(Montreal) The Quebec Cannabis Society posted Thursday a profit up 13.3% for its third quarter, during which its sales rose 10.0%.
Posted at 5:05 p.m.
The Crown corporation posted a net profit of $26.4 million for its quarter ended May 1er January, which compared with a profit of 23.3 million for the same period a year earlier.
SQDC sales reached 190.5 million, compared to 173.0 million in the last three months of 2020.
The SQDC mainly attributed this growth in its turnover to the opening of new branches and the migration of consumers from the illicit market.
The company’s branch count climbed to 81 at the end of the most recent quarter, from 56 at the same time last year. Four new stores opened in the third quarter.
In addition, the opening of a branch in Chibougamau on October 15 means that the Company is now present in each of the administrative regions of the province.
In-store sales climbed 13.6% in the most recent quarter, compared to the same period a year earlier, but online sales plunged 30.7% to 9.6 million.
The net expenses of the SQDC totaled 27.6 million, which represented a proportion of 14.5% of sales.
Government revenue from operations — commodity taxes from both levels of government and excise tax — totaled approximately $56.3 million in the most recent quarter.