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Cannabis NB reports $1.4M in profits due to cost cuts, price negotiations


July 9, 2020
By The Canadian Press

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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.

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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.