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Quebec’s cannabis sales increase 20% in most recent fiscal year

Jun 8, 2022 | Media Partners, Stratcann

This post is presented by our media partner Stratcann
View the original article here.

Quebec saw a 20% increase in cannabis sales in 2021-2022 compared to the previous year, bringing in $214 million in revenue for the province from $600 million in sales. 

The Société québécoise du cannabis (SQDC) sold 109,351 kg of cannabis in its most recent fiscal year ending March 26, 2022, compared to 91,529 kg in the year prior

This increase in sales is largely due to the 21 new cannabis stores the SQDC opened in 2021-2022. A total of 89 stores are currently open across the province. There were 87 stores at the end of the most recent fiscal year. The average price of a gram of cannabis sold in Quebec, taxes included, is $6.31.

The SQDC had a net income of $75.7 million in 2021-2022, which the province invested into cannabis research and prevention. Quebec also brought in another $139 million in tax revenue for the province, bringing the total to $214.7 million into provincial coffers and another $56.4 million to the federal government. 

Image via SQDC.ca

Quebec’s  Prevention and Research Fund for cannabis provides funding for an array of activities to prevent and reduce harm related to the use of cannabis. Investments are made according to three main areas: health promotion, prevention, and the reduction of harm associated with cannabis use, as well as research, monitoring and addiction services.

Online sales down, over 50% of total cannabis market capture

In total, the province sold 109,351 kg of cannabis compared to 91,529 kg in the previous fiscal year. Online sales declined from 8,692 kg in 2021 to 6,651 kg of cannabis in 2021-2022, likely due to more consumers again shipping in-store with the raising of covid-related restrictions. 

The SQDC recorded 13.4 million transactions across its retail network, for an average of $51.62, including all taxes. 

Quebec’s cannabis branch also estimates that it has now captured 58.5% of the overall cannabis market.

The province also expanded its same-day evening express delivery program for online sales to the Shawinigan, Trois-Rivières and Quebec City corridor and provided new in-store “click and collect” pick-up services in some stores near the end of the fiscal year. This service has since been extended to the entire network in the first weeks of the new financial year.

SQDC has also continued its in-store container recycling program and mask recovery program and reports it is working with producers, especially micro-producers in Quebec, to improve its product selection process.

The province expects to continue to add to its retail base in the coming years as it seeks to gather a larger portion of the overall cannabis market.

Featured image via SQDC.ca


This post was originally published by our media partner here.