The Société québécoise du cannabis (SQDC) brought in $190.5 million in sales in the last three months of 2021, an increase of $17.5 million from the previous quarter, according to their most recent quarterly report.
This amounted to $26.4 million in net revenue for the provincial agency. This represents 34,582 kg of cannabis sold legally during the third quarter. The majority of these sales were made in store (32,846 kg) while 1,736 kg were sold online through the SQDC.ca.
The agency brought in $60.2 million in the first three quarters of 2021-2022, an increase from $48.1 million at the end of the same period of the previous year. Revenue from cannabis sales in Quebec get reinvested into the province, especially for cannabis prevention and research.
This revenue from sales does not include tax revenue, from both a provincial consumption tax as well as the provincial portion of the federal excise tax. These taxes amounted to about $56.3 million for the third quarter.
The agency brought in $19 million in revenue in the previous quarter from $142 million in sales.
The SQDC also brought on a new President and Chief Executive Officer, Jacques Farcy, in October and added four new stores in the third quarter of 2021. There are currently 87
SQDC cannabis stores. Quebec has some of the lowest cannabis prices in Canada.
Recently the province has required any consumers entering an SQDC store to provide proof of vaccination. The province is now considering lifting that temporary requirement.