The Société québécoise du cannabis (SQDC), the monopoly retailer of legal recreational cannabis in Canada’s second-most-populous province, reported a net income of 94.9 million Canadian dollars ($71 million) for its fiscal year ended March 25.
Government-owned cannabis ventures such as the SQDC are Canada’s most profitable regulated marijuana businesses, MJBizDaily has reported.
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The SQDC’s CA$94.9 million net income represents a 25.4% increase over the previous fiscal year.
“To this can be added the government revenues generated by (the SQDC’s) operation in the form of consumer and excise taxes, estimated at CA$193.8 million, with CA$137.8 million going to Quebec and CA$56.0 million to the federal government,” the SQDC noted in a Monday news release.
“The SQDC’s total contribution to the Quebec treasury is therefore $232.7 million.”
SQDC cannabis sales for the 2022-23 fiscal year totaled CA$601.9 million, a negligible increase from the previous year’s CA$600.5 million.
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