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The SQDC posts a profit of $23.3 million for the third quarter of its 2020-2021 fiscal year

Montréal, March 1st, 2021 – The Société québécoise du cannabis (SQDC) ended its 16-week third quarter on January 2, 2021. During the quarter, it recorded sales of $173 million, a $62.2 million increase from the third quarter of the preceding fiscal year. The company also reported net income of $23.3 million for the quarter, compared with $11.6 million for the same quarter in fiscal 2019-2020.

At the end of the first 40 weeks of its 2020-2021 fiscal year, the SQDC posted net income of $48.1 million, compared with $17.9 million at the end of the same period in the preceding fiscal year. The entire amount will be remitted to the Gouvernement du Québec and reinvested primarily in cannabis research and prevention.

To this result can be added the government revenue from operations in the form of excise and consumer taxes, which totalled approximately $48.5 million for the third quarter and nearly $127.1 million for the first 40 weeks of the fiscal year.

The SQDC’s significant growth is largely attributable to its retail deployment plan. 11 new points of sale were opened during the quarter, for a total of 56 stores currently in operation, 23 more than on the same date last year.

The SQDC remains confident of exceeding its current fiscal year targets and of continuing to carry out its mission of converting users from the illegal market while maintaining a focus on health protection.

Quarterly results at a glance

• The SQDC recorded sales of $173 million for the period from September 13, 2020, to January 2, 2021. This corresponds to 28,254 kg of cannabis legally sold during the quarter.
• • The store network dispensed 26,239 kg of cannabis, with sales totalling $159.2 million. Around 3.3 million transactions took place.
  • Online sales reached 2,075 kg of cannabis for a total of $13.8 million. Some 170,000 transactions were concluded.
• Net expenses amounted to $20.2 million or 11.7% of sales.

Quarterly highlights

• During the quarter, 11 new points of sale in six Québec regions were added to the network, specifically in La Malbaie, Coaticook, Saint-Félicien, Fleurimont (Sherbrooke), Le Village (Montréal), Varennes, Sainte-Anne-de-Beaupré, Avenue du Mont-Royal Est (Montréal), Thetford Mines, Cowansville and Pincourt. All new employees underwent rigorous training developed in collaboration with the Ministère de la Santé et des Services sociaux.
• October 17, 2020, was the second anniversary of the legalization of cannabis and the opening of the SQDC’s store network and website. At the end of the quarter, the company estimated it had captured around 50% of the illegal cannabis market, notably by relying on a pricing and product strategy that is both competitive and responsible and offers the lowest average price in Canada. Since the first SQDC stores opened two years ago, more than 17 million transactions have taken place in a safe environment under the guidance of trained advisors, confirming the SQDC’s mission of selling cannabis with a focus on health protection.
• Always striving to better carry out its mission, the SQDC extended same-day delivery first to the city of Laval and then to some 15 towns and cities on Montréal’s South Shore and in the western Montérégie region. Originally available only on the island of Montréal, the service will be introduced in other areas in the coming year.

COVID-19

The health measures implemented in response to COVID-19 have allowed stores to provide a safe environment for employees and consumers. SQDC stores remained open without interruption during the quarter, as they have since the start of the pandemic.

The interim financial report for the 16-week quarter ended January 2, 2021, is now available (in French) 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 goal is to shrink the illegal cannabis market in Québec. By law, all of the SQDC’s profits are remitted to the Cannabis Prevention and Research Fund, which is managed by the Québec Finance Department, and reinvested primarily in cannabis-related prevention and research.

Horaire des succursales de la SQDC pour le temps des Fêtes 2020

Montréal, le 16 décembre 2020 –

HORAIRE DES SUCCURSALES

Le jeudi 24 décembre : 10 h à 17 h
Le vendredi 25 décembre : toutes les succursales du réseau seront fermées
Le samedi 26 décembre : 13 h à 17 h
Le jeudi 31 décembre : 10 h à 17 h
Le vendredi 1er janvier 2021 : toutes les succursales du réseau seront fermées
Le samedi 2 janvier 2021 : 10 h à 17 h

Nous invitons les clients qui auraient des symptômes pouvant s’apparenter à ceux de la COVID-19 ou qui sont dans l’attente du résultat d’un test de dépistage à faire leurs achats directement sur notre site internet à l’adresse sqdc.ca.

HEURES D'OUVERTURE DE CHAQUE SUCCURSALE

Vous pouvez consulter les heures d'ouverture de chaque point de vente en consultant l’onglet « choisir ma succursale » du site Web.

The SQDC posts a profit of $15.1 million for the second quarter of its 2020-2021 fiscal year

Montréal, November 17, 2020 – The Société québécoise du cannabis (SQDC) ended its second quarter on September 12, 2020, with sales of $120.2 million, a $56.6 million increase from the second quarter of the preceding fiscal year. The SQDC also reported net income of $15.1 million for the quarter, up $10.1 million from the second quarter of fiscal 2019-2020. At the end of the first 24 weeks of its current fiscal year, the SQDC posted net income of $24.8 million, compared with $6.3 million for the same period last year, all of which will be remitted to the Gouvernement du Québec and reinvested primarily in cannabis research and prevention.

