Cannabis shops in Quebec registered C$71 million in sales in their first fiscal year of operation, more than the dispensaries in any other province.
Despite the high level of sales, the provincial network of shops, known as the Société Québécoise du cannabis (SQDC), ended the period from June 12, 2018, to March 30 with a $4.9-million deficit, which is covered by the provincial government. The shops did, however, collect $29.7 million in consumption and excise taxes in the same period, according to a statement issued by SQDC yesterday.
Since opening in October 2018 when marijuana became legal, the stores registered $57.6 million in sales, which represent 8 metric tonnes of cannabis. The network also registered $13.7 million in sales online, or 1.9 metric tonnes of weed. In all, there were 1.557 million transactions recorded, including 1.3 million in stores and 257,000 online. The average purchase in store totalled $51.07, including taxes, while the average single purchase online totalled $61.06.
The SQDC said it will show a profit in the coming year, with the Quebec government pegging its expected earnings at $20 million, and addition revenues of $89 million from consumption and excise taxes.
