Quebec’s government-operated marijuana retailer, Société québécoise du cannabis (SQDC), reported income of 40.5 million Canadian dollars ($28.6 million) for its fiscal third quarter, which ended Jan. 4.
That’s an increase from CA$33 million for the same period a year ago, according to a Tuesday news release.
Other quarterly results reported by the SQDC included:
- Sales of CA$235.9 million, up from CA$201.6 million last year.
- 47,843 kilograms (105,476 pounds) sold, up from 37,215 kilograms.
- 6 million transactions, up from 4.9 million.
- A drop in online sales to CA$9.4 million, compared with CA$12.3 million last year.
- Consumer and excise taxes on cannabis sales totaled $72.6 million.
The increase in sales is largely because of the demand for concentrates, according to the SQDC’s release.
The resolution of a labor dispute during the third quarter of fiscal 2023-24 led to increased traffic over the holidays this year.
The SQDC operated 101 stores at the end of the third quarter, including a new shop that opened during the third quarter. That’s an increase of three stores from the same period last year.
In the coming months, the release noted, the SQDC will open new stores with an eye on interior design that improves the customer experience with:
- Better aisles.
- New furniture.
- Lighting and signage.
- Square footage that’s more appropriate for the market size.
- A range of products for sale.
Delivery service is being expanded into new areas, and the SQDC has implemented technology to improve its human resources management processes.
