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Mar-2024
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Overview
Market Insights Snapshot
In the competitive cannabis market, XMG has shown remarkable performance, particularly in the Beverage category across several states and provinces. Notably, XMG maintained the number 1 rank in the Beverage category in Alberta, British Columbia, and Saskatchewan consistently from December 2023 to March 2024. This dominance is a testament to its strong market presence and consumer preference in these regions. In Ontario, XMG showcased significant growth in the Beverage category, moving from the 2nd position in December 2023 to leading the category by January 2024, a position it held through March 2024. This upward trajectory in Ontario, the largest market, is particularly noteworthy and indicates a solidifying brand loyalty and an expanding consumer base.
However, the brand's performance in the Oil category tells a different story. While XMG managed to secure a spot in the top 30 brands in Alberta and British Columbia, its rankings showed fluctuations, with a noticeable absence in Alberta's rankings after January 2024. This disappearance from the rankings could indicate challenges in maintaining market share or consumer interest in this category. In British Columbia, XMG's ranking in the Oil category saw a slight improvement, maintaining the 17th position from February to March 2024, despite a significant drop in sales. Ontario presented a more concerning picture, with XMG's Oil category ranking slipping from 13th in December 2023 to falling outside the top 30 by March 2024. This decline in Ontario, coupled with the inconsistent performance in Alberta and British Columbia, suggests that while XMG is a powerhouse in the Beverage category, it faces hurdles in capturing a similar level of dominance in the Oil category.
Competitive Landscape
In the competitive landscape of the beverage category in Ontario, XMG has demonstrated a notable performance by securing the top rank from January 2024 through March 2024, after being ranked second in December 2023. This upward movement in rank is indicative of XMG's growing dominance, especially when considering the sales trajectory that shows a rebound in March after a dip in January. Competitors such as Versus and Sweet Justice have also shown fluctuations in their ranks and sales, with Versus consistently trailing behind XMG but managing to secure the second position from February 2024 onwards. Sweet Justice, while maintaining a steady rank, has seen a slight decline in sales over the same period. This competitive analysis highlights XMG's strengthening position in the Ontario beverage market, outpacing its competitors not just in rank but also in sales growth, suggesting a solidifying market presence and consumer preference.
Notable Products
In March 2024, XMG's top-performing product was Cream Soda (10mg THC, 355ml), maintaining its number one spot across previous months with sales reaching 51,662 units. Following closely, Plus - CBG/THC 1:1 Tropical Cream Float Sparkling Drink (10mg CBG, 10mg THC) secured the second rank, showing a consistent rise from its previous third position in February. The third place was claimed by Plus - CBG:THC 1:1 Grape Ape Soda (10mg CBG, 10mg THC 355ml), which experienced a slight shuffle in rankings, moving down from second place in February. Notably, Plus - THC:CBG 1:1 Paradise Treat Sparkling Beverage (10mg CBD, 10mg THC) climbed to the fourth position, indicating a steady increase in its popularity. Lastly, Alt Black Cherry Sparkling Drink (10mg THC, 236ml) rounded out the top five, despite a slight drop in its rank over the months.
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