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Dec-2024
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Overview
Market Insights Snapshot
In the Canadian market, Pennies has shown varied performance across different provinces and categories. In Alberta, Pennies made a notable appearance in the Capsules category with a ranking of 13 in September 2024, but subsequently fell out of the top 30 in the following months. This drop indicates a potential area for concern as the brand could be losing traction in that market segment. Meanwhile, in British Columbia, Pennies entered the top 30 in November 2024 and maintained its position, ranking 10th and then 11th in December 2024. This upward trend in British Columbia suggests growing consumer interest and possibly effective marketing strategies or product offerings that resonate well with local consumers.
The performance of Pennies in Ontario is particularly noteworthy. The brand consistently improved its ranking in the Capsules category, moving from 14th place in September and October 2024 to 13th in November, and finally reaching the top 10 by December 2024. This consistent upward movement suggests a strong market presence and increasing consumer preference in Ontario. The sales figures for December 2024 in Ontario also reflect this positive trend, indicating a significant increase compared to previous months. This performance in Ontario could potentially serve as a model for Pennies to replicate in other provinces where their presence is currently weaker.
Competitive Landscape
In the Ontario capsules market, Pennies has demonstrated a notable upward trajectory in its brand ranking over the last few months, moving from 14th place in September and October 2024 to 10th place by December 2024. This improvement is indicative of a positive trend in sales performance, as Pennies' sales figures have shown consistent growth, particularly between November and December. In contrast, Simply Bare entered the top 20 only in November, debuting at 10th and then slipping to 11th in December, suggesting a struggle to maintain its position. Meanwhile, Stigma Grow has maintained a strong presence, climbing steadily from 10th to 8th place, reflecting robust sales growth. C Minor experienced a decline, dropping from 9th to 12th, which may indicate challenges in sustaining its market share. Lastly, Decimal has shown resilience, improving its rank from 12th to 9th, suggesting effective strategies in capturing consumer interest. These dynamics highlight Pennies' competitive positioning and potential for further growth in the Ontario capsules category.
Notable Products
In December 2024, the top-performing product for Pennies was THC Softgels 5-Pack (50mg) in the Capsules category, maintaining its number one rank for four consecutive months. It achieved a notable sales figure of 5,191 units, slightly down from November's peak. THC Plus Softgels 20-Pack (200mg) also held steady in the second position throughout the same period, indicating consistent demand. The rankings for these top products have remained unchanged since September 2024, highlighting their strong market presence and customer loyalty. Overall, Pennies' softgel products continue to dominate the Capsules category, showing stability in both sales figures and rankings.
Top Selling Cannabis Brands
Data for this report comes from real-time sales reporting by participating cannabis retailers via their point-of-sale systems, which are linked up with Headset’s business intelligence software. Headset’s data is very reliable, as it comes digitally direct from our partner retailers. However, the potential does exist for misreporting in the instance of duplicates, incorrectly classified products, inaccurate entry of products into point-of-sale systems, or even simple human error at the point of purchase. Thus, there is a slight margin of error to consider. Brands listed on this page are ranked in the top twenty within the market and product category by total retail sales volume.
