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Apr-2024
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Overview
Market Insights Snapshot
In Alberta, Virtue Cannabis has shown a consistent presence in the Flower category, maintaining its position within the top 30 brands over the first four months of 2024. Starting the year at rank 23 in January and February, there was a slight dip to rank 28 in March, followed by a small recovery to rank 26 in April. This fluctuation indicates a relatively stable performance in the highly competitive Flower category, though the slight decline in March suggests there may be room for improvement or adjustments in strategy. In the Pre-Roll category within the same province, Virtue Cannabis demonstrated a notable improvement, moving from rank 26 in January to rank 22 by April. This upward trend, especially the significant jump in April, accompanied by an increase in sales from 212,612 in January to 305,711, suggests a growing consumer preference for Virtue Cannabis's Pre-Roll products in Alberta.
Contrastingly, in British Columbia, Virtue Cannabis's performance in the Pre-Roll category tells a different story. The brand was not within the top 30 brands in February, a notable absence that indicates a potential challenge in maintaining market visibility or consumer interest during this period. However, there was a presence at rank 100 in January, followed by improvements to rank 92 in March and 87 in April. Although these rankings are significantly lower than those in Alberta, the upward movement in British Columbia suggests a slow but positive trajectory. The absence in February's top rankings might be seen as a setback, but the subsequent recovery indicates resilience and perhaps a strategic pivot that began to resonate with consumers in British Columbia, albeit at a pace that suggests there is considerable ground to cover to match the brand's performance in Alberta.
Competitive Landscape
In the competitive landscape of the Pre-Roll category in Alberta, Virtue Cannabis has shown a notable upward trajectory in its ranking from January to April 2024, moving from not being in the top 20 to securing the 22nd position by April. This improvement in rank is accompanied by a significant increase in sales, indicating a growing consumer preference for Virtue Cannabis within this market. Its competitors, including Carmel, Tribal, Next Friday, and Versus, have shown varying degrees of performance. Notably, Tribal has improved its rank impressively from 25th to 21st between January and April, coupled with the highest sales increase among the mentioned competitors. On the other hand, Next Friday experienced a decline in both rank and sales over the same period, despite starting stronger. Versus and Carmel have maintained relatively stable positions but with fluctuating sales figures. This dynamic suggests that while Virtue Cannabis is gaining ground, the competition remains stiff, with brands like Tribal and Versus showing strong market presence and resilience.
Notable Products
In April 2024, Virtue Cannabis saw Galactic Glue Blunt (1g) as its top-selling product, with remarkable sales reaching 3435 units, marking its rise from the fourth position in March to the top. The Peachy Pom Bellinii Infused Pre-Roll 5-Pack (2.5g) followed closely, securing the second rank with sales figures indicating strong consumer interest. Liger Blood Infused Pre-Roll 5-Pack (2.5g) maintained a consistent performance, landing in the third spot, a slight improvement from its previous month's position. Liger Blood Infused Blunt (1g) also showed resilience, ranking fourth despite a slight dip in sales from March. Notably, Watermelon Mjto Ice Infused Pre-Roll 5-Pack (2.5g), which was the leader in March, experienced a significant drop to the fifth position in April, showcasing the dynamic consumer preferences within Virtue Cannabis's product lineup.
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