Quebec Cannabis Shop Reports C$40.56 Million Profit for Third Quarter | MEDCAN24

Societe Quebecoise du Cannabis (SQDC), the government-run marijuana firm located in Montreal, reported comprehensive income of C$40.5 million during their third fiscal quarter ending Jan 4, compared with C$33 million last year. This marked an impressive gain versus prior year.
Total sales for the government corporation reached C$235.9 million during Q3, surpassing year-ago totals by almost 16 per cent with 47,843 kg of cannabis sold across 6 million transactions versus 37 215 kilograms sold annually.
SQDC attributes its sales uptick to increasing interest in marijuana concentrates as well as resolution of labor dispute in third quarter, which SQDC believes increased traffic during holiday period.
Government-run entity expanded by three dispensaries since last year to open 101 dispensaries during their third quarter; further plans include providing delivery services in new geographic areas of the province.
As SQDC is a government corporation, all its profits flow directly back into Quebec government coffers. According to its recent annual report, they remitted C$113.1 million back into provincial coffers; C$92 million went directly into Quebec Treasury for “cannabis prevention efforts and research”. Furthermore, sales generated C$72.6 million tax revenue.
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