New Brunswick Crown monopoly REC retailer Cannabis NB won’t make a profit until at least next year, according to new president Patrick Parent.
- The agency lost $16.2M in its first 50 weeks and has not yet achieved profitability, but there are no plans to close Cannabis NB stores. Still, the premier hasn’t ruled out privatizing Cannabis NB.
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- REC prices are as much as 46% higher in New Brunswick than even in neighbouring PEI (where REC retail is also a government monopoly).
- Cannabis NB opened 20 stores from the first day of legalization (including some in small communities), and the cost of keeping all stores operating during the supply shortage was high.
- REC retail chain National Access Cannabis changed its name to Meta Growth (pending shareholder approval), and will sell off its MED clinics as it focuses on the REC market.
NewsWire, Cannabis Retailer
- Following news it received a Health Canada cultivation license for its gargantuan 1.2M sq. ft Diamond cultivation facility (doubling its production capacity), Aphria interim CEO Irwin Simon said he planned to run the plant at full capacity, in spite of concerns about a supply glut.