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Cannabis NB reports higher sales and profits in first quarter figures

The exterior of a Cannabis NB retail store is shown in Fredericton, N.B., on Tuesday October 16, 2018.
The exterior of a Cannabis NB retail store is shown in Fredericton, N.B., on Tuesday October 16, 2018. THE CANADIAN PRESS/Stephen MacGillivray

New Brunswick’s government-owned cannabis retailer is reporting a profit of 1.4 million dollars during its first quarter this fiscal year.

Cannabis NB says total sales for the three-month period ending June 28 were 16.3 million dollars – up almost 79 per cent from the same period last year.

READ MORE: Cannabis NB CEO expects Crown corporation to be profitable this year as potential sale looms

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.

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READ MORE: New Brunswick moves to privatize Cannabis NB

Higgs says he expects a decision by the end of August.

This report by The Canadian Press was first published July 9, 2020.