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Mar-2024
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Overview
Market Insights Snapshot
In the competitive landscape of cannabis brands, Tweed has shown a notable performance across various categories and states/provinces, with its presence being particularly strong in Alberta, British Columbia, Ontario, and Saskatchewan. In Alberta, Tweed has maintained a steady ranking in the Beverage and Capsules categories, showing resilience and consistent consumer interest. However, there's a concerning trend in the Vapor Pens category, where Tweed's ranking slipped from 25th in December 2023 to 34th in March 2024, indicating a potential area for strategic reassessment. On a brighter note, the brand's Oil products have seen an improvement, moving from the 5th position in January to the 4th in March 2024, which is a positive signal for its oil offerings in the market.
Shifting focus to Ontario, Tweed has demonstrated impressive dominance in the Capsules category, consistently securing the 2nd rank from December 2023 to March 2024. This is a strong indicator of the brand's solid market positioning and consumer trust in this category. However, the brand faces challenges in the Edibles and Vapor Pens categories, where it was not able to secure a spot in the top 30 brands for the months data was available, suggesting a need for strategic interventions to improve its market share in these segments. Despite these challenges, Tweed's Flower category in Ontario shows a slight decline in ranking, moving from 8th in January to 13th in March 2024, yet the sales in December 2023 were a substantial 1,805,916, indicating a strong start to the fiscal quarter despite the downward trend in rankings. This mixed performance across categories and provinces/states suggests that while Tweed has areas of strength, particularly in Capsules and Oils, there are also clear opportunities for growth and improvement in others like Vapor Pens and Edibles.
Competitive Landscape
In the competitive landscape of the Flower category in Ontario, Tweed has experienced fluctuations in its ranking over the recent months, moving from 10th in December 2023 to 8th in January 2024, then dropping to 12th in February and 13th in March 2024. This trend indicates a challenging environment for Tweed, especially when compared to its competitors. Notably, Big Bag O' Buds showed a remarkable improvement, climbing from 16th to 11th place within the same period, surpassing Tweed in March. Conversely, MTL Cannabis, despite a strong start, saw a decline from 6th to 14th, closely following Tweed's March rank. Versus also experienced a slight decline but remained competitive, moving from 12th to 12th place, just ahead of Tweed in March. Wagners, initially not in the top 20, made significant gains to reach 15th by March, showcasing the dynamic nature of the market. These movements highlight the intense competition within the Ontario Flower market, with Tweed facing both challenges and opportunities as rankings and sales fluctuate among the leading brands.
Notable Products
In March 2024, Tweed's top-performing product was Quickies - Kush Mints Pre-Roll 10-Pack (3.5g) in the Pre-Roll category, maintaining its number one rank from previous months with sales figures reaching 18,136. Quickies - Chemsicle Pre-Roll 10-Pack (3.5g) saw a significant improvement, climbing to the second position in March after not being ranked in February. The third spot was taken by Quickies - Tiger Cake Pre-Roll 10-Pack (3.5g), which moved up from the fourth position in February, showcasing the popularity of the Pre-Roll category. Fizz - Mango Sparkling Water (5mg THC, 355ml) in the Beverage category secured the fourth rank, indicating a stable demand for cannabis-infused beverages. Lastly, Penelope Softgels 15-Pack (105mg CBD, 150mg THC) in the Capsules category rounded out the top five, demonstrating a consistent consumer interest in cannabis-based capsules.
Top Selling Cannabis Brands
