In #finance, a recently released report reveals profits for Quebec’s government-run #marijuana store operator nearly doubled over the last fiscal year to 66.5 million dollars. The agency, or SQDC, holds a #monopoly on the province’s cannabis retail sales, which totalled 537 million Canadian dollars, according to 2020-21 annual results, substantially increasing from last year’s 311.6 million. The SQDC attributed the jump in revenue to its expanding #network of stores, which grew by 25 outlets to 66 locations total. In fact, in-person shopping accounted for 90 percent of overall #sales, though online sales themselves skyrocketed by 83 percent, a rise credited to #pandemic-prompted lockdowns. Based on annual demand for #marijuana in Quebec, the SQDC further reported diverting 53 percent of sales from illicit #channels, compared to last year’s 30 percent. Industry analysts say the agency’s 12 percent drop in #cannabis prices have made them more competitive with the black market. Despite imposing stricter cannabis regulations than the rest of #Canada, with #vape and edible products still prohibited and a higher age limit than the rest of the country at 21, #Quebec recorded the third-highest provincial sales for the month of #March at 48 million #dollars, coming in only 10 #million behind #Alberta, but at less than half the sales of the more heavily-populated #Ontario.
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