The Société québécoise du cannabis (SQDC) has demonstrated significant strides in the cannabis market over the past fiscal year. From impressive sales numbers to noteworthy economic contributions, the Quebec-based organization continues to play a pivotal role in the provincial economy. This article delves into the intricate details of SQDC’s performance, exploring its revenue figures, market presence, and the regulatory environment shaping its operations.
Revenue achievements and economic impact
SQDC reported a robust total revenue of 662.1 million dollars for 2023, showcasing its expansion within the legalized cannabis market. With a net profit reaching 104.1 million dollars, the organization accentuates its efficiency and financial stability.
Beyond direct sales, SQDC’s activities have substantially bolstered Quebec’s tax revenues. The province benefited from 154.7 million dollars in tax income from consumption taxes and excise duties associated with cannabis sales. Additionally, federal contributions amounted to 62.6 million dollars, collectively summing up government coffers’ contributions to 258.8 million dollars. This marks an increase compared to last year’s 232.7 million dollars, underlining SQDC’s growing influence.
Sales volume and market share dynamics
The fiscal year saw SQDC sell 122,478 kilograms of cannabis, a 15% increase from the previous year’s 106,626 kilograms. This uptick in sales volume indicates heightened consumer demand and favorable market conditions for the organization’s product offerings.
Despite the increase in sales volume, SQDC accounted for 62.8% of the total cannabis market in 2023-2024, a marginal decline from previous years. The company has initiated several customer-centric strategies to counter this slight drop, including expedited delivery services and expanded product options.
Leadership and strategic direction
Since taking office as CEO in 2023, Suzanne Bergeron has been instrumental in steering SQDC towards customer satisfaction and legal compliance. Emphasizing these core values, Bergeron stated, “As our branch network is now well established in all regions of Quebec, I am pleased to join our dedicated teams in providing our customers—the heart of our operations—with the support, simplicity, quality-price ratio, and choice they seek while respecting our legal framework.”
Regulatory landscape and product innovation
Quebec enforces stringent regulations on cannabis products, dictating a maximum THC content of 30% for all items marketed, including edibles. Moreover, home cultivation of cannabis remains prohibited except for medical purposes.
A recent survey conducted by SQDC spotted a rise in the use of cannabis vapes among consumers, highlighting shifts in preferences that the organization will need to address. These evolving trends coincide with ongoing efforts to convert the illicit market into a regulated framework.
Global perspectives and knowledge exchange
SQDC is interested in international regulatory standards and market practices that align with its mission. Its extensive understanding of the plant’s diverse uses positions it advantageously in navigating both local and global cannabis landscapes, ensuring its strategies are aligned with worldwide trends and innovations.
Rita Ferreira
Rita is a seasoned writer with over five years of experience, having worked with globally renowned platforms, including Forbes and Miister CBD. Her deep knowledge of hemp-related businesses and passion for delivering accurate and concise information distinguish her in the industry. Rita's contributions empower individuals and companies to navigate the complexities of the cannabis world, and her work remains a valuable resource for those seeking a deeper understanding of its potential.
