There was $87.6 million worth of cannabis sold in Newfoundland and Labrador in the 2023-2024 fiscal year, a nearly 24% increase from the previous year.
Some $57.9 million of that was dried flower sales, $21.1 million was extracts and concentrates, $8.3 million was “ingestible” cannabis products, and $0.3 million was from cannabis topical sales. These sales include products self-distributed by local licensed producers (direct delivery).
This is an increase from $70.7 million in sales in the previous year. In the most recent fiscal year, sales of extracts and topicals were twice those of 2022-2023’s $10.8 million in sales. Sales of cannabis vapes were not allowed until late 2022.
In the most recent fiscal year, ended March 31, 2024, Newfoundland and Labrador Liquor Corporation (NLC) regulated and distributed to 55 licensed cannabis retailers across the province, an increase of 14 from the previous year. The NLC also operates an online cannabis store.
NLC estimates that 84% of the illicit cannabis market in the province has been captured, an increase from 65% in the previous year and 25% four years ago.
The agency attributes this increase in part to the increase in the number of new cannabis stores as part of its Rural Expansion Plan. Cannabis sales through the network of privately-owned Licensed Cannabis Retailers (LCRs) were 24.1% higher than the previous year.
In addition to seeking to strengthen the presence of legal cannabis stores in the province, NLC says it works with local cannabis producers by providing support through its product listing process and providing provincial cannabis producers with premiums for the products they sell in the province. In 2023-24, the total support provided to local cannabis producers was $2.1 million.
Despite the estimated increase in adoption of the legal cannabis market, NLC says there is still a significant portion of the province that does not have easy access to legal sources. It expects to license more new stores to address these needs. A request for proposal for four new stores closed in September of this year.
There are, as of publication of this article, 59 stores listed. All but three are located on the island of Newfoundland. Cannabis sales are through Tier 1 stores that are only allowed to sell cannabis and cannabis accessories, or Tier 4 stores, which are in existing retail locations such as a general store.
There are currently four federally licensed cannabis producers listed as active in Newfoundland and Labrador: KRFT, Atlantic Cultivation, BeeHigh Vital Elements, and Oceanic Releaf.
