For the first time since legalization last October, the Société québécoise du cannabis (SQDC) released its sales figures and the numbers are stunning.
In their first fiscal year, from October 17th, 2018 to March 30th, 2019, the SQDC sold $71 million worth of cannabis. That equals to roughly 9.9 metric tons of weed. For those who think in ounces and grams — almost 350,000 ounces or 9,900,000 grams.
According to their sales figures, more people bought weed in store than online. Nearly 1.3 million transactions were recorded in stores compared to only 257,000 online. The average people spend on one transaction is $51.07 in store versus $61.06 online.
While the SQDC wasn't profitable in its first year, the government is expecting a tax revenue of about $29.7 million. They estimate that figure will increase to $89 million in tax revenue for this current fiscal year.
In fact, Quebec bought the most and spent the most on weed in all of Canada. According to the official press release, "Quebec was the province with the highest sales in Canada in dollars as well as volume."
Though the company wasn't profitable and in fact, recorded losses in its first fiscal year, the SQDC and the Quebec government expect to be profitable in the following year. Based on forecasts and increased supply cycles, they expect to earn some $20 million in total income.
Despite a shaky start, the SQDC delivered on its goals and quickly became a reliable source for all Quebecers. At the onset, the first 12 stores had some trouble keeping up with demand but once the supply flow regulated itself, the SQDC was able to figure things out.
Throughout many challenges, the SQDC is operating according to plan and has became a shining example of what a legalized marijuana enterprise could look like.
Despite the fact that some Quebecers are still turning to black market sources, the SQDC is here to stay and will only get better.
All profits will be reinvested into cannabis research and health research, making the SQDC completely self-sustaining. If even more people embrace the legal market, the potential benefits could be huge.
Now that more stores are being opened and the hours are finally set in stone, expect the SQDC to become even more efficient.
If you've shopped there before, you know that they have quality products (if a little dry) coming from sources you know are safe. Give them a shot if you haven't.