Niagara Falls, ON

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September 12, 2022, Niagara Falls

The SQDC reports net income of $20.5 million for its first quarter ended June 18, 2022

Sep 12, 2022 | Media Partners, Stratcann

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

Sales of cannabis at the Société québécoise du cannabis (SQDC) generated $54 million for the Quebec government for its first quarter ended June 18, 2022, with the crown corporation posting a net income of $20.5 million and another $33.5 million in taxes. 

This is a slight decrease in sales from the previous quarter when the SQDC reported $26.4 million in sales for the provincial agency.

Revenue from cannabis sales in Quebec gets reinvested into the province, with a focus on cannabis prevention and research.

Total SQDC sales between March 27 and June 18, 2022 reached $139 million, the result of 25,050 kg of cannabis sold legally during this quarter. This is compared to $136.5 million during the first quarter of the previous fiscal year.

The majority of those sales were through the province’s network of now 89 stores (23,802 kg), while another 1,703 kg of cannabis were sold through the SQDC’s online portal. 

The SQDC opened two new branches in the cities of Montreal and Gaspé in the most recent quarter, for a total of 89 branches and 1,051 employees within the company as of June 18, 2022. The SQDC had 68 branches at the same time last year.

The SQDC has also been in negotiations with the two unions which represented, as of June 18, the employees of 44 of its 89 branches. An agreement was reached with the Confederation of National Trade Unions (CSN) and was ratified by the employees on June 26

Another 22 stores represented by the Canadian Union of Public Employees (CUPE) have been on strike since May 20. All of these branches remain open except for one, and are operated by the managers on a reduced schedule. The SQDC says it still hopes to reach a negotiated agreement between the two parties.

In an interview with StratCann earlier this year, the SQDC’s President, Jacques Farcy, said the provincial agency was shifting its focus from adding new locations to refining the consumer experience by adding new products and consumer experiences

Since then, the province has added new cannabis edibles to their shelves and is launching a new “petite lots” small batch product call process for a limited launch in a handful of locations.


This post was originally published by our media partner here.

Grow Up – September 11-13, 2022
Niagara Falls Convention Centre, ON