Cannabis NB Reports Quarterly Profit Of $3.3-Million
It was the third straight profitable quarter for Cannabis NB, which had been plagued by multimillion-dollar quarterly losses since its opening in October of 2018.
It was the third straight profitable quarter for Cannabis NB, which had been plagued by multimillion-dollar quarterly losses since its opening in October of 2018.
NB Liquor also had a good first quarter, with a 15.2 percent increase in sales.
The stores will close on Sundays, and have reduced hours from Monday to Saturday.
Cannabis NB says it made $11 million in sales during the previous quarter. But there is a catch: this year’s third quarter lasted three weeks longer than last year.
Finance Minister Ernie Steeves says the current model isn’t working, which is why they’ve put the call out for experienced companies to take the helm.
National grocery retailer Loblaws, which operates the Atlantic Superstores, and Ontario-based cannabis producer Canopy Growth are two of the eight organizations and committees who have submitted bids.
Edibles became legal across Canada in October but companies were required to give the federal government 60 days notice before selling them which expired this week.
The province has issued a request for proposals to find a single operator in the private sector to take over the 20 cannabis retail stores.
The Crown corporation is losing money and the premier says if they are in the retail business they have to be competitive.
The retailer has cut eight management positions in a restructuring move which impacts stores across the province.