Market Insights Snapshot
In Alberta, Spherex's Vapor Pens category had a fluctuating performance, ranking 83rd in August, 94th in September, and 86th in October. The brand was not in the top 20 in November, indicating a potential decline in the market. A similar pattern was observed in British Columbia, where the brand's ranking dropped from 56th in August to 60th in September, and was not in the top 20 in October, but managed to secure the 72nd spot in November. In contrast, Spherex's performance in the Vapor Pens category in Saskatchewan was more consistent, maintaining a position within the top 30 from August to November.
On the other hand, Spherex's performance in Colorado was outstanding, particularly in the Vapor Pens category, where it held the top spot from August to October, and ranked 2nd in November. This strong performance is indicative of Spherex's strong market presence and popularity in Colorado. In the Concentrates category, Spherex also performed well in Colorado, maintaining a position within the top 30 from August to November, and even improving its ranking from 28th in August to 22nd in November. However, Spherex's Vapor Pens category in Ontario did not fare as well, with the brand ranking 93rd in August and not appearing in the top 20 in the following months.
In the Vapor Pens category in Colorado, Spherex has maintained a strong position, consistently ranking as the top brand for three consecutive months (August, September, October 2023) before slipping to second place in November 2023. This shift in rank was due to the rise of Bonanza Cannabis Company, which climbed from third to first place over the same period. Meanwhile, The Clear and Eureka have been fluctuating in their rankings, with The Clear moving between third and fifth place, and Eureka dropping from second to fourth. Despite these shifts, Spherex has consistently outperformed these competitors in sales, indicating a strong market presence and consumer preference for the brand. However, the upward trend of Bonanza Cannabis Company suggests a growing competition in the Vapor Pens category.
In November 2023, Spherex's top-performing product was the 'X - Blueberry Cake Distillate Cartridge (1g)' in the Vapor Pens category, with sales reaching 9175 units. Following closely was the 'Tangie Haze Distillate Cartridge (1g)', which had previously held the top spot for two consecutive months before falling to second place. The 'X- Papaya Dream Distillate Cartridge (1g)' climbed from an unranked position in October to third place in November. The 'X- Cherry Kush Distillate Cartridge (1g)' maintained its position at fourth, while the 'X - Tropical Runtz Distillate Cartridge (1g)', which had led in October, dropped to fifth place. The rankings exhibit a dynamic market with shifts in consumer preference.