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Tuesday, Dec 7, 2021
Mugglehead Magazine
Cannabis & psychedelics industry news based in Vancouver, B.C.
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Business

Cannabis NB reports little sales growth but still turning profit

After a rough start, the provincial store is staying in the green

Cannabis NB reports little sales growth but still turning profit
Photo via Cannabis NB

New Brunswick’s provincial cannabis store is continuing to make a profit, but sales are only inching up on a quarterly basis.

For the three-month period ended June 27, Cannabis NB reported recreational sales of $19.9 million, up 0.5 per cent from $19.9 in the previous quarter.

Net income rang in at $3.5 million, only slightly above the last quarter, but 160 per cent more than the $1.4 million earned in the period a year ago.

While the Crown retailer got off to a rough start, and the province was starting the process to sell it to a private bidder, the local industry let go a sigh of relief in March when the sale was halted.

Read more: Cannabis NB reports second consecutive profitable quarter

Read more: Local industry relieved as province halts sale of Cannabis NB

In its first five fiscal quarters, the provincial operator posted total losses of $17.3 million. But in 2020, Cannabis NB started reporting steady profits.

The retailer also held its first Cannabis NB Cup competition in July, which was won by Msiku’s ICC, grown by First Nations-owned Nova Scotia producer AtlantiCann.

 

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