The average price per gram of adult-use cannabis in Nova Scotia plunged 28% in the fiscal year ended March 31, making regulated marijuana in the Maritime province more competitive with the illicit market, according to the crown corporation in charge of cannabis and alcohol sales.
The Nova Scotia Liquor Corp. (NSLC) reported in its year-end financial performance that lower prices helped drive sales, which grew 21.1% over the previous fiscal year, to 86 million Canadian dollars ($70.7 million).
The NSLC said customers purchased more 28-gram package sizes, which carry a lower price per gram, and that contributed to a 25% increase in the average dollar value of each transaction.
The NSLC spent CA$2.4 million expanding the number of cannabis locations by 12 last year.
“We made great strides developing our cannabis assortment and added 12 new cannabis stores to our network to offer Nova Scotians an expanded safe supply of cannabis,” according to the NSLC news release.
The provincial monopoly did not say in the year-end financial performance whether it made a profit selling cannabis.
Net income, including beverage alcohol sales, totaled CA$274.5 million, 11% higher than the previous year.
Across Canada, prices of recreational cannabis products have declined about 17% since January 2019, per Statistics Canada’s Consumer Price Index.
Prices of medical cannabis fell about 18%.