New Brunswick could see its first privately-owned cannabis stores open this June, with additional stores opening throughout the summer.
Legislation was introduced in New Brunswick in late 2021 to allow new forms of retail in the province, including private retail stores. The provincial government began the vetting process for ten new private cannabis stores following a tender process that ended in October 2022.
The expanding access was being enacted in an effort to stem the tide of the illicit market, bring cannabis to small, under-served communities, and provide opportunities for the private sector.
Tenders were accepted for Blackville, Bouctouche, Caraquet, Chipman, Dalhousie, Grand Bay-Westfield, Hampton, Saint Andrews, Saint-Quentin, and Salisbury.
A representative for Cannabis NB told Cannabis Retailer that they are working with successful proponents of the tenders for the private retail locations to support them in opening their stores.
The timeline for when the selected private retail stores will open depends on several factors, including the retailer’s ability to get their stores ready to open and getting applicable licensing from the province. Cannabis NB and the provincial government will also need to complete their reviews of each location before they open, in alignment with regulatory guidelines.
Barring any unexpected delays, Cannabis NB hopes to see the first stores opening in June with additional stores opening over the course of the summer.
Cannabis NB Releases Fourth Quarter Results
Cannabis NB recently released its results for the fourth quarter ended April 2, 2023. Total product sales for the quarter were $20.5 million, a decrease of 2.5% compared to the same period last year. Net income for the quarter was $4.6 million, 6.9% above prior year’s fourth quarter net income of $4.3 million.
Dried Flower Sales Down, Concentrate Sales Up
Key product sales trends for the fourth quarter compared to the fourth quarter of last year were:
- Sales of dried flower decreased 12.2%, down $1.4 million
- Extract sales decreased 14.4%, down $0.1 million
- Sales of accessories increased 10.4%, up $0.1 million
- Sales of edibles decreased 4.9%, down $0.1 million
- Sales of topicals decreased 3.3%, down $3.4 thousand
- Concentrate sales increased 19.9%, up $1.1 million
The average basket size was $54.97. Cannabis NB was also one of the first provinces nationally to roll out a new product offering, clones, to consumers this quarter.