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Jun-2024
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Overview
Market Insights Snapshot
Terra Labs has shown mixed performance across various categories and provinces. In British Columbia, the brand experienced fluctuations in its rankings for Concentrates, dropping out of the top 30 by June 2024 after initially holding ranks within the top 30 in the preceding months. This decline could indicate a need for strategic adjustments. Meanwhile, their performance in the Pre-Roll category has been relatively stable, maintaining a position in the top 50 throughout the observed months. However, the slight decline in sales from May to June suggests that there may be increased competition or market saturation. Vapor Pens also saw a downward trend, with a notable drop from a rank of 30 in May to 34 in June, accompanied by a decrease in sales.
In Ontario, Terra Labs faced challenges in maintaining a strong presence in the Concentrates category, consistently ranking outside the top 30. Their Pre-Roll category performance was similarly underwhelming, failing to break into the top 70. However, there was a slight improvement in Vapor Pens, where Terra Labs entered the rankings at 65 in May, though it slipped to 74 by June. In Saskatchewan, the brand's performance was more sporadic, with a notable presence in Concentrates in March but no subsequent rankings. The Pre-Roll category saw a significant drop from rank 29 in April to 58 in June, indicating potential volatility or market shifts. Vapor Pens also saw a brief appearance in March but did not maintain a ranking in subsequent months.
Competitive Landscape
In the competitive landscape of the Pre-Roll category in British Columbia, Terra Labs has experienced notable fluctuations in its rank and sales over recent months. Despite a promising rise to rank 34 in April 2024, Terra Labs saw a decline to rank 42 by June 2024. This downward trend in ranking is mirrored by a decrease in sales from $167,104 in April to $144,362 in June. In contrast, Tasty's (CAN) has shown significant improvement, climbing from rank 79 in April to rank 40 in June, with sales increasing from $51,106 to $152,555. Meanwhile, 3Saints has also demonstrated upward momentum, moving from rank 74 in April to rank 44 in June, with sales rising from $55,452 to $132,583. These shifts indicate a competitive and dynamic market where Terra Labs must strategize effectively to regain its standing and boost sales amidst the rising success of its competitors.
Notable Products
In June 2024, Terra Labs' top-performing product was Lemon Heads Infused Pre-Roll 3-Pack (1.5g), maintaining its first-place rank for four consecutive months with sales of $3,302. Sticky Papaya Infused Pre-Roll 3-Pack (1.5g) held steady in second place, showing a slight sales increase from May. Blueberry Avalanche Infused Pre-Roll 2-Pack (1.5g) remained in third place, consistent with its rank since April. Blueberry Avalanche Infused Pre-Roll (1g) improved to fourth place from fifth in May. Raspberry Storm Infused Pre-Roll 3-Pack (1.5g) entered the top five for the first time, indicating a positive shift in consumer preference.
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