Nova Cannabis reportedly made $1.3 million from stores in Alberta five days after the legalization of marijuana
Nova Cannabis’s Alberta stores have brought in approximately $260,000 each after the first five days of the legalization of recreational marijuana. Alcanna Inc is the company that owns all of the stores and also owns a liquor chain under the same name. On Tuesday morning they released their numbers after they had many requests to do so from investors, media outlets, analysts and shareholders. The company previously said that they would not disclose their financial results but due to the large amount of outcry from these groups they decided to change their decision.
From Wednesday morning to Sunday evening the five stores brought in a total of approximately $1.3 million. The release read that since all five of their stores had lines from their opening at 10am until their closing at 10pm on each day, the results are so high as they were operating at full capacity for several days non-stop.
Two of the Nova Cannabis stores are location in Edmonton while the other three are in Spruce Grove, Calgary and Fort Saskatchewan. All the stores approximately processed a total of 17,000 transactions where the purchase amount was two to three times more than the average purchase at their liquor depots.
Alcanna Inc’s CEO, James Burns, said that these figures are truly impressive but that the public and shareholders should be made aware that these numbers are largely inflated due to the novelty of legalization combined with the very limited amount of outlets that were open on October 17th.
Alcanna is the biggest private-sector alcohol retailer in Cananda with a total of 228 liquor stores in Alberta and Alaska. The five Nova Cannabis stores were the first that the company had opened.