Cannabis NB Projects Year-End Surplus
What Does This Mean for Cannabis NB’s Impending Sale?
New Brunswick seems to have turned a corner in terms of cannabis sales. After disappointing cannabis sales in 2019, Cannabis NB announced it would put the province-owned corporation up for sale. Cannabis NB reported its first profit last May, and now Cannabis NB projects year-end surplus, Global News reports:
Friday saw the Crown corporation in charge of cannabis sales in New Brunswick celebrate 12-straight months of profitability.
Cannabis NB president and CEO Patrick Parent said it marks an “important milestone” for the Crown corporation.
It’s also a dramatic turnaround for Cannabis NB, which lost almost $12.5 million in its first fiscal year, which included five months of legal cannabis in Canada.
Now, Parent says the Crown corporation has a net income of $6.1 million to date and it is forecast to finish the current fiscal year with a net profit of more than $10 million.
“As the industry continues to evolve, we are constantly working with our suppliers, and listening to feedback from our customers to ensure we offer a wide selection of products at competitive prices,” said Parent in a statement.
But the news is tinged with a looming decision from the provincial government — will they sell the Crown corporation and permit a private company to take control of cannabis sales in the province? Click here to view full story about how Cannabis NB projects year-end surplus at globalnews.ca
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