Quebec cannabis sales on pace to exceed CA$300 million for fiscal year

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.

SQDC is the only legal retailer of recreational cannabis products in Quebec.

The figures, released in a quarterly report, 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 with a CA$5 million loss one year earlier.

Through three quarters, the retailer’s 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 roughly 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 (69,510 pounds) of cannabis was sold online and in-store.

Online sales in the April-December period totaled CA$18.2 million.