By Canadian Press

New Brunswick’s cannabis retailer reports $11.7 million loss in first year

Apr 30, 2019 | 6:48 AM

FREDERICTON — New Brunswick’s Crown-owned cannabis retailer is recording a big financial loss in its first year in operation.

Unaudited year-end results released Tuesday show Cannabis NB lost $11.7 million.

The agency says sales of legal cannabis for the fourth quarter were $9.7 million, resulting in a year-end total of $18.6 million.

General manager Lara Wood says the government knew there would be challenges but is confident objectives including reducing the illicit market and creating public awareness are being met.

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Last October, former Cannabis NB president Brian Harriman said with overhead and start-up costs, he hoped the 20 stores would at least break even in their first fiscal year.

As the parent company, NB Liquor will consolidate Cannabis NB’s results into its year-end results.

The Canadian Press