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Jun-2024
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Overview
Market Insights Snapshot
Palmetto's performance across various categories and provinces has shown significant variability in recent months. In Alberta, the brand has made notable strides in the Beverage category, climbing from not being in the top 30 to securing the 8th position by June 2024. This upward trend is a positive indicator of the brand's growing popularity in this segment. Conversely, Palmetto's rankings in the Flower category have seen a decline, dropping from 25th in March to 37th in June, indicating potential challenges in maintaining market share. The Pre-Roll category also reflects a downward trend, with the brand falling out of the top 30 by June 2024, which could be a cause for concern.
In British Columbia, Palmetto has experienced mixed results. The Flower category saw a drop from 9th place in March to 19th in June, suggesting a need for strategic adjustments to regain higher rankings. However, the Pre-Roll category shows a similar downward movement, falling from 22nd to 35th place over the same period. In Ontario, Palmetto's performance in the Beverage category is noteworthy, entering the top 30 at the 26th position in June, indicating potential growth opportunities. On the other hand, their Vapor Pens category performance has been inconsistent, with rankings fluctuating and ultimately dropping out of the top 30 in June 2024. These trends highlight the brand's varying success across different markets and categories, suggesting areas for both celebration and improvement.
Competitive Landscape
In the competitive landscape of the Flower category in British Columbia, Palmetto has experienced notable fluctuations in its rank and sales over recent months. In March 2024, Palmetto held a strong position at rank 9 but saw a significant drop to rank 18 in April, maintaining this position through May and slipping further to rank 19 in June. This decline in rank is contrasted by competitors such as Weed Me, which, despite not being in the top 20 in May, managed to improve its rank to 21 in June, and Jonny Chronic, which showed a consistent upward trend from rank 22 in March to rank 17 by June. Additionally, Shred and BC Smalls have also shown varying degrees of rank stability and improvement. These dynamics suggest that while Palmetto's sales have seen some recovery in June, the brand faces stiff competition and must strategize effectively to regain and maintain a higher rank in this competitive market.
Notable Products
In June 2024, Palmetto's top-performing product was Orange Vanilla Cream Soda (10mg THC, 355ml) in the Beverage category, maintaining its number one ranking from May and achieving impressive sales of 10,628 units. The Strawberry Cough Pre-Roll 10-Pack (4g) held steady at the second position, albeit with a slight dip in sales figures. Blue Cheese (3.5g) in the Flower category climbed to third place, showing a recovery from its fourth-place ranking in the previous two months. Strawberry Cough (3.5g) emerged in the fourth spot after being absent from the rankings in May. The PALS - Blue Cheese Pre-Roll 10-Pack (4g) saw a drop to fifth place from its third-place position in May, indicating a shift in consumer preferences.
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