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Cannabis NB reports $1.4M in profits due to cost cuts, price negotiations
July 9, 2020 By The Canadian Press
New Brunswick’s government-owned cannabis retailer is reporting a profit of $1.4 million during its first quarter this fiscal year.
Cannabis NB says total sales for the three-month period ending June 28 were $16.3 million – up almost 79 per cent from the same period last year.
CEO Patrick Parent says the turnaround is the result of aggressive cost-cutting measures, renegotiating prices with suppliers and the addition of weekly promotions.
Premier Blaine Higgs says the finances will be considered as part of a review underway to decide whether to privatize the corporation.
Eight companies submitted proposals, but the review has been delayed by the COVID-19 pandemic.
Higgs says he expects a decision by the end of August.
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