Cannabis NB Reports $1.4M Profit In 1st Quarter

After months of dismal finances, Cannabis NB has now recorded two straight quarters of profit.

On Wednesday, the Crown corporation revealed a $1.4-million profit during the first quarter of this fiscal year.

That is on top of a $500,000 profit the company reported during the final quarter of the 2019-20 fiscal year.

Cannabis NB said sales were 78.7 per cent higher than the same period last year at $16.3 million.

“Cannabis NB has made a very positive turnaround to date,” said Patrick Parent, president and CEO of Cannabis NB, in a statement Wednesday.

“Starting the fiscal year off with a positive net income growth of over a million dollars is a direct result of aggressive cost cutting measures, renegotiating prices with our suppliers which were passed on to our customers as well the addition of weekly promotions.”

Online sales accounted for 3.3 per cent of total sales — an increase of 50 per cent over the same period last year.

Concentrates made up 14.4 per cent of sales while edibles accounted for 4.6 per cent.

Sales of dried flower, accessories and extracts all increased during the first quarter, while sales of seeds were down by 42.3 per cent or $8,000.