The provincial cannabis regulator in Quebec announced today a new CEO, to take office on October 12.
The Board of Directors of the Société québécoise du cannabis (SQDC) announced today the appointment of Jacques Farcy as President and CEO of the SQDC.
Farcy comes directly from his time at the SAQ (Société des alcools du Québec), where he most recently spent two years as the VP of sales, operations and channels.
He holds an executive MBA from HEC Montreal-McGill University, a diploma from the Commercial Institute of Nancy (France), and has nearly 30 years of experience in strategic management positions with companies, both in France and in Canada.
As President and Chief Executive Officer, the provincial cannabis branch says Mr. Farcy will lead all of the SQDC’s operations so that it can continue to fulfill its mission to integrate consumers into the legal market and to keep them there, without encouraging the consumption of cannabis.
Quebec’s most recent quarterly report shows increasing profitability from the provincial cannabis retailer, with no over 70 locations.
The recent sales figures represent an increase of $26.1 million in sales and $5.1 million in net income from the same quarter last year for Quebec. Added to this are the tax revenues derived from its operations in the form of consumption tax and excise tax valued at $46.1 million ($ 32.9 million in Quebec and $13.2 million in federal), for a total of $60.9 million, including $ 47.7 million to Quebec.
The profits from cannabis sales in Quebec are reinvested into cannabis research and addictions prevention services.
The provincial cannabis branch attributes the continued growth in sales to an increasing number of retail stores, currently totalling 68 locations, compared to 42 at the same date last year.
Quebec has some of the lowest cannabis prices in Canada, with an average price per gram of $6.39, all taxes included, down from $6.67 during the same time period last year. All provincial cannabis stores in Quebec are run by the province.
The province sold 24,538 kg of cannabis during the quarter from March 28 to June 19, 2021. The bulk of these sales (22,835 kg) were sales made at physical SQDC stores, while online sales accounted for 1,703 kg of cannabis. Net expenses for the quarter were $20.3 million. Capital expenditures were $2 million, with the majority of these investments devoted to the opening of new branches.
During the first quarter of 2021, the SQDC also began a pilot project for same-day delivery from branches in Quebec City.