Cannabis NB’s Debt
SAINT JOHN — Cannabis NB is now completely debt-free.
The Crown corporation was financed by NB Liquor with startup costs and operating losses amounting to about $36 million.
CEO Lori Stickles told a legislative committee this week that the last debt payment was made earlier this year.
“I’m proud to say we did fully repay that amount of money in February of 2022. So Cannabis NB is 100 percent fully contributing all of its profits now back to the province. It’s debt-free.”
Cannabis NB struggled financially after opening in October 2018 when recreational cannabis was legalized in Canada.
But by the end of 2019, Cannabis NB had turned a profit and the Higgs government later cancelled plans to privatize the operation.
Cannabis NB is currently in the process of expanding its store network.
In addition to more than 20 retail stores, a few pop-up shops and several FarmGate locations, a request for proposals process is now underway to launch private cannabis stores in 10 smaller communities.
Allan Dearing is a reporter with 91.9 The Bend in Moncton, a Huddle content partner.