The Quebec cannabis board posted on Thursday a 13.3 per cent increase in profit for its third quarter, during which its sales grew by 10.0 per cent.
The Crown corporation posted a net profit of $26.4 million for its quarter ended Jan. 1, which compared with a profit of $23.3 million for the same period a year earlier.
The Société québécoise du cannabis (SQDC)'s sales were $190.5 million, up from $173.0 million in the last three months of 2020.
SQDC primarily attributed this sales growth to new branch openings and consumer migration from the illicit market.
The company's number of branches jumped to 81 at the end of the most recent quarter, up from 56 at this time last year. Four new stores opened in the third quarter.
In addition, with the opening of a branch in Chibougamau on Oct. 15, the company now has a presence in every administrative region of the province.
In-branch sales were up 13.6 per cent in the most recent quarter compared to the same period a year earlier, but online sales plunged 30.7 per cent to $9.6 million.
SQDC's net expenses totaled $27.6 million, which represented 14.5 per cent of sales.
Government revenues from operations -- consumption taxes from both levels of government and excise tax -- totalled about $56.3 million in the most recent quarter.
- This report by The Canadian Press was first published in French on Feb. 17, 2022
