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.
The future of the corporation remains unknown as the province considers whether the business can be run privately.
But John Correia, chair of the board of directors of Cannabis NB, remains optimistic.
“I am extremely pleased with the effort from the Cannabis NB team and the progress of the business over the last year,” Correia said in a statement. “The growth has been remarkable, and I feel confident it is sustainable.”
Cannabis NB recorded $19.3 million in sales during the third quarter, an increase of 76 per cent year-over-year.
In-store sales made up 98.4 per cent of overall sales with online purchases accounting for the remainder.
Sales of dried flower and accessories were up while sales of extracts were down by $100,000.
Concentrates and edibles, which became legal in October 2019, made up 26.9 per cent of sales for the quarter.
