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The Société québécoise du cannabis (SQDC) recorded a new record for net revenue in its second quarterly report for the 2024-2025 fiscal year.
The provincial cannabis agency’s total sales were $173.7 million in Q2, 34,675 kg of cannabis, up from $151.7 million from 27,498 kg in the same quarter of the previous fiscal year, an increase of 26%. This resulted in net and overall sales of $29.4 million compared to $24.9 million for the same quarter of the previous fiscal year, a nearly 15% increase from Q2 2023.
The SQDC documented 4.4 million transactions in the most recent quarter, compared to 3.6 million for the same quarter in the 2023-2024 fiscal year, at an average selling price of $5.76 per gram, all taxes included, for all cannabis products combined.
This is down from the average selling price of $6.34 per gram in Q2 2023, which the SQDC attributes to a growing demand for low-cost products and concentrate-type products that it says have a lower average selling price per gram than other product categories.
The SQDC opened two new locations in the most recent quarter, the Donnacona branch and its hundredth branch in Richelieu in Montérégie. The SQDC has not added many stores in the last few years, with the agency saying it is focussing more on refining the consumer experience in its stores rather than constant expansion.
In a recent interview with StratCann, SQDC president and CEO Suzanne Bergeron says the organization has spent the first six years of legalization gathering consumer data to better meet consumer needs, even within the sometimes strict confines of Quebec’s rules that ban many edibles, concentrates, and vape products.
“We’re starting to get a good amount of data on consumer preferences, what they like and dislike, [as well as] what keeps them in the illicit market vs coming into the SQDC,” she said. “Knowing that, we’re able to refine the strategy on how we’re going to adapt our stores so when they come in they feel welcome.”
The provincial government brought in $43.9 million in its share of cannabis taxes, while another $17.5 million went to the federal government. Cannabis sales in Quebec provided the provincial government with $73.3 million in revenue. The province says it reinvests these profits into prevention and research into cannabis.
Net sales in the most recent quarter were also up by one million from the previous quarter when the Société québécoise du cannabis brought in $23.9 million in net sales from $162.9 million in sales.
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