The Société québécoise du cannabis (SQDC) posted a net and overall result of 20.6 million for its first quarter on Thursday, up 0.6% compared to 20.5 million for the same period last year. .
SQDC’s sales were $142.6 million in the quarter ended June 17, representing an increase of 2.6% from the $139.0 million in the first quarter of Previous exercice.
In-branch sales rose 1.2% year-on-year to 133.5 million, while online sales jumped 28.7% to 9.1 million.
First quarter net charges increased to 24.8 million, or 17.4% of sales. This compares to 23.2 million last year, for a ratio of 16.7% of sales.
The SQDC recalled that as of September 14, employees of 24 of its branches were still on strike, or approximately a quarter of its workforce. These establishments remain open, but their hours are reduced. The labor dispute, which pits the company against employees represented by the Canadian Union of Public Employees (CUPE), began shortly after the first quarter of last year, in May 2022.
Negotiations between the SQDC and the CUPE are taking place with the chief conciliator of the Ministry of Labor, said the state corporation.
Taking into account tax revenues linked to operations, namely the consumption tax and the excise tax, which totaled 49.8 million, the SQDC will pay a total of 70.4 million to governments, including 56.2 millions to the Quebec state.
