Cannabis NB released its first-quarter financial results for the quarter ended June 27, reporting sales of $19.9 million, representing a 21.5% increase over the same time last year and a net income of $3.5 million. Compared to the Q1 2020 income of $1.4 million, that’s an improvement of 160.3%. From March to July of 2020, the world was just descending into our new normal of the COVID-19 pandemic, which should present an interesting comparison to the Spring of this year as the country begins to open back up.
Customers Back In-Store with New Preferences
Compared to last year, online sales at Cannabis NB dropped by 2%. In the first quarter of 2020, online sales increased to 3.3% as New Brunswick cannabis users erred on the side of caution and stayed home rather than making a trip to one of Cannabis NB’s 20 stores. This year, however, online sales only represented 1.3% of sales now that customers are beginning to feel safer venturing out.
On top of that, customers are also embracing their curiosity and trying out new products. Old favourite dried flower sales increased around 5.3%, growing by $0.6 million, but the hugest growth was seen by concentrates. Concentrate sales increased 98.4%, up $2.3 million as more innovative products come to the market. Similarly, sales of edibles went up 58.9%, representing sales of $0.4 million. Extracts decreased by 15.8%, but sales of accessories increased by 30.5%.
Interestingly, sales of seeds increased 574.8%, accounting for $0.1 million in sales, showing that New Brunswickers are interested in cultivating their green thumb.