The Société québécoise du cannabis, Quebec’s online and storefront cannabis sales network, generated $71 million in total revenue during its first abbreviated fiscal year of operations, but posted a $4.9-million loss that will be covered by the province’s taxpayers.
The SQDC reported that the $4.9-million loss represents “non-recurring start-up costs” and that a profit is expected to be realized over the course of the next fiscal year, which runs from the start of April of 2019 to the end of March, 2020.
Between June 12, 2018, and March 30, 2019, the sale of nearly 10 tonnes of cannabis at stores and online generated $21.7 million in tax revenue for the province, announced the Crown corporation on Wednesday.
The SQDC outlets and websites began selling products last Oct. 17, the day the recreational use of cannabis in Canada became legal. While business was brisk during the first week, a nationwide lack of stock forced administrators to cut operating hours of SQDC stores from seven to four days a week.
The seven-day schedule was only resumed last month. The SQDC opened its 15th outlet – located in Gatineau – last May 22.
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