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Top LP Sales Trends
Among the top five LPs, Village Farms International (NASDAQ:VFF), Organigram Holdings (NASDAQ:OGI), and Cronos Group (NASDAQ:CRON) saw double-digit sales growth from January to May 2024, while Decibel Cannabis Company (OTC:DBCCF) and Tilray Brands (NASDAQ:TLRY) experienced declines.
Specifically, Tilray's sales fell 17% YoY during the March-May period, whereas Village Farms grew by 41%, OGI by 24%, and Cronos by 34%. Village Farms now holds an 8.6% market share, up from 6.8% in the fourth quarter of 2023.
Leading Players By Segment
Village Farms International has significantly increased its share in the flower category, from 10% in the first quarter of 2022 to 16% in the first quarter of 2024. Decibel Cannabis Company leads the pre-roll segment with a 14% market share, up from 5% two years ago.
On a proforma basis (including HEXO and Redecan), the biggest segment share loser in pre-rolls has been Tilray, with its share down to 11% in 1Q24 from approximately 24% in 1Q22. Canopy also dropped by 6 points over the same period.