Net income is up close to 40% for New Brunswick’s regulator and retailer. Cannabis NB released its results for the second quarter that ended October 1, 2023.
Total product sales for the quarter were $25.3 million, an increase of 16.7% compared to the same period last year. Net income for the quarter was $6.7 million, 37.7% above the prior year’s second quarter net income of $4.8 million.
Earlier this fall, Cannabis NB said it is entering a new era of cannabis with more private stores expected in 2024 and the possibility of on-site consumption and other non-traditional revenue streams on the way.
Product Sales Trends
Sales were up across the board for most product categories with infused beverages leading the way:
- Dried flower increased 10.5%, up $1.2 million
- Extracts decreased 16.1%, down $0.1 million
- Accessories increased 22.7%, up $0.2 million
- Edibles increased 26.7%, up $0.4 million
- Infused beverages increased 59.4%, up $0.2 million
- Topicals decreased 12.5%, down $31.1 thousand
- Concentrates increased 27.0%, up $1.7 million
The average ticket size was $60.46 with 418,200 transactions made in the second quarter.
Store Openings
Legislation was introduced in New Brunswick in 2021 to allow new forms of retail in the province, including private retail stores.
At the end of the second quarter, CNB established six private retail locations, in areas of the province not served by one of its 25 corporate locations. CNB anticipates an additional three private retail locations to open before the end of the fiscal year.