Quebec cannabis retailers report $1.four million in net earnings for the duration of second quarter


The Société québécoise du cannabis, Quebec’s on the internet and storefront cannabis sales network, posted a net earnings of $1.36 million for the 12-week period that ended on June 22, primarily based on total sales of $45.1 million.

In a report published on Friday, the SQDC revealed that its storefront branches proved to be vastly extra well known than its internet sites for the duration of that period. According to the report, SQDC branches boasted sales of $39.five million, compared to $five.six million generated by the internet sites. In terms of quantity, the SQDC branches sold five,512 kilograms of cannabis, whilst 752 kilograms have been sold via the internet sites.

Nevertheless, on the internet orders have been bigger and yielded extra profit. The report says that, on typical, customers spent $82.28 per pay a visit to on the internet sites, compared to $46.53 per pay a visit to in retailers.

In total, the six,264 kilograms of cannabis sold at retailers and on the internet generated $14.four million in tax income for the province.

The report also notes that, for the duration of the second quarter, the SQDC opened new branches in Joliette, Gatineau and Granby, escalating the total quantity of branches in the province to 16.

The SQDC outlets started promoting items final Oct. 17, the day the recreational use of cannabis in Canada became legal. Even though small business was brisk for the duration of the initially week, a nationwide lack of stock forced administrators to reduce operating hours of SQDC retailers from seven to 4 days a week. Nevertheless, for the duration of the second quarter, the SQDC’s provide complications have been resolved and it was capable to return to its initial seven-day schedule.



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