Profits Up, Sales Volume Down At NSLC
HALIFAX – Sales at the Nova Scotia Liquor Corporation were up slightly last quarter as Nova Scotians spent more on both pot and booze.
According to its latest financial breakdown, the NSLC sold more than $219 million worth of products between April 1 and July 3. A little more than $27 million of that came from cannabis sales, while about $192 million was thanks to alcohol sales.
The jump in sales happened thanks to a few extra selling days in the quarter and the five new cannabis stores the NSLC opened over the last three months.
Those sales put the Crown corporation’s profits at $72 million for the quarter, which was an ever-so-slight increase compared to the same period last year.
Although the NSLC made a little more money last quarter compared to the year before, the volume of products it sold dropped by just over two percent.
In March, just before the start of the quarter, the corporation raised alcohol prices by 3.5 percent.
Local Products Selling Well
Meanwhile, the NSLC says its customers are increasingly thirsty for local products.
Sales of local products increased 18 percent overall, to $31.1 million, with Nova Scotia wine leading the growth in local beverage alcohol at 24.0%.
The NSLC says local cannabis is also “extremely popular” with consumers, especially as the corporation adds more local brands to its shelves.
Local cannabis sold better this past quarter than it ever had, accounting for more than 28 percent of total cannabis sales. That’s a 60 percent jump from the same period last year.
That sales jump was helped along this quarter by five new retail cannabis locations in Guysborough, Meteghan, New Germany, Springhill, and Spryfield.
The NSLC also carried products from five more local producers this quarter than it did during the same period last year. In total, the corporation stocks products from 16 local suppliers.
The corporation’s top three selling pre-rolls overall are produced locally and eight of its top ten dried flower products are also local.
It also continues to lower its cannabis prices as it tries to further erode the illicit market. The average price per gram last quarter was $6.15.
Editor’s note: This story was last updated on August 24, at 9:55 a.m.