Despite declining beverage sales, cannabis sales were up 6.7% in Nova Scotia this past quarter according to Nova Scotia Liquor Corporation financial results.
First Quarter Financial Results
The NSLC released its first quarter financial results (April 1 to July 2, 2023), reporting a 1.9% decrease in earnings to $70.7 million. Total sales for the quarter were down 0.1% to $219.1 million, with beverage alcohol sales of $190.0 million and cannabis sales of $29.1 million.
Beverage alcohol sales decreased by 1.1% and cannabis sales increased by 6.7% when compared to the previous year. Sales of local beverage alcohol and cannabis increased by 5.7% to $32.8 million led by Nova Scotia cannabis sales, which grew 22.2% to $9.5 million.
Retail customer transactions for cannabis increased by 8.9% and the average dollar value of each transaction decreased by 2.0% to $37.63.
“This quarter the average price of cannabis per gram was further reduced 2.1% to $6.02, compared to last year, as we work to impact illicit sales in the province,” Greg Hughes, President & CEO said. “Local cannabis products now account for 32.6% of all cannabis sales at the NSLC.” This is the largest sales of local products the province has seen to date.
Image Source: Nova Scotia Liquor Corporation