Connect with us

Hi, what are you looking for?

Thursday, Oct 6, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

SQDC reports Q1 net income of $20.5M, 24% of stores still on strike

Of the 28 stores represented by the Confédération des syndicats nationaux, 22 have been on strike since May 20

SQDC reports Q1 net income of $20.5M
Out of the 28 stores represented by the Confédération des syndicats nationaux (CSN), 22 have been on strike since May 20. Photo via SQDC

The Société québécoise du cannabis (SQDC) made $54 million for its first quarter of 2022 but reported that the strike is still affecting its operations.

The provincial pot distributor announced it had a net income of $20.5 million for the quarter ended June 18, from which $33 million went to tax revenue resulting from its operations from consumer and excise taxes for total revenue of $54 million.

The net income goes to the minister des Finances du Quebec and it is reinvested in cannabis research and prevention efforts towards substance use issues.

Overall sales for the period reached $139 million from $136.5 million in the previous quarter and sold a total of 25,050 kilograms of pot during the period. During the period, net earnings reached $6.7 million

The provincially-run cannabis branch, opened two new stores during the quarter, including Montréal and Gaspé for a total of 89 stores.

This May, SQDC employees called for a strike asking for higher wages and better working conditions.

On June 26, two unions representing employees at 44 of its stores reached an agreement via the Confédération des syndicats nationaux (CSN). However, of the 28 stores represented by the CSN, 22 are still on strike since May 20. Most of the stores –operated by managers– remain open with the exception of one.

“The SQDC still hopes a negotiated settlement between the two parties can be reached,” reads a statement by the SQDC.

Read more: SQDC employees strike because of low wages, poor working conditions

Read more: 91% of SQDC employees under CUPE vote in favour of strike mandate

 

Follow Mugglehead on Twitter

Like Mugglehead on Facebook

 

Click to comment

Leave a Reply

Your email address will not be published.

You May Also Like

Canada

New products are now available at SQDC locations throughout the province

News

Charbone Hydrogen develops modular and scaleable hydrogen production facilities.

Business

Net loss for Q4 was $618.8 million which was due to non-cash impairment charges of $505.1 million

Business

Khiron says it has developed a proven clinic business model with highly profitable medical cannabis sales in Colombia, the United Kingdom, Peru, Brazil and...