Government-run cannabis stores in Quebec, brand new Brunswick post earnings

The government-run cannabis shop operators for Quebec and brand new Brunswick reported profits that are quarterly the periods ended Jan. 2, 2021, and Dec. 27, 2020, respectively.

Quebec’s Société québécoise du cannabis (SQDC) posted net income of 23.3 million Canadian dollars ($18.1 million) in its quarter that is latest, based on three- and nine-month economic outcomes released Monday.

The government-owned company posted product sales of CA$173 million within the quarter that is third Jan. 2, 2021, “largely attributable to its retail deployment plan,” according to a news release. That is CA$62 million more than the period that is same 12 months ago.

The SQDC exposed 23 stores that are new 2020, including 11 points-of-sale in the quarter.

Net income was CA$48.1 million through the first 40 weeks of its fiscal year.

Sales continued to take place mostly in stores.

Of the 28,254 kilograms (62,300 pounds) of cannabis sold from Sept. 13, 2020, to Jan. 2, 2021, only 8% – or 2,075 kilograms – was sold online.

The SQDC’s business that is online CA$13.8 million in product sales versus in-store product sales of CA$159.2 million.

The merchant stated it intends to expand delivery that is same-day the Montreal and Laval regions this year.

Meanwhile, neighboring New Brunswick sold CA$19.3 million of adult-use cannabis products in the Sept. 28-Dec. 27 quarter.

The provincially owned and operated Cannabis NB saw a profit of CA$2.8 million in the quarter, it said in

Online january product sales represented just 1.6% of income for the quarter.cannabisThe province nevertheless hasn’t determined on its want to privatize

product sales within the province.

New Brunswick initially envisioned performing an understanding around July 3, 2020, but Cannabis NB’s successive quarters that are profitable then might have given the government second thoughts.

The province is in late-stage negotiations with a company that is private-sector CBC Information reported.(*)

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