The NSLC released its second-quarter financial results reporting a 0.6% increase in earnings to $83.3 million. Total sales for the quarter were up 1.2% to $242.1 million with an increase in both beverage alcohol and cannabis with an 8.7% increase in cannabis sales to $31.4 million.
“This quarter, we saw an increase in earnings despite recent volume declines in beverage alcohol,” says Greg Hughes, President & CEO. “On a daily basis our team works hard to serve our customers responsibly, and I am proud of their commitment.”
“Over the past five years, we have worked hard to increase the opportunity for our customers to access cannabis, safely,” Hughes explains. “We started with 12 cannabis locations and now we’re up to 49 stores across the province.”
Financial Highlights (compared to the same period last year)
- Net income (earnings) totaled $83.3 million, an increase of $0.5 million or 0.6%.
- Total sales were $242.1 million, an increase of $2.8 million or 1.2%.
- Cannabis sales were $31.4 million, an increase of 8.7%.
- The average price per gram for cannabis decreased by 3.5% to $6.03.
- Nova Scotia cannabis sales led the growth in local products with a 19.6% increase in sales to $10.3 million.
- Nova Scotia cannabis accounts for 32.8% of all cannabis sales, the largest we have seen to date.
About the NSLC
The NSLC manages the safe and responsible sale of beverage alcohol and cannabis in Nova Scotia, returning 100% of its profits to government to help fund key public services. The NSLC aspires to be a trusted retailer, partner, employer, and responsible industry steward that is helping to create a stronger Nova Scotia. For more information about the NSLC, please visit our website at myNSLC.com.
