Cannabis NB releases quarterly results25 January 2019
FREDERICTON (GNB) – Cannabis NB has released its unaudited results for the quarter ending Dec. 23, 2018. Total sales since cannabis was legalized on Oct. 17, 2018, were $8.6 million.
Key sales trends for the quarter include:
- Online sales revenue of $400,000
- In-store sales revenue of $8.2 million
- Dry flower sales represented 87 per cent of sales at $7.5 million
- Oils and capsule sales represented nine per cent of sales at $800,000
- Accessories sales represented four per cent of sales at $300,000
“Overall, we are pleased with how the stores and the experience have been received by customers as we enter a new legalized channel of retail,” said Cannabis NB president and CEO Brian Harriman. “The feedback we have received from customers about the education and the experience at Cannabis NB has been largely positive, and our team has been focused on delivering an informed and positive customer experience. The national supply shortage continues to be our biggest challenge. This impacts not only the quantity of product available, but the variety of products that Cannabis NB is able to offer. The retail portfolio has been limited since launch and has made it difficult to offer the breadth and variety of products that some customers are looking for. We continue to work closely with our current partners and engage new licensed producers to expand our portfolio and product volume, but supply is slowly moving in a positive direction.”
Cannabis NB, the province’s only legal retailer of recreational cannabis, is a subsidiary of NB Liquor and manages retail cannabis sales for the Cannabis Management Corporation. The core focus of the retail model is youth protection, reducing the illicit market, public education and safety. Cannabis NB has 20 stores in 15 communities and its results are reported on a retail reporting cycle, which is typically a 52-week year. Retail reporting will result in a 53-week year every five to six years.
The corporation has also released the quarterly expenses of its board of directors and its president and CEO.