SQDC increases net income and total sales in first quarter [Video]

The Société québécoise du cannabis (SQDC) increased its overall net profit and total sales in the first quarter, citing growth in demand.

On Thursday, SQDC reported an overall net income of $23.9 million for the first quarter, which ended June 22, up by around 14 per cent on the same period last year.

Total sales were $162.9 million, up by around 12 per cent.

The Crown corporation reported that tax revenues generated by its operations in the form of consumption and excise taxes amounted to $60 million, of which $43 million went to the Quebec government and $17 million to the federal government.

Including net comprehensive income, SQDC paid a total of $83.9 million to both levels of government, including $66.9 million to the Quebec government, the company said in a press release. These sums are reinvested “in cannabis prevention and research.”

In terms of volumes, sales were equivalent to …