The Quebec Society of cannabis (SQDC) increased its net income for the first quarter by 51% compared to the same period, which the crown corporation attributed in part to the growth in the number of branches in its network.
The state corporation’s net income reached $ 14.8 million for the 12-week period ended June 19, the SQDC reported on Friday. This is an increase of 5.1 million compared to the result of 9.7 million for the same period last year.
Sales, for their part, climbed 23%, or $ 26.1 million, to reach $ 136.5 million. This represents 24,538 kg of cannabis legally sold in Quebec. The company attributed the increase to the deployment of new branches and the migration of consumers from the illicit market.
Its network had 68 branches as of June 19, up from 42 on the same date last year.
Everything in government
The state-owned company said that the entire profit would be paid in the form of a dividend to the government of Quebec, which will reinvest in prevention and research in the field of cannabis.
The SQDC collected in the most recent quarter the equivalent of 46.1 million in consumption tax and excise tax. Of this amount, $ 32.9 million will go to the provincial government and $ 13.2 million to the federal government.
The company also mentioned that it was conducting a pilot project to extend its online delivery service to Quebec City.
SQDC customers were also less likely to order than at the same time last year, at the start of the pandemic. Online sales increased from $ 15.8 million to $ 9.3 million. They now represent the equivalent of 6.8% of total sales value.
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