Quebec Cannabis Stores Report $1.4 Million in Net Income During Second Quarter

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LOCAL NEWS Quebec cannabis stores report $1.4 million in net income during second quarter The SQDC sold nearly 6,264 kilograms of cannabis at stores and online, generating $14.4 million in tax revenue for the province. By Presse Canadienne MONTREAL, QUE.: OCTOBER 17, 2018 -- Customers wait in line at the L'Acadie boulevard SQDC, on the first day of legal marijuana in Canada on Wednesday October 17, 2018. (Pierre Obendrauf / MONTREAL GAZETTE) ORG XMIT: 61544 - 8063 1018 city pot

The Société québécoise du cannabis, Quebec’s online and storefront cannabis sales network, posted a net income of $1.36 million for the 12-week period that ended on June 22, based on total sales of $45.1 million.

In a report published on Friday, the SQDC revealed that its storefront branches proved to be vastly more popular than its websites during that period. According to the report, SQDC branches boasted sales of $39.5 million, compared to $5.6 million generated by the websites. In terms of quantity, the SQDC branches sold 5,512 kilograms of cannabis, while 752 kilograms were sold through the websites.

However, online orders were larger and yielded more profit. The report says that, on average, clients spent $82.28 per visit on the websites, compared to $46.53 per visit in stores.

In total, the 6,264 kilograms of cannabis sold at stores and online generated $14.4 million in tax revenue for the province.

The report also notes that, during the second quarter, the SQDC opened new branches in Joliette, Gatineau and Granby, increasing the total number of branches in the province to 16.

Read the full article here.

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