NLC President and CEO Bruce K eating says cannabis sales are actually up 25 percent year to date and they estimate about 81 percent of the market is legal cannabis.
Cannabis sales are experiencing double-digit growth in NL. Meanwhile, according to the Newfoundland and Labrador Liquor Corporation (NLC) they are experiencing lower beverage alcohol volumes. The company released third quarter results on Monday, showing net earnings for the quarter of $58.1 million, an increase of $2.5 million. Beverage Alcohol sales for the quarter were $88.0 million, down 1.1% vs prior year, with decreases in spirits and wine. President and CEO Bruce Keating says numbers are just starting to return to pre-pandemic levels. He says sales on the alcohol beverage side were relatively consistent but down a little over 1 percent for the quarter. This he attributes to overall economic conditions and the fact numbers increased during the pandemic. Keating says double digit growth in Cannabis sales is a sign people prefer legal products over illicit cannabis. He says cannabis sales are actually up 25 percent year to date and they estimate about 81 percent of the market is legal cannabis. Cannabis NL welcomed 6 new licensed cannabis retailers during the last quarter located in Burgeo, Cape Broyle, Cow Head, L’Anse au Loup, Port Saunders and Robert’s Arm bringing the total to 52 throughout NL.
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