The SQDC reported a net and overall result of $40.5 million for the third quarter of the 2024-2025 fiscal year, which ended January 4, 2025. This was compared to $33 million for the same quarter in the previous year and $29.4 million in the previous quarter. 

Cannabis sales in the province in the most recent quarter were $235.9 million, up year-over-year from $201.6 million in Q3 2023-2024 and up from $173.7 million in the previous quarter.

The SQDC saw a 17% year-over-year increase in sales compared to the same quarter of the previous fiscal year, and sales volume increased by 28.6% year-over-year. Quebec moved 47,843 kg of cannabis in the most recent three-month reporting period, up from 34,675 kg in the previous quarter and 37,215 kg for the same quarter of the 2023-2024 fiscal year.

The provincial cannabis agency attributes this increase in sales to the growing demand for cannabis extracts, which includes cannabis oils and capsules, as well as the limited number of resins, rosins, and hash that can meet the province’s 30% THC limit. The province is also looking to allow sales of cannabis vapes by the end of 2025. 

In the last quarter, SQDC sold more cannabis at a lower price than in the same quarter last year. In Q3 2023-2024, there were 6 million transactions for all cannabis products combined, with an average selling price of $5.67 per gram, including all taxes. This is compared to 4.9 million transactions in the same quarter last year at an average selling price of $6.23 per gram.

The vast majority of sales were from brick-and-mortar stores at $226.5 million, compared to $189.3 million for the third quarter of the previous fiscal year. Online sales were $9.4 million, down from $12.3 million in Q3 2023-2024, which SQDC attributes to the postal strike last November. 

The SQDC currently has 101 brick-and-mortar retail locations open in the most recent quarter and currently lists 104 as licensed, with plans for more in 2025 

The $40.5 million in revenue from the SQDC’s cannabis sales, in addition to the $51.5 million it brought in from its 75% share of the federal excise tax applied to cannabis, mean that the province brought in $92 million, which it says was reinvested into health-related issues like prevention and research into cannabis.

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