For its year ending in late December 2023, Edmonton-based cannabis retailer Nova Cannabis Inc. reported record revenue of $259.3 million (Cdn), a 15 percent increase over $226.4 million(Cdn) reported in 2022. Revenue of $67.4 million(Cdn) for the fourth quarter of 2023, was consistent with the third quarter of 2023 and a ten percent increase from the fourth quarter of 2022. Nova expanded its private label collaboration with SNDL Inc. through 2023, introducing large format flower SKUs in the Ontario market in the first half of the year. In September, the collaboration expanded further with the introduction of the large format vape. Presently there are 96 stores operating, an increase of eight stores since the beginning of 2023. Nova’s plan for the future is to solidify the cannabis retail market by promoting a wide range of cannabis products at best-value prices while encouraging greater migration from the illicit cannabis market. The company is focused on expanding its store footprint in the prairie provinces and in the key markets of British Columbia and Ontario, following regulatory updates increasing the cap on stores in the Ontario market, and proposed updates to the eight-store cap in British Columbia. Nova continues to pursue opportunities based on the quality of the real estate and the potential of attractive economic returns while avoiding unsustainable valuations. The company will build on the success of the Value Buds brand and provide a service to both consumers and industry partners, having introduced its pilot concept, Firesale Cannabis last year. The cannabis liquidation pop-up helps licensed producers sell aged inventory at deeply discounted prices, intending to provide the most affordable cannabis products in Canada. Currently there is one Firesale Cannabis in Alberta. Through its relationship with SNDL, Value Buds’ private label strategy has been successfully launched in Alberta and Ontario with four large format flower offerings and a large format vape. The Company is exploring further product extensions in the coming quarters to offer large format pre-rolls and edibles.
Nova Cannabis Inc., 17220 Stony Plain Rd., Unit 101, Edmonton, Alberta T5S 1K6 (855/702-7400 www.novacannabis.ca)