New Brunswick cannabis sales were up 10.5% in the third quarter of 2023-2024 according to financial results released by Cannabis NB.
Total product sales for the quarter ending December 31, 2023, were $23.9 million. Net income for the quarter was $6.0 million, 26.5% above the prior year’s third quarter net income of $4.8 million.
Product Sales Trends
Dried flower dominated cannabis sales accounting for 49.3% or $11.8 million in sales. This was followed by concentrates at 33.1% or $7.9 million in sales. A similar product breakdown was seen last quarter.
Cannabis NB processed 382,700 transactions during the quarter with an average ticket size of $62.70.
Cannabis NB established seven private retail locations at the end of its third quarter in areas not served by one of its 25 corporate locations. The organization anticipates an additional two private retail locations to open before the end of the fiscal year.
Good to Know Campaign
Cannabis NB launched the third phase of its educational Good to Know campaign this past fall. The campaign is focused on educating cannabis consumers about the legal versus illicit market, including how to spot their new certified private retailers, the ‘nasty things’ illicit cannabis has been shown to include, and other ‘unsavoury practices’ in the illicit market.