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Net Income Increases For Cannabis NB

By Brad Perry Aug 10, 2022 | 12:14 PM

The Cannabis NB store in Rothesay. Image: Brad Perry

Cannabis NB (CNB) saw a significant increase in its net income during the last quarter.

That is according to unaudited figures released by the Crown corporation on Aug. 2.

Net income increased to $4.1 million from $3.5 million during the same period last year.

The agency credited its ability to leverage favourable product pricing as the reason for the increase.

“The total volume of legal cannabis product sold has increased this quarter to approximately 2.7 million grams of dry flower equivalent compared to approximately 2.5 million grams of dry flower equivalent for the same period last year,” Cannabis NB said in a news release.

Overall sales of dried flower dropped by 11 per cent last quarter, or by $1.3 million, compared to the same time last year.

Sales of extracts and accessories were also down, while sales of concentrates, edibles and topicals were up.

It also seems more customers opted to shop at a Cannabis NB store rather than buy their product online.

Online sales made up 0.8 per cent of all sales, down from 1.3 per cent, while in-store sales increased to 99.2 per cent from 98.7 per cent.


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