Cannabis NB provides update on sales24 October 2018
FREDERICTON (GNB) – The following statement was issued by Cannabis NB president and CEO Brian Harriman:
Following the legalization of cannabis across the country on Oct. 17, sales from Cannabis NB’s website and 20 retail stores totalled about $950,000 during the first 48 hours of operation.
The breakdown is as follows and includes taxes and delivery fees:
Oct. 17 Oct. 18 Total
Online sales $51,442 $19,641 $71,083
In-store sales $520,398 $352,360 $872,758
Areas with largest in-store sales
Oct. 17 Oct. 18 Total
Fredericton and Oromocto $98,729 $74,246 $172,975
Saint John and Rothesay $85,279 $62,918 $148,197
Moncton and Dieppe $85,883 $59,664 $145,547
In planning for the launch, Cannabis NB had ordered a full portfolio of products to sufficiently stock its stores. Unfortunately, due to last-minute logistical and other issues encountered by the licensed producers, Cannabis NB did not receive its full shipment as ordered. Retailers across the country are experiencing a similar situation.
Retail stores in communities bordering other provinces, such as Sackville and Campbellton, have seen higher-than-expected demand because of customers coming from other provinces. Cannabis NB will continue to closely monitor inventory throughout our stores and work with suppliers to get inventory to normal levels. Based on planned shipments, and dependent on orders arriving in full in the next few days and weeks, store closures in the near term are not anticipated.
Provinces must determine the best approach to pricing based on several factors, including distribution, volume and available product options. Cannabis NB developed its product portfolio to offer a range of price options for customers, and to ensure that lower-priced options were available in that spectrum. All products include taxes. Given the supply challenge, Cannabis NB does not currently have its full planned portfolio available. However, once fully implemented, there will be a broader range of price points.
This is new for all provinces across the country. Overall, I am very pleased with how things have rolled out as we enter a new legalized channel of retail. The sales of the first 48 hours were, overall, what we expected. I am also very proud of our retail teams across the province. The feedback we have received from customers has been very positive as our guides have delivered a positive educational customer experience.24-10-18