Quebec Cannabis Society posted a net income of $1.4 million for the quarter ended June 22. With sales of $45.1 million. Branches were more popular than the website. Their sales amounted to 39.5 million. While they were 5.6 million for the website. In terms of quantity, the company sold well over 6,264 kilos of cannabis, 5,512 in stores and 752 through online sales on the web.
The mission of the Cannabis Society educational events is to provide the public with a snapshot of the regional cultural environment around marijuana. Including how cannabis interacts with the arts, sciences, and technologies. Each evening is in a casual academic setting. It will allow for questions and answers with the featured speaker.
Speakers featured are often controversial and always an expert in their field of study. Whether it is starting a cannabis business or listening to advocates discuss their efforts with public officials. Our events represent an entirely new way of viewing marijuana.
The situation with Internet orders
However, Internet orders are larger and more profitable. The average basket was $46.53 in branches compared to $82.28 on the website. In its quarterly report released on Friday. The SQDC states that it generated $14.4 million in government revenue in the form of consumption taxes and excise duties collected from producers.
During this quarter, the SQDC opened new branches in Joliette, Gatineau, and Granby. In addition, they were added to those of Brossard, Drummondville, Lévis, Mascouche, Mirabel, Montréal, Rimouski, Saint-Jean-sur-Richelieu, and Trois-Rivières, for a total of 16.
It was during this first quarter of fiscal 2019-2020 that the SQDC’s supply problems were resolved. It was able to return to a stable supply level. On May 20, to branch opening hours as planned, seven days a week.
The main expenses of the SQDC are salaries, with $3.4 million, which represent 40% of net expenses. Operating expenses amounted to $2.3 million, or 27.4% of net expenses.
The SQDC has also signed agreements with new producers to diversify its product offering and stabilize its supply.
Quebec’s cannabis society racks up nearly $1.4 million in net profits in the latest quarter
The Société québécoise du cannabis (SQDC) has reported $1.36 million in net profits for this past quarter, which closed on June 22nd. This adds up to a total of $45.1 million in sales.
The brick-and-mortar stores were more popular than the website. Outlets registered a total of $39.5 million in sales, while the website registered $5.6 million. As for quantity, the SQDC sold 6,264 kgs of cannabis, of which 5,512 were sold in outlets and 752 online.
Quebec cannabis sales ranked to $71 million in the first year
Quebec’s provincially operated cannabis shops made $71 million in sales in their first year. Sold the most cannabis in the country in terms of dollars and volume. They posted a $4.9-million loss to be covered by the provincial government.
The provincial cannabis corporation said in a statement that the provincial government revenues from consumption and excise taxes totaled about $21.7 million between June 12, 2018, and March 30.
The first stores in the Quebec network opened on Oct. 17, the day recreational marijuana became legal in the country. However, the stores had to reduce opening hours. They plagued by supply challenges faced by all provinces no matter what business model they were employing.
By the end of the fiscal year, Quebec stores were open five days a week. But now stores are open seven days a week. “Despite the supply issues and its scaled-back expansion plan, the SQDC estimates, based on Statistics Canada data. During its first months of operation, Quebec was the province with the highest sales in Canada, ” the agency reported.
(Featured Image by Hermes Rivera)
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