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Apr-2024
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Overview
Market Insights Snapshot
In the competitive cannabis market of Alberta, Verse has experienced a fluctuating performance within the Flower category over the recent months. Starting at a rank of 51 in January 2024, Verse showed a promising upward trend in February, moving up to the 37th position, which suggests an increase in consumer preference or effective marketing strategies. However, this positive trend did not continue, as the brand witnessed a decline to the 46th rank in March, followed by a significant drop to the 75th position in April 2024. This drastic fall in ranking indicates a substantial decrease in sales from 123,424 in March to 48,580 in April, highlighting potential challenges in maintaining consumer interest or facing stiff competition within the Alberta market.
Conversely, in the populous market of Ontario, Verse's performance in the Flower category tells a different story of consistency despite starting from a lower base. The brand began at a rank of 76 in January 2024, with a slight downturn to 85 in February, suggesting initial struggles. Remarkably, Verse managed to regain some ground, improving to the 74th position in March and further to 71 in April. This gradual improvement in ranking, despite being in the lower spectrum, shows Verse's resilience and potential to grow in Ontario's competitive landscape. However, the brand's consistent position outside the top 30 highlights a significant gap to bridge in order to capture a more substantial market share or achieve top-tier brand status in Ontario.
Competitive Landscape
In the competitive landscape of the Flower category in Ontario, Verse has experienced fluctuations in its ranking over the recent months, indicating a dynamic market position. Starting from a rank of 76 in January 2024, Verse saw a slight decline to 85 in February, before improving its standing to 74 in March, and finally settling at rank 71 in April. This trajectory suggests a recovery and potential growth in market share, despite facing stiff competition from brands like RIFF, which saw a significant improvement, moving from rank 90 in January to 72 in April. Similarly, Simply Bare and Seeker have shown notable performance improvements, with Simply Bare moving from rank 81 to 68 and Seeker from 72 to 65 in the same period. On the other hand, Kolab experienced a decline, dropping from rank 62 in January to 74 in April. These movements highlight the competitive dynamics Verse is navigating, with its slight rank improvement suggesting a positive direction amidst a challenging environment.
Notable Products
In April 2024, Verse's top-performing product was BC God Bud (28g) from the Flower category, maintaining its number one rank from previous months with sales of 2135 units. Following closely, Peach Dream 510 Thread Distillate Cartridge (1g) in the Vapor Pens category secured the second spot, consistently holding its position with notable sales figures. The third rank was claimed by CBD Drops (20ml) in the Oil category, which also remained unchanged in its ranking over the past months. Killer Kush Live Resin Badder (1g) and Okanagan Sugar Live Resin Badder (1g), both from the Concentrates category, showed a notable change in their rankings, moving up to the fourth position, a significant improvement for Killer Kush from its previous fifth rank in February. These rankings highlight Verse's stable market preference in certain categories while indicating a dynamic shift in the concentrates segment.
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