The Société Québécoise du Cannabis, Quebec’s REC retail monopoly, recorded $26.3M profit during its first full fiscal year of operations, according to its annual report. It is the most profitable Crown REC retailer in the country.
La Presse–In French, SQDC–In French
- The SQDC sold $311M, and believes it captured 30% of the market from unlicensed operators, leaving 70% of Quebec cannabis purchases unlicensed. The figure is 30% higher than CEO Jean-François Bergeron predicted it would be.
Journal de Montreal–In French
- The SQDC bought from 14 suppliers, and sold products at a 29% markup, much lower than the 102% profit the Société des Alcools du Québec takes on wines and spirits. This is to undermine the illicit market.
- Brock University professor Michael J Armstrong said the small number of stores helps profitability.
- The company plans to achieve maturity in three years, with roughly 100 REC stores.
Journal de Montréal–In French