The newest annual report for the Société Québécoise du Cannabis (SQDC) shows the provincial cannabis agency brought in $66.5 million in net income in the past year, capturing over half of the cannabis market.
The report, for the 2020-20221 fiscal year ending March 27, 2021 also shows tax revenue from sales for the past year, $121.8 million in Quebec and $ 49.6 million at the federal level. Nearly $238 million was paid to all levels of government, including about $188 million to Quebec.
Revenues from cannabis sales in Quebec are reinvested into provincial projects and services, such as prevention and research in the field of cannabis as well as in the fight against the harms linked to the use of psychoactive substances.
For the 2020-2021 fiscal year, the SQDC’s total sales reached $537.2 million, or 91,529 kg of cannabis compared to $311.6 million and 46,863 kg during its previous fiscal year. Sales in Quebec-run storefronts amounted to $486.7 million, or 82,837 kg of cannabis. And the SQDC online store site generated sales of $50.5 million, or 8,692 kg of cannabis.
Quebec has some of the lowest cannabis prices in Canada, likely aiding to the high level of sales, despite currently only having 66 retail outlets. Quebec added 25 new stores in the reporting period. The average per gram price in the province was $6.74, including sales taxes.
The agency currently employs nearly 900 people and offers more than 300 different products. The SQDC’s online store received 8.4 million visitors.