Quebec’s cannabis society racks up nearly $1.4 million in net profits in latest quarter
|globalnews.ca 13 Sep 2019 at 21:06|
A security guard stands in front of a new Societe Quebecoise du Cannabis (SQDC) store before a media preview Tuesday, October 16, 2018 in Montreal. The legal sale of cannabis begins in Canada on Wednesday, Oct. 17, 2018.
The Société québécoise du cannabis (SQDC) has reported $1.36 million in net profits for this past quarter, which closed on June 22nd.
This adds up to a total of $45.1 million in sales.
The brick-and-mortar stores were more popular than the website. Outlets registered a total of $39.5 million in sales, while the website registered $5.6 million.
As for quantity, the SQDC sold 6,264 kgs of cannabis, of which 5,512 were sold in outlets and 752 online.
However, online orders are more substantial. The average sale in an outlet is $46.53 while the average online sale is $82.28.
During this past quarter, the SQDC opened three new outlets in Joliette, Gatineau and Granby. It now boasts a total of 16 outlets across the province.
According to its quarterly report, the SQDC’s main expenses were on salaries, which totaled $3.4 million. Operation costs reached $2.3 million.
The cannabis society also added new providers to its roster to offer more products and provide a stable supply.
Shortly after opening, the SQDC had to slash its opening hours because there was not enough supply to satisfy the demand of consumers.