In an impressive display of local industry strength, Nova Scotia’s cannabis sales have soared to over $111 million, with a significant portion driven by the sale of local products. This remarkable achievement not only underscores the province’s growing market but also highlights the potential of local cannabis producers in contributing to the economy.
The Local Advantage
Nova Scotia’s cannabis market has seen a substantial boost, thanks in part to the $33.5 million in sales generated by local producers. This figure marks a 41.8% increase from the previous year, showcasing the community’s preference for locally sourced products. The top-selling items, such as Breakers Indica Milled and Eastcann Animal Z, have become favorites among consumers, reflecting a trend towards supporting local businesses.
The rise in local product listings, now representing 30.2% of active offerings, is a testament to the province’s commitment to nurturing its homegrown cannabis industry.
Market Dynamics
Despite a global trend towards online shopping, Nova Scotia’s cannabis market remains predominantly in-person, with less than 1% of sales occurring online. This preference for physical stores has led to an almost $10 million increase in in-person sales, highlighting the importance of customer service and the retail experience in the cannabis industry.
Interestingly, the average transaction value has decreased slightly, suggesting that consumers are becoming more price-conscious and possibly benefiting from a more competitive market landscape.
Economic Impact and Community Development
The economic implications of the cannabis industry’s growth extend far beyond sales figures. The Nova Scotia Liquor Corporation (NSLC) reports that all profits are returned to the province, supporting essential public services. With the NSLC’s total sales from cannabis, alcohol, and other products, the corporation contributed $284.7 million to provincial revenue, marking a 6.0% increase over the previous year.
The opening of new stores, including the first provincially licensed First Nations cannabis store on the Eskasoni First Nation, signifies the inclusive growth of the industry and its role in community empowerment.
