Cannabis News

P.E.I. Loses Nearly $500k in First 6 Months of Cannabis Sales

The Prince Edward Island Cannabis Management Corporation lost $483,000 during its first six months of legal cannabis sales.

But factoring in P.E.I.’s estimated $546,000 share of a new federal/provincial cannabis tax over the same period, the province managed to come out slightly ahead.

According to figures provided by the P.E.I. Department of Finance, the province sold $6,957,000 worth of pot from the day sales began Oct. 17, 2018 through to the end of the fiscal year on Mar. 31, 2019.

That left the Crown corporation in charge of cannabis sales with a gross profit of $1.8 million after product costs were taken into account.

– Read the entire article at CBC News.

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