NEWS BRIEF

New Brunswick retailer Cannabis NB posts second profitable quarter

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.

In 2019, New Brunswick’s government announced its plan to sell the retail chain to the private sector and attracted proposals from a number of interested parties.

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.

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