Nova Scotia Liquor Corp. reports lower profit despite new cannabis sales
The Nova Scotia Liquor Corporation says it sold $33 million worth of cannabis in its most recent fiscal year, but the Crown agency also reported a lower profit margin.
Year-end results, for the period ended March 31, show the corporation's total sales rose 5.8 per cent to $662 million, but net income dropped by $1.2 million to $237 million, when compared with the previous fiscal year.
Those sales figures included 866,800 cannabis transactions with an average dollar value of $38.29.
Meanwhile, the corporation says locally produced beverages continue to show strong growth.
Sales of ready-to-drink beverages produced in Nova Scotia, which are mostly ciders, rose 81 per cent to $7.8 million, while local craft beer sales were up 27.3 per cent to $16.7 million.
As well, Nova Scotia spirit sales grew by 28.5 per cent to $7.8 million, while Nova Scotia wine sales rose by 2.5 per cent to $11.7 million.