Quebec’s cannabis society racks up nearly $1.4 million in net profits in latest quarter

A security guard stands in front of a new Societe Quebecoise du Cannabis (SQDC) store before a media preview Tuesday, October 16, 2018 in Montreal. The legal sale of cannabis begins in Canada on Wednesday, Oct. 17, 2018. THE CANADIAN PRESS/Ryan Remiorz

The Société québécoise du cannabis (SQDC) has reported $1.36 million in net profits for this past quarter, which closed on June 22nd.

This adds up to a total of $45.1 million in sales.

The brick-and-mortar stores were more popular than the website. Outlets registered a total of $39.5 million in sales, while the website registered $5.6 million.

As for quantity, the SQDC sold 6,264 kgs of cannabis, of which 5,512 were sold in outlets and 752 online.

READ MORE: Quebec cannabis sales raked in $71 million in first year

However, online orders are more substantial. The average sale in an outlet is $46.53 while the average online sale is $82.28.

During this past quarter, the SQDC opened three new outlets in Joliette, Gatineau and Granby. It now boasts a total of 16 outlets across the province.

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According to its quarterly report, the SQDC’s main expenses were on salaries, which totaled $3.4 million. Operation costs reached $2.3 million.

The cannabis society also added new providers to its roster to offer more products and provide a stable supply.

READ MORE: Quebec cannabis stores set to open 7 days a week

Shortly after opening, the SQDC had to slash its opening hours because there was not enough supply to satisfy the demand of consumers.

In May, the government-run organization started running every day after managing its supply issues.

— With files from La Presse Canadienne 

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