In a remarkable financial year, the Société québécoise du cannabis (SQDC) has made a significant contribution to Quebec’s economy. The agency reported a staggering $662.1 million in sales, with a net income of $104.1 million. This financial success translated into a hefty $258.8 million contribution to the province, including both net income and taxes. This figure marks a notable increase from the previous year’s total revenue for Quebec, showcasing the SQDC’s growing impact on the region’s fiscal landscape.
A Flourishing Fiscal Year
The SQDC’s impressive sales figures are not just numbers on a page; they represent a 15% increase in cannabis sales volume, totaling 122,478 kg for the fiscal year. This growth is primarily attributed to the sale of dried flower, which accounted for the majority of the cannabis products sold. The agency’s strategic initiatives, such as the expansion of the 90-minute delivery coverage area and the introduction of new product offerings, have played a crucial role in this expansion.
The SQDC’s efforts to migrate consumers aged 21 and over to the legal market have borne fruit, with an estimated 62.8% of users now purchasing from legal sources. This shift is significant in the fight against the illicit market and underscores the importance of the SQDC’s mission.
Innovations and Expansions
Under the leadership of new president and CEO Suzanne Bergeron, the SQDC has not only maintained its robust network of branches across Quebec but has also introduced new initiatives to enhance customer support and satisfaction. The focus on providing quality products, competitive pricing, and a diverse selection within the legal framework has been central to the SQDC’s customer-centric approach.
The agency’s commitment to improving accessibility and organizational effectiveness has led to the deployment of new categories in its product offer and the enhancement of its delivery services. These efforts reflect the SQDC’s dedication to meeting and exceeding customer expectations.
Fiscal Contributions and Community Impact
The financial contributions of the SQDC extend beyond its impressive sales figures. The agency’s operations have generated substantial tax revenues, with $154.7 million in consumption and excise taxes going to the province and an additional $62.6 million to federal coffers. These funds are earmarked for critical areas such as prevention and research in cannabis use and combating the misuse of psychoactive substances.
The SQDC’s financial success is a testament to its strategic planning and execution, which have not only bolstered Quebec’s economy but also supported vital community initiatives. The agency’s role in fostering a responsible and regulated cannabis market has had a positive ripple effect throughout the province.
