President and CEO Bruce Keating explains the decrease is because of bigger expenses from higher cannabis commissions paid out and lower beer commissions.
Although sales were strong, particularly in cannabis, the Newfoundland and Labrador Liquor Corporation is reporting a decrease of $3.8 million for the quarter ending January 3rd. Net earnings rang in at $57.4 million. President and CEO Bruce Keating explains how this is because of bigger expenses from higher cannabis commissions paid out and lower beer commissions. Cannabis sales totaled $27.9 million, an increase of 4.5% over last year’s third quarter. Keating says there are 61 licensed retailers with more to come, including one in Pasadena. NLC paid $60.0 million to the Government of Newfoundland and Labrador in the quarter.
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