N.W.T.’s Online Cannabis Store Lost $136K Last Year
Online store cost nearly $300K to create and $200K/year to operate for just 604 users.
The Northwest Territories’s online cannabis store has seen only 604 users since legalization and lost $136,000 last fiscal year. It’s on track to lose the same amount or more in 2019-2020.
That’s despite a 44 per cent markup on all products sold in the online store — a profit margin which guarantees its prices are not competitive with black market vendors.
Since legalization, $3.9 million worth of legal cannabis has been sold in the territory. But just $57,664 of that — less than 1.5 per cent — was purchased online.
– Read the entire article at CBC News.