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Here Quebec Cannabis Society (SQDC) reported strong financial performance for the year ending March 30, 2024.
According to the latest data, the SQDC has achieved a turnover total of $662.1 million in 2023 with a net profit of $104.1 million.
Tax revenues and economic contributions
The economic impact of the SQDC goes beyond its direct sales. The province declared $154.7 million in tax revenue from the activities of the SQDC, including consumption taxes and excises, and contributed to the value of $62.6 million to the coffers of the federal government.
In total, the contributions of the SQDC to the state of Quebec, including net income and tax, are $258.8 million against $232.7 million Last year.
All revenue from sales and taxes are paid to the Quebec Ministry of Finance. These funds are specifically intended for prevention, research on cannabis and the fight against it negative effects associated with the use of psychoactive substances.
Sales volume and market share
As for the sale of the products, the SQDC said they have sold 122,478 kg of cannabis during the fiscal year, an increase of 15% compared to the 106,626 kg sold the previous year. Most of these sales consist of dried flowers ( 97,918 kg) and other cannabis products ( 24,560 kg).
Despite this increase in sales volume, the legal market in Quebec served 62.8% of the total cannabis market for 2023-2024, a slight decrease compared to previous years.
Most of SQDC’s sales were generated from its physical stores, with just over $40 million coming from its online portal. The organization has a well-established network of 98 provincially managed warehouses in throughout Quebec, which is distinguished from thethe highest legal age of access to cannabis in Canadaor 21 years old.
The SQDC has implemented several initiatives to improve customer service, includingexpansion of the shipping area to 90 minutes and the introduction of new offers and new product formats.
Suzanne Bergeron, who assumed his role as president and CEO in 2023, highlighted the organization’s commitment to customer satisfaction and compliance with the legal framework; “While our network of branches is now well established in all regions of Quebec, I am pleased to join forces with our committed teams to offer our customers – the heart of our operations – support, simplicity, rapport for money and the choice they are looking for, respecting our legal framework.
Strict regulation and new products
Quebec applies a strict regulation of cannabis products. All products sold must have a maximum THC content of 30%, including edibles, and the province does not allow growing cannabis at home except for medical purposes. Quebec also offers one limited range of edible products And currently ban vape with cannabis. However, there are indications that this position may change in the future.
The annual report suggests the possibility of authorizing the sale of vape pen in order to better compete with the illicit market. Despite the ban, an investigation carried out by the SQDC in 2023 revealed that 31% of cannabis users in Quebec had used cannabis vapes, compared to 12% last year, a trend that the SQDC will benefit from its mission to convert the illegal market.
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