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    Newfoundland and Labrador Liquor Corporation reporting strong first quarter results

    Friday, 30 August 2024 12:00

    By Tonya Organ

    President and CEO Bruce Keating says “Market conditions in the first quarter in the previous two years have been more challenging but are much stronger this fiscal year.

    The Newfoundland and Labrador Liquor Corporation is reporting net earnings for the first quarter of the year is $48 million, which is an increase of .4 million from last year’s first quarter. President and CEO Bruce Keating  says it is a strong start to the fiscal year. He says “Market conditions in the first quarter in the previous two years have been more challenging but are much stronger this fiscal year. Sales in the mature beverage alcohol market are up by more than 5%, and retail sales in the still developing legal cannabis market have increased by more than 25% compared to last year.” Cannabis sales totalled $24.2 million. Regulatory Compliance and Enforcement NLC conducted 922 inspections on liquor establishments and cannabis retailers. NLC now estimates that 84.0% of the illicit cannabis market has been captured. 

     

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