ICYMI: NLC says a decrease of $2 million in earnings compared with the third quarter of 2021 is due to a new collective agreement and changes to support cannabis retailers.
New NLC liquor store on Queen Street in downtown St. John's. Photo by Keith Gosse/The TelegramST. JOHN'S, N.L. — The Newfoundland and Labrador Liquor Corp. on Monday, March 6, reported net earnings for the third quarter of fiscal year 2022 — ended Dec. 31, 2022 — of $55.6 million, a decrease of $2 million, or 3.4 per cent, compared with the third quarter of the previous year.
“The third quarter has been a strong quarter with beverage sales and cannabis sales both exceeding results for the same quarter a year ago,” said Bruce Keating, NLC President and CEO. Following a three-year review of the cannabis industry recently completed by the Government of Newfoundland and Labrador, in consultation with NLC, the decision was made last September to approve cannabis vapourizers and associated products. The first cannabis vapour products hit shelves in October, and cannabis vape products' sales were $1.6 million in the third quarter, amounting to 9 per cent of total cannabis sales.
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