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Net income of $33 million for the SQDC’s third quarter

February 14, 2024  By Grow Opportunity Staff

(CNW) Montreal — The Société québécoise du cannabis (SQDC) has reported comprehensive income of $33 million for the third quarter of its 2023-2024 fiscal year, which ended December 30, 2023. The amount is remitted in full to the Québec government and reinvested primarily in cannabis-related prevention efforts and research.

To that figure can be added business-related tax revenues in the form of consumer and excise taxes, estimated at $61.4 million ($43.5 million to the Québec government and $17.9 million to the federal government). In all, $94.4 million is being paid to the two governments, $76.5 million of which is destined for the Québec treasury.

Quarterly results at a glance
  • The SQDC’s overall sales from September 10 to December 30, 2023, reached $201.6 million, compared with $187.3 million for the same quarter of the preceding fiscal year, a 7.6 per cent increase.
  • A total of 37,215 kg of cannabis was legally sold during the quarter, compared with 33,242 kg during the corresponding quarter of the preceding fiscal year.
  • The store network sold 34,858 kg of cannabis for a total of $189.3 million.
  • Online sales reached 2,357 kg of cannabis for a total of $12.3 million.
  • The number of transactions completed during the quarter rose to 4.9 million.
  • Net expenses amounted to $33.4 million or 16.6 per cent of sales.
  • The SQDC currently has 98 stores, compared with 92 at the end of the third quarter of the preceding fiscal year.
Highlights of the quarter
  • During the quarter, to better meet customers’ expectations and continue carrying out its mission, the SQDC made improvements to some of its product categories, particularly extracts, edibles and product formats.
  • October 17, 2023, was the fifth anniversary of cannabis legalization and the opening of the first Société québécoise du cannabis stores.
  • On November 13, 2023, the SQDC and the employees represented by the Canadian Union of Public Employees (CUPE-5454) signed new collective agreements, marking the end of the labour dispute and leading to the gradual resumption of normal operations.
  • On November 27, 2023Suzanne Bergeron joined the organization as President and Chief Executive Officer.


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