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Wednesday, Jun 12, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Nova Scotia cannabis sales rise to $24.7M

Local cannabis accounts for 19.7% of all sales

Inside Nova Scotia cannabis store
Image via NSLC

With more pot shops opening their doors and more local products on the shelves, Nova Scotia’s weed sales are on the rise.

On Tuesday, the Nova Scotia Liquor Corporation (NSLC) released its first fiscal quarter results for the period of April 1–July 4.

Compared to the same time last year, cannabis and liquor sales were up 15 per cent overall to $211.8 million, and net earnings reached $71.7 million, up 11.9 per cent.

Q1 cannabis sales went up 42.7 per cent to $24.7 million since last year.

NSLC Q1 chart comparing 2021 and 2022 fiscal years

Overall weed and liquor sales were up 15 per cent to $211.8 million compared to last year. Chart via NSLC

NSLC points out that stores had been closed on Sundays last year and there were pandemic restrictions in place, so overall sales increases can be attributed to 12 extra selling days, increased store hours, and 19 new cannabis stores overall, seven of which opened this quarter.

Read more: Canada’s weed sales reach $318M record in June

“The NSLC team has done a tremendous job working hard to responsibly serve our customers, expand the cannabis network, support community-based initiatives and focus on major projects to improve our service offering this quarter,” CEO Greg Hughes said in a statement.

Nova Scotia’s recent year-end results include the Q4 reporting period, but that data is mixed in with the annual totals. However, the province’s Q3 findings for the period of Sept. 28–Dec. 27, 2020 are available.

Relative to that quarter, weed sales have risen 11.3 per cent from $22.2 million.

Growing support for local cannabis 

Across the board, NSLC says local product sales increased “as customers continue to support innovative products offered by our local industry partners.”

Local weed sales shot up 85.2 per cent to $4.9 million since last year, with Nova Scotia cannabis accounting for 19.7 per cent of all sales.

“We carry products from more local producers than we did this time last year, and two local producers now offer the popular 28-gram packages,” NSLC notes.

Compared to Q3, local weed sales have gone up 8.9 per cent from $4.5 million.

On an annual basis, overall sales of local liquor and weed were up 34.5 per cent to $26.3 million.

Infographic breaking down Nova Scotia Liquor Corp. sales

Net earnings for liquor and cannabis reached $71.7 million. Graphic via NSLC

Retail transactions for weed were up 74.4 per cent while the average dollar value of each transaction decreased by 18.2 per cent to $40.84.

The average price per gram dropped 16 per cent to $6.49, which NSLC says makes their prices more competitive with the illicit market. The decrease is a result of customers buying 28-gram pack sizes and large pre-roll packs with a lower price per gram, as well as price reductions.

In Q3, the average price per gram was 14.4 per cent more at $7.58.

Read more: Sales climb 8% for Cannabis NL

Read more: Cannabis NB reports little sales growth but still turning profit

NSLC also donated $461,808 to help not-for-profit organization IWK Foundation for the second-largest workplace fundraising campaign in Atlantic Canada.


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