Quebec’s government-run cannabis franchise reported revenue of 110.8 million Canadian dollars ($90 million) for the October-December period, bringing sales for the first three quarters of its fiscal year to CA$219.5 million.
That puts the Société québécoise du cannabis (SQDC) on pace to exceed CA$300 million in sales for the year.
The figures, released in a quarterly report this week, account for both online and in-store receipts.
In the quarter ending Jan. 4, SQDC booked a profit of CA$11.6 million. That compares to a CA$5 million loss one year earlier.
Through three quarters, its profit was CA$18 million, according to the report.
In-store sales continue to dominate over online revenue.
Revenue generated online accounted for 6.5% of the SQDC’s overall sales in the latest quarter – amounting to CA$7.3 million.
Separately, the provincial government generated revenues from consumption tax and excise duties collected from producers totaling approximately CA$30.3 million.
SQDC said it sold the equivalent of 16,624 kilograms of cannabis in the quarter, driven mainly by new store openings.
Since the beginning of the fiscal year, the equivalent of 31,529 kilograms of cannabis was sold online and in-store.
Online sales in the April-December period totaled CA$18.2 million.
SQDC is the only legal retailer of recreational cannabis products in Quebec.
Written by Matt Lamers.
View the original article at here.
Marijuana Business Daily