New Brunswick Crown monopoly corporation Cannabis NB reported a $2.2M Q1 loss—on top of a previous loss of $11.7M reported in April, at the end of the first six months of legalization.
- When news broke of the $11.7M loss, Progressive Conservative premier Blaine Higgs said he was open to major changes, including privatizing REC retail, scaling Cannabis NB down, or bringing in outside experts to run the organization.
CTV News - This time, government officials did not say what they might do. Finance Minister Ernie Steeves said there would be no final decision until next year.
- A Cannabis NB spokesperson blamed the loss on competition from “up to 40” illicit dispensaries, which they called ” the biggest risk and threat to a safe, legal cannabis retail industry.”
CTV News
Quick Hit
- Recently, Health Canada issued licenses to its 200th licensee—but in Quebec, there remain only 14 LPs. Part of the reason is that Quebec venture capital comes from government-backed institutional investors, who until recently flatly refused to support cannabis projects.
Ici Radio Canada—In French
