Cannabis NB, the government-owned marijuana retail monopoly in the Atlantic Canadian province of New Brunswick, has posted a third consecutive positive quarter with profits of 3.3 million Canadian dollars ($2.5 million).
Meanwhile, a delayed government review to determine whether or not to sell off Cannabis NB to the private sector has resumed after New Brunswick’s Progressive Conservative party won a majority in a September provincial election.
“We will continue to objectively compare Cannabis NB’s latest projected figures with the offers we have on the table from the private sector,” wrote New Brunswick Finance Treasury Board communications director Jennifer Vienneau in an emailed statement.
New Brunswick has received eight proposals to privatize cannabis retail in the province, which has a population of 780,000.
Cannabis NB sold CA$20.1 million worth of cannabis during the quarter ended Sept. 27, an increase of about 23% over the previous quarter.
“We said we would fix our business and we have,” said Cannabis NB president and CEO Patrick Parent in a news release.
“Our year to date results are showing that we now have a very profitable and sustainable business.”
The vast majority of Cannabis NB’s quarterly sales were through its 20 brick-and-mortar locations.
Just 1.7% of quarterly sales made through the retailer’s website.