SQDC reports sharp increase in sales

An SQDC (Société québécoise du cannabis) outlet on Ste. Catherine St. East. (Daniel J. Rowe/CTV News)

Quebec cannabis board reported a net income of $104.1 million for its 2023-2024 fiscal year, up 9.7 per cent on the 2022-2023 figure.

The net income for the Société québécoise du cannabis (SQDC) was $94.9 million last year.

The Crown corporation's total sales also rose by 10 per cent to $662.1 million, compared with $601.9 million in 2022-2023.

Online sales climbed 14.7 per cent, from $34.15 million to $40.02 million, while branch sales rose 9.6 per cent, from $567.76 million to $622.05 million.

Net expenses continued to eat up a large part of SQDC's revenues. They amounted to $109.91 million, or 16.6 per cent of sales.

The fiscal year ended March 30, 2024, and exceptionally spanned 53 weeks.

SQDC sold 122.48 tonnes of cannabis in 2023-2024, a 15 per cent jump on the previous year when sales volume was 106.6 tonnes.

A total of 16.1 million transactions were recorded in 2023-2024, compared with 13.9 million the previous year.

Both net income and sales and sales volume increased in the fourth quarter of fiscal 2023-2024 compared with the fourth quarter of the previous year.

Net income jumped 27.7 per cent to $25.57 million, from $20.02 million a year earlier, and sales rose from $136.45 million to $166.20 million, a difference of 21.8 per cent.

Sales volume rose from 24.52 tonnes to 32.09 tonnes in the fourth quarter, a jump of 31 per cent.

SQDC reported increases in these indicators for the fourth consecutive quarter.

This report by The Canadian Press was first published in French on June 6, 2024.