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Jun-2024
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Overview
Market Insights Snapshot
Pennies has shown a consistent performance in the Capsules category across various states and provinces, with notable placements in Alberta, British Columbia, and Ontario. In Alberta, Pennies has maintained a steady rank of 10th place from April through June 2024, reflecting a stable market presence despite a slight dip in sales from $24,126 in April to $20,987 in June. In British Columbia, Pennies entered the top 30 in April and has held the 10th position through May and June, indicating a positive reception in this market. However, the brand did not rank in the top 30 in March, suggesting a significant improvement in market penetration over the subsequent months.
In Ontario, Pennies has been relatively stable, though it experienced a slight decline from 12th place in March to 13th place in June 2024. This drop in ranking is accompanied by a decrease in sales from $19,289 in March to $16,774 in June, which may indicate increased competition or changing consumer preferences. The absence of Pennies from the top 30 brands in British Columbia in March contrasts with its consistent 10th place ranking from April onwards, highlighting a notable upward trend in this province. Overall, while Pennies has maintained a solid presence in Alberta and British Columbia, its performance in Ontario suggests room for improvement to regain a higher ranking and boost sales.
Competitive Landscape
In the Alberta capsules category, Pennies has shown a consistent performance, maintaining its rank at 10th place from April to June 2024. Despite this stability, Pennies faces significant competition from brands like Indiva, which consistently held a top 3 position before dropping to 7th in June, and Emprise Canada, which fluctuated but remained within the top 10. The notable drop of Indiva in June could present an opportunity for Pennies to climb higher if it can capitalize on this shift. Meanwhile, Daily Special and Solei have shown weaker performance, with Solei only breaking into the top 20 in June. These dynamics suggest that while Pennies has maintained its position, there is potential for upward movement if it can leverage the declining ranks of some competitors.
Notable Products
For Pennies in Jun-2024, the top-performing product was THC Softgels 5-Pack (50mg) in the Capsules category, maintaining its number one rank for the fourth consecutive month with notable sales of 6635 units. The second-best performer was THC Plus Softgels 20-Pack (200mg), also in the Capsules category, which has consistently held the second rank since Mar-2024. Despite a slight decrease in sales figures for both products compared to previous months, their rankings remained unchanged. THC Softgels 5-Pack (50mg) saw a drop from 7324 units in May-2024, while THC Plus Softgels 20-Pack (200mg) decreased from 251 units in May-2024 to 159 units in Jun-2024. This stability in rankings indicates strong and steady consumer preference for these products.
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