Société québécoise du Cannabis (SQDC) posted third-quarter net income of $33 million as its store network expanded.
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During the same period, SQDC revenues totaled $201.6 million, up 7.6% compared to $187.3 million in the year-ago quarter.
Of this, in-store sales accounted for $189.3 million, while online sales reached $12.3 million.
In a press release issued on Wednesday, the state-owned company said it had improved its product categories “particularly in extracts, edibles and formats” to best meet consumer expectations.
In total, 37,215 kilograms of cannabis were sold legally in this quarter from September 10 to December 30, 2023. In the same quarter last year, 33,242 kilograms of cannabis were sold.
The state-owned company, which now has 98 branches, said it opened six outlets this quarter.
The profits would be fully returned to the government and reinvested in cannabis prevention and research, the SQDC recalled.