Cannabis sales bounced back in New Brunswick in the three months that ended June 30, 2024, following seasonal declines in the previous quarter from January through March.
Total product sales in the province for the quarter were $24.7 million, up 12.6% compared to the same quarter in the previous year. The provincial cannabis agency also brought in $5.9 million in net sales, up 15% from the same period in 2023.
Cannabis sales have continued to increase in the province annually, with consistent spikes in Q2, covering July, August and September, and declines in Q1, covering the first three months of the year.
Cannabis NB operates 27 stores in 18 communities in the province, along with nine private stores since the province began allowing them in 2023. There are also six cannabis farmgate locations in New Brunswick that allow cannabis producers to have a retail store on-site.
The agency’s 2024-2026 strategic plan says legal cannabis sales in the province have been approaching about 50% of the total cannabis market and includes plans to increase the number of retail outlets and products available, as well as exploring on-site consumption and customer loyalty programs.
Competition in the market has helped to bring prices down, continues the report, noting that while some of the big LPs are “struggling and trying to recover from over-investing” in incorrect market assumptions, “many new LPs and micro-producers are being licensed that have learned from the challenges at launch, and are approaching the industry with better information and a more sustainable plan.”
The organization also plans to establish a comprehensive loss prevention program to reduce risk. A Cannabis NB employee was recently charged with stealing more than $5,000 worth of products and cash. The case has been adjourned to September 6.
