Montreal-based government-run marijuana firm, Société québécoise du cannabis (SQDC), this week reported comprehensive income of C$40.5 million for its third quarter of fiscal 2024, which ended Jan. 4. That figure was up year-over-year from C$33 million.
Total sales for the government corporation hit C$235.9 million in the quarter, up from C$201.6 million year-over-year, with 47,843 kilograms of cannabis sold in the period amid 6 million transactions, up from 37,215 kilograms sold a year prior.
SQDC attributed the sales uptick to growing popularity of marijuana concentrates, as well as the resolution of a labor dispute during the third quarter, which SQDC said “increased traffic during the holiday period.”
The government-run entity had a total of 101 dispensaries open during its third quarter, an increase of three shops over the past 12 months, and said it plans to continue expanding in coming months, including offering delivery services to new geographic areas in the province.
Because SQDC is a government corporation, all of its profits go straight back into the Quebec government. The company reported that it is remitting C$113.1 million to the provincial government, including C$92 million to the Quebec Treasury for “cannabis-related prevention efforts and research.” Its sales also generated C$72.6 million in tax revenue.
[[{“value”:”SQDC said the uptick in sales is partially attributable to the increasing popularity of concentrates.
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