NEWS BRIEF

Cannabis NB posts CA$3.3M quarterly profit as privatization review continues

Cannabis NB, the government-owned marijuana retail monopoly in the Atlantic Canadian province of New Brunswick, posted a third consecutive positive quarter, this time with a profit of 3.3 million Canadian dollars ($2.5 million).

Meanwhile, a delayed government review to determine whether to sell off Cannabis NB to the private sector has resumed after New Brunswick’s Progressive Conservative party won a majority in a September provincial election.

“We will continue to objectively compare Cannabis NB’s latest projected figures with the offers we have on the table from the private sector,” New Brunswick Finance Treasury Board communications director Jennifer Vienneau wrote in an emailed statement.

New Brunswick has received eight proposals to privatize cannabis retail in the province, which has a population of 780,000.

Cannabis NB sold CA$20.1 million worth of marijuana during the quarter ended Sept. 27, an increase of about 23% over the previous quarter.

“We said we would fix our business, and we have,” Cannabis NB President and CEO Patrick Parent said in a news release.

“Our year-to-date results are showing that we now have a very profitable and sustainable business.”

The vast majority of Cannabis NB’s quarterly sales were through its 20 brick-and-mortar locations.

Only 1.7% of quarterly sales were made through the retailer’s website.

Latest Headlines

Leave a Reply

Your email address will not be published. Required fields are marked *