Based on Québec’s total annual consumption, assessed at 150 metric tons, the SQDC estimates it has captured nearly 50% of the illegal market while continuing to adhere to its mission of distributing and selling cannabis with a focus on health protection and converting users from the illegal market without encouraging cannabis use.

The SQDC’s significant growth is largely attributable to its retail deployment plan, with the company having 45 stores in operation on September 12, 2020, as opposed to 20 stores on the same date last year. It should be noted that new store openings, which were put on hold last spring due to the complete shutdown of the construction industry, are once again under way, with three new stores being opened in the second quarter.

Despite the COVID-19 situation, the SQDC remains confident of reaching its current-year targets.

Government revenue from operations in the form of excise and consumer taxes totalled approximately $40.8 million for the second quarter and $78.6 million for the first 24 weeks of the fiscal year.

The results at a glance

• The SQDC recorded sales of $120.2 million for the period from June 21 to September 12, 2020. This corresponds to 20,830 kg of cannabis sold legally during the quarter.
• • The store network sold 19,139 kg of cannabis, with sales totalling $111.4 million. Around 2.3 million transactions took place.
  • Online sales reached 1,691 kg of cannabis for a total of $8.8 million. Some 100,000 transactions were involved.
• Net expenses amounted to $14.7 million or 12.2% of sales.
• In addition, government revenue from operations in the form of consumer taxes and excise taxes (collected from producers) totalled around $40.8 million.

Quarterly highlights

• During the second quarter, three new points of sale were added to the network, specifically in Saint-Eustache, Mont-Laurier and Sept-Îles. All the new employees underwent rigorous training developed in collaboration with the Ministère de la Santé et des Services sociaux.
• Always striving to better fulfill its mission, the SQDC made improvements in customer support. For example, visitors to its website can now check product availability in each store. Also, same-day delivery has been extended to the city of Laval. Originally offered only on the island of Montréal, the service may soon be introduced in other regions.

COVID-19

The SQDC continues to apply the latest hygiene and physical distancing measures in all its stores. No COVID-19-related incidents have been reported to date. The pandemic otherwise had little impact on the SQDC’s financial results for the quarter. After experiencing a rise in sales during the first weeks of the pandemic, sales volumes returned to expected levels. However, the slowdown in construction did force the SQDC to postpone the openings of several new stores.

Interim financial report

The interim financial report for the 12-week quarter ended September 12, 2020, is now available (in French) in the Publications section of SQDC.ca.

The SQDC posts a profit of $9.7 million for the first quarter of its 2020-2021 fiscal year
 

Montréal, September 3, 2020 – The Société québécoise du cannabis (SQDC) got its 2020-2021 fiscal year off to a strong start. For its first quarter, which began March 29, 2020, and ended June 20, 2020, the company had sales of $110.4 million, an increase of $65.3 million from the first quarter of its preceding fiscal year. The SQDC reported net income of $9.7 million for the quarter, an increase of $8.4 million over the corresponding quarter of fiscal 2019-2020. The entire amount will be remitted to the government and reinvested primarily in cannabis research and prevention. The SQDC’s impressive growth is largely related to its retail deployment plan, with the company having 42 stores in operation on June 20, 2020, versus 16 on the same date last year.

Despite the COVID-19 situation, the SQDC remains confident of being able to reach its objectives, in particular those relating to the expansion of its store network.

While adhering to its mission to distribute and sell cannabis with a focus on health protection and convert users from the illegal market, all without encouraging cannabis use, the SQDC estimates that it has acquired more than 40% of the illegal market, based on an estimated total annual consumption of 150 metric tons for Québec.

The results at a glance

• The SQDC’s sales totalled $110.4 million for the period from March 29 to June 20, 2020. This corresponds to 18,922 kg of cannabis sold legally during the quarter.
• The store network sold 16,131 kg of cannabis, with sales totalling $94.6 million. Around 2 million transactions took place.
• Online sales reached 2,791 kg of cannabis and a total of $15.8 million. Some 190,000 transactions were involved.
• Net expenses totalled $16.4 million or 14.9% of sales.
• In addition, government revenues from operations in the form of consumer taxes and excise duties (collected from producers) totalled around $37.8 million.

Launch of express delivery on the Island of Montréal

Always with the aim of moving users from the illegal market to the legal market, in mid-July the SQDC began offering same-day delivery on the Island of Montréal for purchases made on the SQDC.ca website. Following this first step, the company plans to expand coverage to other areas with a population density sufficient to support the service.

Impact of the COVID-19 pandemic

COVID-19 has led to a decrease in the number of transactions but also to an increase in the average in-store shopping cart, which may be due to customers visiting stores less frequently during the pandemic. Online, the number of transactions rose sharply early in the quarter before gradually returning to a more normal growth rate late in the quarter. The opening of new stores was delayed by the mandatory shutdown of all construction sites during the lockdown. Actually, the company opened only one new store (in Val-d’Or) during the quarter, as opposed to the five originally planned.

