Net income of $ 26.3 million for the 2019-2020 fiscal year, announces SQDC

#Montreal; #Quebec; #SQDC; #Cannabis; #Health&Safety

Montreal (QC), Jun 11 (Canadian-Media):  2019-2020 fiscal year on March 28, 2020 was concluded by the Société québécoise du cannabis (SQDC) with a net profit of $ 26.3 million, exceeding its budgetary objective by almost 30 percent, media reports said. 

SQDC. Image credit: Twitter handle

The SQDC is a Crown corporation, mandated to ensure safe distribution and sale of cannabis in Quebec by prioritizing customers' health and safety measures.

Compared to previous year's $ 71.3 million, SQDC's total sales of $ 311.6 million for the 2019-2020 fiscal year was made possible by the operational efficiency and the flexible business model of the company.

This was remitted in the form of a dividend to the Ministère des Finances and reinvested, for prevention and in cannabis research as well as in the fight against the harms linked to the use of psychoactive substances.

In addition, the tax revenue from its operations estimated at approximately $ 93 million ($ 66 million in Quebec and $ 27 million federal), enabled the SQDC returns of approximately $ 120 million to the two levels of government.

Due to the deployment of 28 new branches bringing the total number to 41 points of sale with a customer serviced based on advice and support, the SQDC was able to capture more than 30 percent of previous illegal sales, and fulfills its mission of moving consumers to the legal market.

During the fiscal year, the SQDC developed its 2021-2023 Strategic Plan to ensure the deployment of a responsive network and proposing a competitive offer.

The company also developed its first Social Responsibility Plan, linked to the main directions of strategic planning. 

The Company's 13 objectives are linked to 4 main categories of actions, namely health, ethics, community and the environment.

Being hard hit by the COVID-19 pandemic, SQDC identified as an essential service, the Company's employees have maintained efficient service and responsible support for customers by providing a safe environment.