More Sales, More Stores As NSLC Continues To Invest In Cannabis
HALIFAX – Profits at the Nova Scotia Liquor Corporation rose again last quarter as the Crown corporation grew its network of cannabis stores and expanded its selection of local products.
The NSLC says it sold $239 million worth of products between July 4 and October 2. That’s 5.3 percent more than the same period last year.
Overall profits were also up. The corporation says its net income was $82.8 million last quarter – up $4.4 million, which is close to six percent.
About $210 million of the NSLC’s overall sales came from alcohol, while close to $29 million came from Cannabis.
Although alcohol still accounts for most of the NSLC’s sales, cannabis sales have been steadily rising, and are going up much faster than alcohol.
Last quarter, cannabis sales were up by 8.3 percent, while alcohol sales were up 4.8 percent.
Rising pot sales are partly due to the NSLC lowering the average price per gram, and partly to its ever-expanding network of cannabis stores.
Last month, the corporation opened a new cannabis location in Windsor, bringing the total number of cannabis stores in the province to 45.
Meanwhile, consumers are increasingly thirsty for local products.
The NSLC says local sales are up across all its product categories, with local wine leading the way. The corporation also added more local products to its shelves.
It now carries 139 products from 17 local cannabis supplies and products from 36 local breweries. Local cannabis accounts for nearly 30 percent of all cannabis sales at the NSLC.