Nova Scotia sold $121 million worth of cannabis in 2023

| David Brown

The Nova Scotia Liquor Corporation (NSLC) released their most recent year-end financial report on June 25 covering April 1, 2023-March 31, 2024.

The Crown corporation, which operates 49 retail cannabis locations, sold $121 million worth of cannabis, an 8.9% increase from the previous year. Sales of local Nova Scotia cannabis products accounted for $39.5 million, or 32.7% of all cannabis sales, a 17.9% increase from the previous year. 

Cannabis transactions increased by 12.2%, but the average basket size decreased by 3% to $37.27, along with a 4% reduction in the average price per gram of $5.96.

“We continue to see strong growth in cannabis sales demonstrating our continued progress in competing with the illicit cannabis market,” said Greg Hughes, NSLC president and CEO. “In addition to the expansion of our cannabis retail network, our strong vendor partnerships, including our valued local cannabis producers, have played an important role.”

NSLC also reports that 79% of Nova Scotians now live within 10 kilometres of a licensed cannabis store. 

The agency, which also manages the sale of alcohol in the province, reported total annual sales of $874.5 million, with alcohol sales accounting for $753.4 million. Total earnings were $283.8 million.

Nova Scotia forecast $17.4 million in their share of federal cannabis excise for 2023-24, and $18.3 million for 2024-25. In 2022-2023 they reported $14.8 million in cannabis tax.