New Brunswick’s government-owned marijuana retailer, Cannabis NB, posted its second consecutive profitable quarter, reporting a gain of 1.4 million Canadian dollars ($1 million) for the period ended June 28.
Cannabis NB is the only legal cannabis retailer in the province, which has a population of roughly 780,000.
Total sales for the quarter were CA$16.3 million, an increase of 16% over the previous quarter.
In a statement, Cannabis NB president and CEO Patrick Parent attributed the improved quarterly results to “aggressive cost-cutting measures (and) renegotiating prices with our suppliers which were passed on to our customers as well the addition of weekly promotions.”
Nearly 97% of sales took place in Cannabis NB’s 20 retail stores rather than online.
New Brunswick Premier Blaine Higgs said on Wednesday that the province is still examining those proposals.
“Having a return that is positive right now will be reflected in the value of Cannabis NB, but the process will continue,” Higgs said, according to the Canadian Broadcasting Corp.