First day of le­gal­iza­tion nets half a mil­lion dol­lars in pot sales

Sackville Tribune - - EXTRAS - TRI­BUNE- POST STAFF

Cannabis sales reached over half a mil­lion dol­lars on the first day of le­gal­iza­tion last Wed­nes­day.

Cannabis NB re­leased its fig­ures to­day for the first 48 hours of sales across the prov­ince, with in-store pur­chases to­talling more than $520,398 on Oct. 17 and $352,360 on Oct. 18. On­line sales for those days to­talled $51,442 and $19,641 re­spec­tively.

“The sales of the first 48 hours were, over­all, what we ex­pected,” said Cannabis NB pres­i­dent and CEO Brian Har­ri­man, in a state­ment on Oct. 24.

Ar­eas with the largest in-store sales were in Fred­er­ic­ton/oro- mocto, which brought in nearly $173,000 in sales in the first two days, Saint John/rothe­say, which sold over $148,000 worth of prod­uct, and Monc­ton/dieppe, which had about $145,000 in sales.

Har­ri­man also noted re­tail stores in com­mu­ni­ties bor­der­ing other prov­inces, such as Sackville and Camp­bell­ton, have also seen higher- than- ex­pected de­mand be­cause of cus­tomers com­ing from other prov­inces. Cannabis NB did not pro­vide spe­cific break­downs of sales per store.

Har­r­ri­man said in plan­ning for the launch, Cannabis NB had or­dered a full port­fo­lio of prod­ucts to suf­fi­ciently stock its stores. Un­for­tu­nately, due to last-minute lo­gis­ti­cal and other is­sues en­coun­tered by li­censed pro­duc­ers, Cannabis NB did not re­ceive its full ship­ment as or­dered. He said re­tail­ers across the coun­try are ex­pe­ri­enc­ing a sim­i­lar sit­u­a­tion.

“This is new for all prov­inces across the coun­try,” said Har­ri­man. “Over­all, I am very pleased with how things have rolled out as we en­ter a new le­gal­ized chan­nel of re­tail.”

Cannabis NB will con­tinue to closely mon­i­tor in­ven­tory through­out the 20 re­tail stores across the prov­ince and work with sup­pli­ers to get in­ven­tory to nor­mal lev­els.

“Based on planned ship­ments, and de­pen­dent on or­ders ar­riv­ing in full in the next few days and weeks, store clo­sures in the near term are not an­tic­i­pated,” he said.

Har­ri­man also ex­plained the fac­tors that go into pric­ing, in­clud­ing dis­tri­bu­tion, vol­ume and avail­able prod­uct op­tions in each prov­ince. He said Cannabis NB de­vel­oped its prod­uct port­fo­lio to of­fer a range of price op­tions for cus­tomers, and to en­sure that lower-priced op­tions were avail­able in that spec­trum.

“Given the sup­ply chal­lenge, Cannabis NB does not cur­rently have its full planned port­fo­lio avail­able. How­ever, once fully im­ple­mented, there will be a broader range of price points.”

Har­ri­man said he is proud of Cannabis NB’S re­tail teams across the prov­ince, not­ing the feed­back they have been re­ceiv­ing from cus­tomers has been very pos­i­tive “as our guides have de­liv­ered a pos­i­tive ed­u­ca­tional cus­tomer ex­pe­ri­ence.”

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