The Quebec Cannabis Corporation (SQDC) has reported a strong financial performance in the first quarter of the fiscal year, ending on June 20. Their net income rose to $31.9 million, up from $27.7 million in the same period last year.
During this quarter, SQDC achieved total sales of $193.7 million, equivalent to 39,936 kilograms of cannabis. This marks a significant increase from the previous fiscal year, where sales amounted to $181 million, or 37,114 kilograms of cannabis.
The growth in sales can be attributed to the increasing preference for legal cannabis purchases over illegal channels. Factors contributing to this surge include the opening of six new branches since the previous fiscal year, the introduction of cannabis vaping products, and adjusted opening hours, as stated in a recent press release by SQDC.
Beyond sales revenue, the consumption and excise taxes have generated tax revenues amounting to $73.8 million. The Quebec government receives $52.9 million from this, with the remaining $20.9 million going to the federal government.
The net income and Quebec’s portion of the excise tax contribute to various initiatives, including the Addiction Prevention Fund.
