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Mar-2024
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Overview
Market Insights Snapshot
In Alberta, Shred has demonstrated consistency across several cannabis categories, with notable performances in the Pre-Roll and Edible sectors. Specifically, in the Pre-Roll category, Shred has maintained a top 5 position, fluctuating slightly but showing strong market presence by moving from the 4th position in December 2023 to 3rd in March 2024. This is indicative of a solid consumer base and effective market strategies. Conversely, in the Vapor Pens category, Shred has shown remarkable improvement, moving from the 87th position in December 2023 to 67th by March 2024. Although starting from a lower ranking, this upward trend suggests a growing acceptance and possibly innovative product offerings in this segment. However, a decline in the rankings within the Flower category from 12th to 15th place over the same period suggests challenges in maintaining market share against competitors.
Meanwhile, in Ontario, Shred's performance in the Flower and Edible categories has been particularly strong, consistently holding the 2nd and 3rd spots respectively from December 2023 to March 2024. This stability at the top of these competitive categories underscores the brand's strong market positioning and consumer loyalty in Ontario's cannabis market. On the other hand, the Vapor Pens category shows a downward trend, with Shred falling from the 36th to the 60th position over the same period, highlighting potential areas for growth and improvement. It's worth noting that in the highly competitive Pre-Roll category, Shred has experienced a slight setback, moving from the 5th position in December 2023 to 6th in March 2024, pointing to a highly competitive landscape where even strong brands need to continuously innovate to maintain or improve their standings.
Competitive Landscape
In the competitive landscape of the Flower category in Ontario, Shred has consistently maintained its position as the second-ranked brand from December 2023 through March 2024, showcasing a strong presence in the market. Despite its solid ranking, Shred has seen a slight decline in sales over these months, indicating a challenging environment even for well-established brands. Its main competitor, Spinach, has held the top rank with a noticeable gap in sales, suggesting Spinach's dominant market share. Meanwhile, Pure Sunfarms and The Original Fraser Valley Weed Co. have been vying for positions just below Shred, with The Original Fraser Valley Weed Co. showing a notable upward sales trend, moving from fifth to third place. This shift indicates a potential threat to Shred's market position, as competitors are not only fighting for rank but also closing in on sales, highlighting the importance of innovation and marketing strategies to maintain or improve market standing.
Notable Products
In Mar-2024, Shred's top-performing product was Shred'ems - CBD/THC 4:1 Wild Berry Blaze Gummy 4-Pack (40mg CBD, 10mg THC) in the Edible category, maintaining its number one rank from previous months with sales reaching 52,314 units. Following closely, Shred'em Pop! - Crazy Cream Soda Gummies 4-Pack (10mg) climbed to the second rank with its position improving from the third rank in Feb-2024. The third spot was secured by Shred'ems - CBD/THC 2:1 Sour Blue Razzberry Gummies 4-Pack (20mg CBD,10mg THC), which consistently held the second rank before dropping to third in Mar-2024. Shred X - Gnarberry Heavies Infused Pre-Roll 3-Pack (1.5g) in the Pre-Roll category rose to the fourth rank, showing a steady climb from not being ranked in Dec-2023 to fourth in Mar-2024. Lastly, Shred'ems - Sour Megamelon Gummies 2-Pack (10mg) held the fifth position, maintaining its rank from the previous month.
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