The SQDC reports comprehensive income of $118.0 million for fiscal 2024-2025 Français
MONTRÉAL, June 4, 2025 /CNW/ - For its fiscal year ended March 29, 2025, the Société québécoise du cannabis (SQDC) posted total sales of $741.5 million, compared with $662.1 million for the preceding fiscal year. The company reported comprehensive income of $118.0 million versus $104.1 million in fiscal 2023-2024. To this can be added the government revenues generated by its operations in the form of consumer and excise taxes, estimated at $249.5 million with $177.9 going to Québec and $71.6 million to the federal government. The SQDC is therefore contributing a total of $295.9 million to the Québec treasury.
The $118.0 million dividend and the Quebec portion of the excise tax are remitted in full to the Ministre des Finances du Québec and reinvested primarily in cannabis-related prevention efforts and research and in the fight against the harmful effects of psychoactive substances. In all, $221.9 million will be transferred to the Fonds de lutte contre les dépendances.
In fiscal 2024-2025, the SQDC's product offer included 381 "Québec grown" products, correspond to around 61% of the total offer in the dried flower, pre-rolled, ground cannabis, hash and kief categories, compared with 47% last fiscal year. Among the company's 52 suppliers, 37 were based in Québec. By law, all cannabis sold at the SQDC is grown in Canada.
Highlights
Guided as always by its desire to better serve customers while complying with the laws and regulations that govern it, the SQDC deployed numerous initiatives to further its mission of converting cannabis users to the legal market and remaining a trusted destination for buying cannabis in Québec.
Fiscal 2024-2025 saw an increase in the company's organizational effectiveness related to the rollout of two structuring technology systems, the implementation of the second year of its Strategic Plan 2024-2026, the expansion of its sales network, the introduction of new store concepts, planning for the sale of cannabis vaping products and an expansion of the coverage area of its 90-minute delivery service.
Rising sales
Overall dollar sales grew 12.0% due to the opening of seven new stores and the busy summer and holiday seasons.
Volume sales totalled 149,223 kg of cannabis, a 21.8% increase from fiscal 2023-2024 (122,478 kg) attributable to user conversion, mainly in the concentrates (hash and infused pre-rolled) segments.
The difference in growth between volume sales and dollar sales stems from how Health Canada calculates the volume of concentrates in equivalent grams of dried cannabis.
The SQDC recorded 18.8 million transactions in its 104 stores and on its website while the average sales price for all cannabis products combined was $5.71/g, compared with 16.1 million and $6.22/g respectively in fiscal 2023-2024. It should be noted that the 2024-2025 fiscal year consisted of 52 weeks, one less than the preceding fiscal year.
Social responsibility
In line with its Social Responsibility Plan 2024-2026, the SQDC took action on four fronts this year: the environment, governance, the community and the company's teams. Among other things, it reached a major milestone in residual materials management when it joined RECYC-QUÉBEC's ICI on recycle+ program. The company recovered and recycled more than 27 metric tons of rigid and flexible plastic packaging. In addition, 79% of the product containers and packaging sold are now considered eco-responsible, exceeding the SQDC's initial target of 50% for the year.
Prospects
SQDC management is satisfied with the company's financial results for the fiscal year ended March 28, 2025, and intends to continue implementing its Strategic Plan 2024-2025, which is based on three pillars: engaging its teams, optimizing the service provided to customers and raising awareness of its mission in Québec society.
"To expand its market coverage and become even more accessible, the company plans to open new points of sale in the coming fiscal year," said Suzanne Bergeron, President and Chief Executive Officer. "As customer satisfaction is one of its top priorities, the SQDC will continue taking advantage of such openings to optimize the in-store experience with better-adapted customer journeys and an improved product offer."
The SQDC is also continuing to introduce products in response to changing demand while also adhering to its mission to sell lower-risk products while maintaining a focus on health protection. For example, the company plans to start selling vaping products in the fall of 2025.
Lastly, the SQDC was honoured to receive the Molière Retail Award from the Retail Council of Canada (RCC) for the second year running in recognition of the quality of its online French. In addition, the company won at the RCC's 2025 Excellence in Retailing Awards Gala in the category Omni-channel for the expansion of its 90-minute delivery service. The delivery service also earned the SQDC a place among the finalists at the 2025 Les Mercuriades competition run by the Fédération des chambres de commerce du Québec (FCCQ).
The Annual Report 2025 is now available, in French, on SQDC.ca. The English-language version is in preparation and will be published soon.
About the Société québécoise du cannabis (SQDC)
The SQDC is a government corporation mandated to distribute and sell cannabis in Québec with a focus on protecting customers' health and safety. The company is committed to offering quality products and informing and advising consumers on how to minimize the health impacts of cannabis. The goal is to shrink the illegal cannabis market in Québec. The declared dividend equal to the company's net income is transferred to the Fonds de lutte contre les dépendances, a fund managed by the Ministère des Finances du Québec, and reinvested primarily in cannabis-related education, prevention efforts and research. For more information, visit SQDC.ca.
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