Profits up at NSLC
Nova Scotians bought less alcohol but the NSLC made more money over the course of the corporation’s most recent fiscal year.
Nova Scotians bought less alcohol but the NSLC made more money over the course of the corporation’s most recent fiscal year.
Jennie Dobbs and her partner Simon Rafuse combined their talents to create Drink Sprizzi Limonata: a low-sugar vodka spritzer that comes in a colourful can.
Nova Scotians bought slightly more alcohol over the last three months compared to the same period last year. However, higher booze prices meant the Nova Scotia Liquor Corporation brought in more profit.
Cannabis sales have consistently grown faster than alcohol sales at the Crown corporation.
Sales at the Nova Scotia Liquor Corporation were up slightly last quarter as Nova Scotians spent more on both pot and booze.
The corporation’s overall earnings were down more than two percent thanks to higher sales in low-margin categories like cannabis and local products.
The Nova Scotia Liquor Corporation revealed its spring price adjustments will boost the cost of alcohol by 3.5 percent, while cannabis prices will drop 2.75 percent.
The fee waiver comes at a time when governments, businesses and organizations worldwide are punishing Russia economically for its invasion, while also looking for ways to support Ukraine.
The move comes as leaders around the world levy economic sanctions against Russia for their unprovoked invasion of Ukraine.
Cannabis sales were partly responsible for a reduction in NSLC’s profit because pot carries a lower markup than other products. It also comes with increased freight and payroll costs.