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.

The results were achieved under the direction of former Cannabis NB CEO Patrick Parent, who announced his surprise resignation from the role just days before Christmas and after just 16 months in the position.

The Higgs government had earlier said it would announce its decision on whether to privatize Cannabis NB by the end of 2020. But the year-end came and went without any such announcement, and the decision has now been pushed into the new year.

It’s unclear what role, if any, Parent’s Dec. 31 departure played in the postponement.

New Brunswick Finance Minister Ernie Steeves announced plans to unload Cannabis NB in November 2019 when it was a money-loser. It’s now turning record profits regularly, with a final decision on privatization yet to…

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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.

The results were achieved under the direction of former Cannabis NB CEO Patrick Parent, who announced his surprise resignation from the role just days before Christmas and after just 16 months in the position.

The Higgs government had earlier said it would announce its decision on whether to privatize Cannabis NB by the end of 2020. But the year-end came and went without any such announcement, and the decision has now been pushed into the new year.

It’s unclear what role, if any, Parent’s Dec. 31 departure played in the postponement.

New Brunswick Finance Minister Ernie Steeves announced plans to unload Cannabis NB in November 2019 when it was a money-loser. It’s now turning record profits regularly, with a final decision on privatization yet to…

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