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Mar-2024
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Overview
Market Insights Snapshot
In the competitive cannabis market, Versus has shown notable performance across various categories and states, with a consistent presence in the top rankings. For instance, in Alberta, Versus has maintained a strong position in the Beverage category, consistently ranking 3rd from December 2023 to March 2024, indicating a stable consumer preference. Similarly, in the Flower category, they have shown significant improvement, moving from 13th in December 2023 to 7th by March 2024, highlighting an upward trend in consumer demand. However, their performance in the Edibles category suggests room for growth, as their rankings hovered in the mid-40s during the same period, indicating a struggle to capture a top spot in this category within Alberta.
Looking at other provinces, Versus has demonstrated impressive growth in Ontario, particularly in the Beverage category, where they climbed from 3rd to 2nd place from December 2023 to March 2024. This movement is backed by an increase in sales, from 401,721 in December 2023 to 430,334 in March 2024, showcasing a growing consumer base. In contrast, the brand's performance in the Edible category in Ontario reflects a significant challenge, with rankings slipping into the 60s by March 2024, which could be seen as an area needing strategic focus. Versus's presence in the Vapor Pens category across different states, including a notable improvement in Saskatchewan from 65th to 22nd place, suggests a diverse market strategy. However, the absence from the top 30 in certain categories and months, such as Concentrates in Saskatchewan by February 2024, highlights opportunities for growth and expansion.
Competitive Landscape
In the competitive landscape of the cannabis flower category in Ontario, Versus has shown a fluctuating performance in terms of rank and sales from December 2023 to March 2024. Starting at the 12th position in December, Versus slightly improved to 11th in January, before dropping to 13th in February and then slightly recovering to 12th in March. This indicates a struggle to maintain a consistent upward trajectory in a competitive market. Notably, Tweed and Back Forty / Back 40 Cannabis have shown more stability in their rankings, with Tweed experiencing a slight decline from 8th to 13th over the same period, and Back Forty maintaining a more stable presence around the 9th to 10th positions. MTL Cannabis and Big Bag O' Buds have had varied performances, with MTL Cannabis seeing a significant drop from 6th to 14th, and Big Bag O' Buds climbing from 16th to 11th, indicating a dynamic and shifting competitive environment. Versus's performance, amidst these fluctuations, suggests challenges in capturing greater market share and improving its rank consistently, highlighting the need for strategic adjustments to enhance its competitive stance.
Notable Products
In Mar-2024, Versus saw its CBD/THC 1:1 Neon Rush Carbonated Soda (10mg CBD, 10mg THC, 355ml) maintain its position as the top-selling product with a notable sales figure of 47,276 units. Following closely was the Black Cherry Rapid Seltzer (10mg THC, 355ml), which also held its second position consistently over the past months. The Key Lime Rapid Seltzer (10mg THC, 355ml) remained in third place, indicating a stable preference among consumers for these top beverages. The Neon Rush Cali Blast Soda (10mg) made a comeback in the rankings, securing the fourth position after being unranked in January 2024. Lastly, the Blueberry Pomegranate Rapid Seltzer (10mg THC, 350ml) entered the top five in Mar-2024, highlighting a shift in consumer preferences towards new flavors within the beverage category.
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