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Cannabis NB lost almost $ 12M in 1 fiscal year, figures show



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Cannabis NB lost $ 11.7 million during its first fiscal year, the Crown owned retail products legal recreational marijuana blamed mostly on the "supply challenges," not higher than its illegal market prices.

Total & # 39; the amount of cannabis sales for the quarter ended March 31 was $ 9.7 million, resulting in a year-end total of $ 18.6 million, according to unaudited results for the end of the year, published on Tuesday.

If Cannabis NB launched in October last year, the former President and Chief Executive Officer Brian Harriman predicted sales of $ 45 million during the first financial year, which he expected would lead to a break-even or a small loss, as soon as the start-up and operating costs were taken into account.

Harriman left earlier this month.

On Tuesday, the General Director Lara Wood described the financial results as "very good" only 22 weeks of sales, as the shops opened on October 17, when the recreational cannabis became legal in Canada.

"We knew there would be problems and unknowns in this new industry," Wood said.

But the agency did not understand security matters were going to be "as challenging as they are," both in terms of the & # 39; the volume and range of products, she said.

"What we see from the exciting to our customers' demand, where we expect it will be, but we're just not all the products in our portfolio in the quantities needed to meet this demand now."

There has been "a slow but steady improvement", but Wood said.

The store sales for the last quarter amounted to $ 9400000, according to unconfirmed reports, released on Tuesday. (Wright / CBC Julia)

"As our partners, we continue to receive the products that we originally wanted, you're going to see a wider range of price points, you'll see more diversity in products, we are going to be a little more competitive in price … and I think it will be sort appeal to customers and bring them on a more regular basis. "

The agency also believes that it fulfills its task of ensuring safe products, reducing illicit market and to inform the public, she added.

sales pattern

Loss for the quarter was $ 4600000, compared with $ 7.1 million in the previous quarter.

The store's revenue in the fourth quarter was $ 9400000, while online sales revenue amounted to $ 0300000, figures show

Dry flower sales represented 85 percent of sales; extracts, 12 percent; Sale of seed, 0.2 per cent, as well as accessories, 2.7 percent.

Parent Company consolidates the results of NB Liquor Cannabis NB in ​​its results of the year, according to the release.

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