Net income of $24.9 million for the SQDC’s second quarter

Montréal, November 16, 2023 – The Société québécoise du cannabis has reported net and comprehensive income of $24.9 million for its business operations during the second quarter of its current fiscal year, which ended September 9, 2023. The amount is remitted in full to the Québec government and reinvested primarily in cannabis-related prevention efforts and research.

To that figure can be added business-related tax revenues in the form of consumer and excise taxes, estimated at $51.2 million ($36.5 million to Québec and $14.7 million to the federal government). In all, $76.1 million is being paid to the two governments, $61.4 million of which is destined for the Québec treasury.

Quarterly highlights

• The SQDC’s overall sales from June 18 to September 9, 2023, totalled $151.7 million, compared with $139.1 million for the same quarter of the preceding fiscal year. The company legally sold 27,498 kg of cannabis during the second quarter of its current fiscal year.
• The store network sold 25,727 kg of cannabis, for a total of $142.3 million.
• Online sales reached 1,771 kg of cannabis, for a total of $9.4 million.
• The number of transactions completed during the quarter rose to 3.6 million.
• Net expenses amounted to $23.8 million or 15.7% of sales.
• The SQDC currently has 98 stores, compared with 90 at the end of the second quarter of its preceding fiscal year.
• The SQDC finished drafting its new Social Responsibility Plan, covering fiscal years 2024-2026, which was published in late September. The plan, which guides all of the company's sustainability activities, continues the processes put in place over the past three years and builds on these promising initiatives.

The interim financial report for the quarter running from June 18 to September 9, 2023, is now available (in French only) on SQDC.ca.

About the Société québécoise du cannabis (SQDC)

The SQDC is a government corporation mandated to distribute and sell cannabis in Québec with a focus on protecting customers’ health and safety. The company is committed to offering quality products and informing and advising consumers on how to minimize the health impacts of cannabis. The long-term objective is to shrink the illegal cannabis market in Québec. By law, all the SQDC’s profits are remitted to the Fonds de lutte contre les dépendances, a fund managed by the Ministère des Finances du Québec, and reinvested primarily in cannabis-related education, prevention efforts and research. For more information, visit SQDC.ca.