuations in its ranking and sales over the recent months. Initially positioned at 4th in December 2023, Ovis saw a significant drop to 11th in January and February 2024, before partially recovering to 6th in March. This trajectory suggests a volatile period for Ovis, particularly in contrast to its competitors. Emprise Canada, for instance, maintained a strong presence in the top 5, indicating more stable consumer demand. Similarly, Frank showed consistent performance, moving up to 4th by March. In a surprising turn, Indiva leaped from 13th to 5th between December and February, showcasing a significant increase in sales and market share. Tweed remained relatively stable but did not exhibit the same growth as some of its competitors. The data suggests that while Ovis has faced challenges, there is potential for recovery, as evidenced by its March improvement. However, the competitive dynamics within the Alberta capsule market indicate that maintaining and improving rank will require strategic focus, especially given the aggressive positioning and sales growth of competitors like Indiva and Emprise Canada.
Notable Products
In March 2024, Ovis's top-performing product was the CBD:THC 10:10 Balanced Softgel 15-Pack (150mg CBD, 150mg THC) in the Capsules category, maintaining its number one rank from February with a significant sales figure of 2610. Following closely, the Blue THC Softgel 10-Pack (150mg) secured the second rank, a position it has held consistently since December, despite a drop in sales. The third spot was taken by CBG:CBD:THC 5:5:5 Softgels 15-Pack 75mg CBG, 75mg CBD, 75mg THC, showing an impressive jump from the fifth position in February to the third in March. The CBD:THC 1:1 Balanced Full Spectrum Softgels 30-Pack (150mg CBD, 150mg THC) remained steady in the fourth rank across the last three months. Lastly, the CBN Goftgels 10-Pack (200mg CBN) rounded out the top five, maintaining its position from the previous month.
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