The interim financial report for the 12-week quarter ended June 20, 2020, is now available in the Publications section of 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 goal is to shrink the illegal market for cannabis in Québec. By law, all of the SQDC’s profits are remitted to the Cannabis Prevention and Research Fund, which is managed by the Ministère des Finances du Québec, and reinvested primarily in cannabis-related prevention and research

COVID-19: Risk mitigation measures at the SQDC

Montréal, March 14, 2020 (Updated March 18, 2020) – As we collectively face the reality of the coronavirus (COVID-19), a situation that is evolving rapidly, we want to inform you of the risk mitigation measures we have put in place in order to minimize risks for the health of our employees and customers. Our goal is to offer a safe shopping and working environment.

We have put a working group in place, dedicated solely to the coronavirus situation, that closely follows the public health authorities’ recommendations. This taskforce works closely with our store managers to ensure that we take all the necessary preventive measures.

In-store hygiene

• We have increased the cleaning frequency of our stores. This includes doors, payment terminals, and counters;
• Card payments are required to avoid cash handling until further notice;
• We have reduced product handling between employees and customers;
• We verify the age of customers by looking at their ID only;
• We have made antiviral products, such as hand sanitizer, available to our employees;
• We frequently remind all employees of the need to adopt the necessary hygiene measures to prevent the spread and transmission of the virus (such as frequent hand-washing).

We have asked all our employees who have travelled abroad, including store employees, to undergo a 14-day quarantine.

We kindly ask all customers who have recently travelled abroad or are experiencing flu-like symptoms, to avoid visiting our stores and do their shopping online at SQDC.ca instead.

Online purchases and shipping

For all customers who order online, we remind you that Canada Post has modified its door-to-door delivery procedure for orders requiring a signature and age verification since March 15. From now on, delivery agents will leave a notice card indicating the post office where customers can pick up their items by showing proof of identity and signature. For more details, visit: canadapost.ca.

We are continuing our efforts to ensure timely delivery of packages despite the high volume of orders received in the past few days, but additional delays may occur. We thank you for your understanding.

Impact on supply

For the time being, we do not foresee any issues with product supply in-store or online. Our supply chain team is in constant communication with suppliers to stay informed of the latest developments.

Employee health and well-being

Our employees are essential to the continuity of our operations, so their health and well-being is our top priority. That is why we have issued the following internal policies, which will remain in effect until further notice:

• All business meetings will be held by videoconferencing or phone;
• In addition to cancelling all business trips, we have asked all our employees to cancel any personal trips abroad they may have planned until April 30.
  
  

La SQDC signe deux nouveaux baux à Saint-Hyacinthe et à Alma

Montréal, le 8 août 2019 – La SQDC annonce la signature de deux nouveaux baux qui lui permettront d’ouvrir en novembre prochain autant de nouvelles succursales à Saint-Hyacinthe (3044, boulevard Choquette) et à Alma (940 avenue Du Pont Sud). La signature de ces ententes représente une étape de plus dans la réalisation du mandat de la SQDC d’attirer les consommateurs du marché noir vers le marché légal en leur offrant un accès sécuritaire aux produits du cannabis sur l’ensemble du territoire québécois.

Rappelons que la SQDC a annoncé l’ouverture prochaine de 11 autres succursales qui s’ajouteront aux 17 déjà en opération. Celles-ci seront situées au 5240, chemin Queen-Mary à Montréal, au 393, boulevard Wilfrid-Hamel à Québec, au 317, rue Montcalm à Chicoutimi, au 1681, rue King Ouest à Sherbrooke, au 90 boulevard Saint-Jean-Baptiste unité 103 à Châteauguay, au 102, rue Valmont à Saint-Jérôme, au 10730, boulevard Lacroix à Saint-Georges, au 1221, Chemin Saint-Jovite à Mont-Tremblant, au 450, rue Lafontaine à Rivière-du-Loup, au 2070, 105e Avenue Shawinigan et au 33, rue Grande-Allée Est Grande-Rivière. Selon son plan de déploiement, la SQDC prévoit avoir un réseau de plus de 40 succursales d’ici au 31 mars 2020.

Les personnes désirant soumettre leur candidature à un poste de conseiller peuvent envoyer leur curriculum vitae à l’adresse sqdc.ca/carrieres.

À propos de la Société québécoise du cannabis (SQDC)

La SQDC a pour mandat d’assurer la vente de cannabis au Québec en priorisant la protection de la santé et la sécurité de sa clientèle. Elle s’engage à proposer des produits de qualité et à moindre risque, ainsi qu’à informer et éduquer les consommateurs sur les moyens de minimiser les impacts du cannabis sur leur santé. L’objectif à long terme est de réduire la portée du marché noir au Québec. Filiale de la Société des alcools du Québec (SAQ), la SQDC est constituée en tant que compagnie à fonds social et est une organisation distincte gérée de façon indépendante de la SAQ. Tous les profits de la Société sont versés dans un fonds qui sera réinvesti notamment en prévention et en recherche en matière de cannabis.

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