Cannabis retailer sales in New Brunswick included nearly $27 million worth of cannabis in the three months ended September 29, 2024.
The figures come from Cannabis NB’s recently released Q2 2024 financial report, shared on October 30.
The provincial agency and the handful of private retailers that serve the legal cannabis market in New Brunswick sold $26.9 million worth of cannabis in the second quarter of 2024, up 6.6% from the same quarter in 2023.
Gross profit was $12.7 million, up 0.8% year over year, with net income at $6.8 million, a 1.9% increase from the same quarter in the previous year.
In addition to year-over-year increases, sales were also up from the previous quarter (Q1 2024), which was $24.7 for the three months that ended June 30, 2024. Gross profit was up $700,000 from the last quarter, while net income increased by about $900,000.
Dried flower sales were 51.7% of total sales in the most recent quarter, while concentrates were 32.9%. Edibles were 6.9% of total sales, beverages 2.8%, accessories 2.7%, extracts 2.4%, topicals 0.5% and clones 0.1%
A recent annual report from Cannabis NB shows that while dried cannabis flower continues to be the majority of sales, its market share, like in many other provincial markets, is shrinking as concentrates sales increase. New Brunswickers prefer more “convenient” cannabis products as the market continues to shift to products like vape pens, concentrates, and pre-rolls, especially infused pre-rolls, notes the report.
Dried flower sales still represented just over half (50.6%) of sales by category, down from 52.5% in 2022-2023, with concentrates and extracts at 35.2%, up from 33.5% in the previous year. Sales of edibles were the third largest product category, with 7.4% of sales by category.
The newest annual figures from the provincial cannabis agency Cannabis NB show $93.8 million in total sales for the year ended March 31, 2024, a 12.4% increase from the previous year. From this, the provincial agency generated $22.7 million in net income, a 24% increase from the previous year.
While dried cannabis sales still increased year-over-year, whole flower sales in the Picture Province were just over 30% of overall sales, while infused pre-rolls now represent 15% of total concentrate sales.
Key product sales trends for the second quarter (July 1, 2024 to September 29, 2024) compared to the second quarter last year were (July 3, 2023 to October 1, 2023):
- sales of dried flower increased 8.3%, up $1.1 million
- extracts sales increased 2.1%, up $13.1 thousand
- sales of accessories decreased 18.3%, down $0.2 million
- sales of edibles decreased 5.4%, down $0.1 million
- sales of infused beverages increased 12.6%, up $0.1 million
- sales of topicals decreased 29.7%, down $0.1 million
- concentrates sales increased 10.3%, up $0.8 million
Cannabis NB also licensed its newest cannabis FarmGate partner, Pinnacle Farms, in the most recent quarter. The Cannabis NB FarmGate program allows licensed New Brunswick cannabis producers to sell their own products onsite at their facilities.
