The Premier is hopeful that the formula-based approach to snowcrab pricing will be in place for the 2024 season.

The snowcrab industry was brought to its knees last spring with a price dispute that delayed boats from going into the water for over two months.

A report into the situation was released in the fall with a recommendation that formula-based pricing be put in place before the start of the next season.

Premier Andrew Furey says he met with harvesters after the fishery closed last year, and there was consistent, but not unanimous, recognition that a formula based approach is needed.

Furey says work is ongoing to get the formula in place before next season.

He says the two sides are meeting now to decide on the “ingredients” of the formula. He is hopeful they can reach a deal amongst themselves and boats will be in the water on time this year.