Quebec cannabis store SQDC posts CA$33 million third-quarter net income

Did you miss the webinar “Women Leaders in Cannabis: Shattering the Grass Ceiling?” Head to MJBiz YouTube to watch it now!


Quebec’s government-owned cannabis retail monopoly reported net income of $33 million Canadian dollars ($24.5 million) for its third quarter.

The Société québécoise du cannabis (SQDC) said retail sales of recreational cannabis totaled CA$201.6 million for the quarter ended Dec. 30, up 7.6% over the same quarter a year before.

By volume, the retailer sold 37,215 kilograms of cannabis (82,045 pounds).

The quarterly sales total includes CA$189.3 million worth of cannabis sold from brick-and-mortar stores and CA$12.3 million sold online, the profitable public-sector business said in a news release.

A labor dispute ended during the quarter as SQDC signed new collective bargaining agreements with employees represented by the Canadian Union of Public Employees.

The SQDC has 98 stores in Quebec.

The retailer recently decided to close a store for the first time and has limited plans to open new stores.

SQDC Chief Executive Suzanne Bergeron took the reins of the provincial cannabis store in November after the previous CEO departed to head Quebec’s alcohol retail monopoly.

The government monopoly posted an annual net income of CA$94.9 million for its last full fiscal year.

Quebec is home to some of Canada’s most restrictive adult-use cannabis policies, including limitations on edibles, a prohibition on vape sales, a minimum age of 21 and a ban on growing recreational marijuana at home.