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

The government-run cannabis store operators for Quebec and brand new Brunswick reported quarterly earnings for the durations finished Jan. 2, 2021, and Dec. 27, 2020, correspondingly.

Quebec’s Société québécoise du cannabis (SQDC) posted net gain of 23.3 million Canadian bucks ($18.1 million) in its quarter that is latest, according to three- and nine-month financial results released Monday.

The government-owned business posted sales of CA$173 million in the quarter that is third Jan. 2, 2021, “largely due to its retail implementation plan,” according to a news launch. That is CA$62 million significantly more than the period that is same year ago.

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

Net earnings had been CA$48.1 million through the very first 40 months of its financial year.

Sales proceeded to take destination mostly in stores.

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

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

The retailer said it plans to extend delivery that is same-day the Montreal and Laval areas this present year.

Meanwhile, neighboring brand new Brunswick offered CA$19.3 million of adult-use cannabis services and products into the Sept. 28-Dec. 27 quarter.

The provincially owned and operated Cannabis NB saw a revenue of CA$2.8 million into the quarter, it stated in

Online january sales represented only 1.6% of revenue for the quarter.

The province still has not made a decision on its plan to privatize cannabis sales in the province.

New Brunswick originally envisioned executing an agreement around July 3, 2020, but Cannabis NB’s successive quarters that are profitable then could have offered the us government 2nd thoughts.

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

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