By / January 5, 2021

Patrick Parent, CEO of New Brunswick’s Cannabis NB resigns amid uncertainty

Patrick Parent, President and CEO of both NB Alcohol and Cannabis NB, the government retailers in charge of alcohol and cannabis sales in New Brunswick, has announced his resignation after only 16 months at the helm of the Crown corporation in New Brunswick. A company which finally seems to have become profitable…but whose future remains uncertain. Their situation highlights and reflects many of the dilemma’s facing the Canadian cannabis industry.

In order to keep up to date on the corporate and cultural phenomenon of cannabis in Canada, as well as global hemp news impacting the industry, download our companion HEMP.IM app.

An abrupt end to a successful tenure at the helm of New Brunswick Cannabis

Patrick Parent indicated in mid December on the NB Liquor website that he would now like to return to work in the private sector as CEO. “It was not an easy decision” he added but did not provide any clearer motivation on the reason for his rather abrupt departure shortly before the end of the year.

Patrick Parent has been President and CEO of NB Liquor and Cannabis NB since September 2019, when it was struggling with profitability and a very uncertain future.

Lori Stickles, the company’s Vice President of Finance, is replacing him on an interim basis since January 1st.

Cannabis NB Turnaround: success story for Canadian Hemp

NB Liquor Chairman John Correia thanked Patrick Parent in December for his “outstanding contribution” to the NB Liquor Board of Directors. Correia argued that they owe much to his dedication, and highlighted the success of Cannabis NB during the short tenure.

Cannabis NB recorded record numbers in the second quarter of 2020. In the second quarter, the company’s sales jumped 87% and profits were up. An impressive turnaround considering where the company was just a year earlier before Parent took the top job.

In October 2019, while Cannabis NB was in a deficit position, the New Brunswick government was talking about possible privatization. The recent financial data, announced under the leadership of Patrick Parent who was clear on wishing to keep it a Crown property, is now making Premier Blaine Higgs hesitant.

Privatization of Cannabis NB still up in the air, reflecting broader industry struggle

According to Parent, and some uncorroborated data from the final months of 2020, Cannabis NB has the highest per capita profit in Canada, “Something we should all be proud of”. This has of course complicated the decision for the government on a possible privatization, why give up a cash cow after all?

Yet while there is no evidence to link Mr Parent’s departure to any discussion surrounding privatization (or not) of Cannabis NB, the decision does come after months of delay. The call on privatization was supposed to fall mid-autumn, and then at the start of 2021, but with no announcement as of publication, Canadians can only speculate.

The decision also comes at a pivotal moment for cannabis in Canada. As the industry struggles to recover from its initial over-hyped boom and subsequent slow bust, many companies are facing stark realities. In some cases this is manifesting in mergers, like the combination of cannabis giants Aphira and Tilray announced in December. In many ways a reflection of the same circumstances, and choices, faced by Cannabis NB. Unfortunately not a situation which the resignation of their CEO makes any clearer, or simpler, for the company or government.

(featured image by Graham-H via Pixabay)


This article was written by a third party contributor and does not reflect the opinion of, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published on Ici Radio Canada, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Comments are closed for this post.