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Cannabis NB’s Numbers Keep Growing

 

Cannabis NB reported a 78.7% increase in sales over the same quarter last year in its newly released first-quarter results. Patrick Parent, President and CEO of Cannabis NB credits the growth to “aggressive cost-cutting measures” and renegotiating relationships with suppliers to provide better prices to customers, as well as providing a wider selection of products.

Cannabis NB garnered a total of $16.3 million in sales in the first quarter, resulting in $1.4 million in profit, up from $500,000 last quarter. With an increase in gross profit of 69.4% and cutting expenses by 25%, to the tune of $1.1 million, the organization boasts a year-over-year growth of $3.5 million.

Since last summer, more customers are shopping online (3.3% this quarter compared to 2.2% last year) and dried flower and accessories purchases have increased exponentially, up 49.1% and 62.3% respectively, resulting in a combined $4 million increase in sales. Cannabis 2.0 products show a slow and steady rise, sales only increasing 7.1% for extracts and 4.6% for edibles.

“Cannabis NB has made a very positive turnaround to date,” said Parent in a news release. “We continue to diversify the products we carry to offer our customers a wide selection at various price points. We are adding new products like topicals, beverages, and various concentrates and doing so at a price point that is competitive with the illegal market.”