Despite a sluggish market, NLC cannabis sales are soaring.

Second quarter net earnings at the NL Liquor Corporation are on par with that reported over the same period last year.

NLC President and CEO Bruce Keating says market conditions in the second quarter were stronger than the first, however given broader economic conditions, the market remained sluggish.

He says rising inflation and high interest rates are having an impact on disposable income but they remain optimistic that conditions will continue to slowly improve.

The NLC saw a big jump in cannabis sales through their licensed cannabis retailers. Sales in the second quarter totaled $23.1 million, a more than 30 per cent increase over the same period the previous year.

Cannabis growth was driven largely by vape products which were introduced last year, as well as ground and milled and whole flower products.

$3.1 million worth of vape products were sold in the second quarter, representing 13.4 per cent of sales.

Cannabis is a new and emerging market for the NLC. Keating says they’ve seen great success with their product offerings.

He estimates that the NLC has captured 72 per cent of the illegal market, something he calls a “success story.”