Quebec cannabis stores report $1.4 million in net income during second quarter

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The Société québécoise du cannabis, Quebec’s online and storefront cannabis sales network, posted a net income of $1.36 million for the 12-week period that ended on June 22, based on total sales of $45.1 million.

In a report published on Friday, the SQDC revealed that its storefront branches proved to be vastly more popular than its websites during that period. According to the report, SQDC branches boasted sales of $39.5 million, compared to $5.6 million generated by the websites. In terms of quantity, the SQDC branches sold 5,512 kilograms of cannabis, while 752 kilograms were sold through the websites.

However, online orders were larger and yielded more profit. The report says that, on average, clients spent $82.28 per visit on the websites, compared to $46.53 per visit in stores.

In total, the 6,264 kilograms of cannabis sold at stores and online generated $14.4 million in tax revenue for the province.

The report also notes that, during the second quarter, the SQDC opened new branches in Joliette, Gatineau and Granby, increasing the total number of branches in the province to 16.

The SQDC outlets began selling products last Oct. 17, the day the recreational use of cannabis in Canada became legal. While business was brisk during the first week, a nationwide lack of stock forced administrators to cut operating hours of SQDC stores from seven to four days a week. However, during the second quarter, the SQDC’s supply problems were resolved and it was able to return to its initial seven-day schedule.

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