The Nova Scotia Liquor Corporation (NSLC) released its year-end financial results today, June 16, for April 1, 2019 to March 31, 2020.
Strong sales growth exceeded projections with a 4.2 per cent increase in earnings to $247.3 million compared to the previous fiscal year. This growth was driven by the first full year of cannabis sales, the introduction of new cannabis categories, sales growth in all local product categories and an influx in sales due to the COVID-19 pandemic.
There continues to be strong growth in all local product categories. Nova Scotia ready-to-drink sales, driven primarily by vodka coolers, were up 101.4 per cent to $16 million over the previous fiscal year, while Nova Scotia craft beer sales were up 21.5 per cent, to $20.1 million. Nova Scotia spirit sales grew by 22.2 per cent to $9.4 million, while Nova Scotia wine sales increased by eight per cent to $12.5 million. Nova Scotia cannabis accounted for 18.3 per cent of cannabis sales at $13 million.
The 2 million cannabis transactions had an average dollar value of $34.74, which was down from $38.29 the previous year. The average dollar value of each beverage alcohol transaction grew by 4.6 per cent to $32.08.
Total sales were up 9.7 per cent to $726 million with $655.1 million in beverage alcohol sales and $71 million in recreational cannabis sales.