New Brunswick


Profits keep rolling in as Cannabis NB awaits final decision on its fate

Cannabis NB hasn't exactly been sitting idly by while it awaits a decision on its fate.

The Crown corporation, which has been waiting for more than a year to hear whether its operations will be privatized, said Monday it has pulled in more than $6 million in sales in less than a month and is on track to post its fifth consecutive profitable quarter.


In an email, Cannabis NB and Alcool NB Liquor spokesperson Thomas Tremblay said Cannabis NB is "awaiting a decision from government and ... looks forward to hearing an outcome."


Cannabis NB Posts Fourth Straight Profitable Quarter

Cannabis NB is showing gains for the fourth consecutive quarter and continues to turn a profit.

Unaudited third-quarter results released Wednesday show the Crown corporation posted a net profit of $2.8 million.

That pushes Cannabis NB’s net profit for the fiscal to date to $7.4 million.

“We anticipate ending the fiscal year in a strong position with $10 million in profit,” Lori Stickles, president and CEO of Cannabis NB, said in a statement.

The Crown corporation was plagued by multimillion-dollar quarterly losses in the months after it opened in October 2018.

But things began to turn around in the fourth quarter of 2019-20 when Cannabis NB posted a small profit of $500,000.


Cannabis NB posts $19.3M sales, but still no word on its fate as Crown operation

Cannabis NB has reported sales of $19.3 million in its latest fiscal quarter, figures that land amid uncertainty about its future as a Crown operation. 

The figures push sales for the last 52 weeks to $72.7 million – a 79 per cent increase over 2019 – and position the agency to end the fiscal year in "a strong position," Cannabis NB's acting president and CEO Lori Stickles said.


Although the quarterly results are not audited, Stickles says the agency earned a net profit of $2.8 million during the final 13 weeks of 2020 and expects to return $10 million to the province by the end of the fiscal year in late March.


New Brunswick’s Liberal leader says he won’t sell Cannabis NB if he wins September election

Kevin Vickers isn’t giving up on marijuana.


Illicit cannabis store donations to New Brunswick PC party may have been overlooked by Elections NB

The New Brunswick Progressive Conservative party and Elections NB


Organigram lays off 220 workers, warns of declining weed sales

Organigram Holdings Inc. (TSX: OGI) is laying off 220 employees while warning of declining cannabis sales and writedowns.

On Friday, the New Brunswick-based company said with 25 per cent of its staff removed, it will move forward with a leaner workforce and production capacity that’s better aligned with current market conditions.

“These decisions are never easy to make, but we are committed to ensuring the company is appropriately sized relative to market conditions,” Organigram chief executive Greg Engel said in a statement.


We ranked Canada's cannabis-friendly provinces from worst to best

Canadians are clearly in love with cannabis, but not all provinces were created equal when it comes to permitting pot. While the historic Cannabis Act applies to all provinces, the rules around distribution and consumption fall to the provinces — and municipalities have some say on it, too.

That’s why for Canada Day, The GrowthOp takes a look at the growing industry from coast-to-coast — crunching the data on price, consumption habits, number of stores, public consumption options and the ability to grow at home — to find out which provinces are rolling out the red carpet for weed and which are still warming up to the country’s second favourite leaf.

Here are our findings.


New Brunswick residents might be happy it's harder to grow cannabis indoors, but growers are mad at 'nonsensical' rules

For the people in New Brunswick, cannabis is better out than in.


Indiva Begins Distribution to New Brunswick and Manitoba

Indiva Limited (TSXV:NDVA) (OTCQX:NDVAF) is pleased to announce that it has secured distribution rights to ship its premium cannabis products to New Brunswick and Manitoba. These two new agreements extend Indiva’s distribution network to eight provinces. Indiva’s first shipments to Manitoba include INDIVA™ pre-rolls and THC capsules, and Bhang® Chocolate. Indiva expects that INDIVA™ and Bhang® products will be available in Manitoba stores within the next two weeks.


New Brunswickers hit liquor, cannabis stores before locking down for pandemic, records show

New Brunswick residents didn't just head home at the start of the province's state of emergency last month. They also swung by provincial liquor and cannabis outlets to stock up.

Fourth-quarter financial results released jointly for NB Liquor and Cannabis NB on Tuesday show revenue bumps that each agency said was caused by a COVID-19-generated buying spree by customers — especially for beer, wine and spirits.

"It is estimated that the impact of COVID-19 on sales during the last two weeks of the quarter was an increase of approximately 12 percent," reported NB Liquor in a release explaining its results.  


Subscribe to RSS - New Brunswick