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

MONTRÉAL, Feb. 14, 2024 /CNW/ - 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.

• 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% 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% of sales.
• The SQDC currently has 98 stores, compared with 92 at the end of the third quarter of the preceding fiscal year.

• 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, 2023, Suzanne Bergeron joined the organization as President and Chief Executive Officer.

The interim financial report for the quarter running from September 10 to December 30, 2023, is now available (in French only) on SQDC.ca

The SQDC is a government corporation mandated to distribute and sell cannabis in Québec with a focus on protecting customers' health and safety. The company is committed to offering quality products and informing and advising consumers on how to minimize the health impacts of cannabis. The long-term objective is to shrink the illegal cannabis market in Québec. By law, all the SQDC's profits are remitted to the Fonds de lutte contre les dépendances, a fund managed by the Ministère des Finances du Québec, and reinvested primarily in cannabis-related education, prevention efforts and research. For more information, visit SQDC.ca.

SOURCE Société québécoise du cannabis