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SQDC sold $162.9 million worth of cannabis in Q1 2024-2025

September 5, 2024 | David Brown

In the first quarter of its 2024-2025 reporting period, the Société québécoise du cannabis (SQDC) brought in $23.9 million in net sales from $162.9 million in sales.

Net sales were up for the three months ending June 22 compared to $20.6 million for the same reporting period in the previous fiscal year, but down from $25.6 in the last quarter (Q4 2024) to $33 million in Q3 2024.

In addition, Quebec brought in another $43 million in its share of federal excise tax, with $17 million going to the federal government for a total of $60 million in excise tax on cannabis sales in the province. This brings the total the SQDC generated for Quebec in the three months ending June 22 to $66.9 million.

The SQDC sold 32,098 kg of cannabis in the most recent quarter (Q1 2025), up from 25,675 kg for the same period in 2024 from 4.1 million transactions. SQDC says these increases are due to a settled labour dispute, which limited the operation of 24 of its retail locations, and the growth in demand for cannabis concentrates.

Most sales were through SQDC’s brick-and-mortar locations ($155 million), up from $133.5 million in Q1 2024, while online sales were $7.9 million for the current quarter, down from $9.1 million in Q1 2024.

The average sale price for cannabis in Quebec in this reporting period was $5.84. The average price per gram in the previous fiscal year was $6.22 per gram.

The SQDC recently opened their 100th retail store.

Recent figures from Statistics Canada show retail sales in dollars declining in Canada in 2024, correlating with continued retail price compression and a slowing down of new cannabis stores being opened compared to the first few years of legalization. However, Quebec’s sales were an outlier, showing sales in dollars remaining relatively steady, with a slight increase in recent months.