The Quebec Cannabis Corporation Sees Surge in Sales and Profits
The Quebec Cannabis Corporation (SQDC) has reported a significant uptick in cannabis sales during the first quarter of the current fiscal year, outperforming the previous year’s figures by almost 16 percent. Notably, despite the rise in sales, the average price of cannabis has dropped by 4 percent.
In its financial report released on Thursday, the state-owned SQDC revealed a net profit of $27.7 million, marking a $3.8 million increase from the same period last year when it earned $23.9 million.
In addition to this profit, the SQDC also collected $68.0 million in sales and excise taxes, with $48.8 million allocated to the Quebec government and $19.2 million to the federal government.
The boost in revenue is attributed to total sales reaching $181.0 million, an 11 percent increase from the previous year’s $162.9 million in the first quarter.
This growth was driven by a surge in demand for concentrated products and the opening of eight new branches by the SQDC. Sales volume also saw a notable increase, with over 37 metric tons of cannabis sold compared to 32 tons in the same period last year, representing a 15.6 percent rise.
Customers have shown a preference for in-store purchases, with in-store sales totaling $173.4 million compared to online sales of $7.6 million, which saw a slight decrease.
All profits and taxes generated from cannabis sales are channeled to the Quebec Ministry of Finance, specifically for prevention, research, and combating substance-related harms, contributing $76.5 million to the Addictions Fund.
Looking ahead, SQDC management is gearing up to introduce vaping products to the market by the end of fall 2025, focusing on responsible marketing practices.
Keyphrase: Quebec Cannabis Sales
