President of Cannabis NB says it will take more time to be profitable
Posted November 3, 2019 6:00 am.
This article is more than 5 years old.
FREDERICTON — The new president of Cannabis NB — New Brunswick’s Crown-owned cannabis retailer — says it will be next year or more before the operation can be profitable.
Patrick Parent says the money-losing agency is like any start-up and needs time to mature.
The agency, with its 20 stores across the province, lost almost $12 million in its first six months and continues to bleed red ink.
The previous Liberal government pitched legalized cannabis as an economic windfall and sought to make the province an industry leader.
More recently, Progressive Conservative Premier Blaine Higgs has said he’ll look at all options including privatization to stem the financial losses.
Parent says many changes have been made to improve product pricing and supply, and he expects the introduction of edibles and other products in December will also help improve the bottom line.
This report by The Canadian Press was first published Nov. 3, 2019.
The Canadian Press
