NB Liquor CEO Daniel Allain says selling the company would not be a viable option for the province.
In a report to government, it is recommending it stay a publicly owned agency.
There was speculation that the provincial government would consider selling NB Liquor due to province's massive amount of debt.
The report says NB Liquor contributes about $207 million a year to the province, and preserving that flow of money is crucial as the government struggles to reduce its deficit.
Allain says in a letter to cabinet that NB Liquor must become more entrepreneurial in the future.