After flailing so dramatically through its first year that a University of New Brunswick professor designed a class to study its failure, New Brunswick crown REC retail monopoly Cannabis NB marked its second profitable quarter in a row, raising its quarter-over-quarter profits from $500,000 to $1.4M (on $16.3M in sales, a 78.7% year-over-year increase).
CBC New Brunswick, Global News, StratCann
- Among the reasons for Cannabis NB’s changing fortunes: “aggressive cost-cutting measures,” a commitment to lowering prices by renegotiating supply deals and focusing on value brands, and a widening product selection.
- Despite the profits, Conservative premier Blaine Higgs remained committed to selling the entire provincial monopoly REC market to a single corporate buyer, though he noted Cannabis NB’s profitability would be used to assess the corporation’s future value to a buyer.
CBC New Brunswick
In Other Provincial Retail News:
Legal REC sales have increased in Newfoundland and Labrador as pandemic concerns lure customers from the legacy market. Increased online sales in March, April, and May jumped 233% year over year.
CBC Newfoundland and Labrador