The Société québécoise du cannabis (SQDC) announced the results of their first quarterly report today, bringing in $136.5 million in sales and $14.8 million in net income.
The sales figures represent an increase of $26.1 million in sales and $5.1 million in net income from the same quarter last year. 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.