Cannabis NB Reports $1.4-Million Profit In First Quarter
FREDERICTON – After months of dismal finances, Cannabis NB has now recorded two straight quarters of profit.
On Wednesday, the Crown corporation revealed a $1.4-million profit during the first quarter of this fiscal year.
That is on top of a $500,000 profit the company reported during the final quarter of the 2019-20 fiscal year.
Cannabis NB said sales were 78.7 percent higher than the same period last year at $16.3-million.
“Cannabis NB has made a very positive turnaround to date,” said Patrick Parent, president and CEO of Cannabis NB, in a statement Wednesday.
“Starting the fiscal year off with a positive net income growth of over a million dollars is a direct result of aggressive cost-cutting measures, renegotiating prices with our suppliers which were passed on to our customers as well the addition of weekly promotions.”
Online sales accounted for 3.3 percent of total sales — an increase of 50 percent over the same period last year.
Concentrates made up 14.4 percent of sales while edibles accounted for 4.6 percent.
Sales of dried flower, accessories and extracts all increased during the first quarter, while sales of seeds were down by 42.3 percent or $8,000.
NB Liquor also had a good first quarter, with a 15.2 percent increase in sales.
Figures released Wednesday by the Crown corporation show total sales were $126.6-million.
Sales of beer, wine, spirits, coolers and cider all increased during the quarter.
Coolers and cider saw the biggest jump with an increase of $6.39-million or 67.7 percent.
Beer sales were up by 9.5 percent or $4.89-million, spirit sales increased by 15.5 percent or $3.79-million, and sales of wine were up by 6.6 percent or $1.61-million.
Brad Perry is the news director with Country 94/97.3 The Wave, a Huddle content partner.