PEI Cannabis Annual Report 2024

Store by Store Net Sales Analysis

PEI CANNABIS STOREFRONT

Total Net Receipts

% of Sales Revenue

Charlottetown

$13,568,940

54.35%

Summerside

$5,983,557

23.97%

*Stratford

$492,861

1.98%

Montague

$3,443,201

13.79%

O’Leary

$1,351,876

5.41%

Online

$125,730

0.50%

TOTAL

$24,966,165

100%

* Opened January 22, 2024

Average Basket Size by Location

CHARLOTTETOWN $39.57

PLEASE DON’T DRIVE IMPAIRED

SUMMERSIDE

$40.00

O’LEARY

$42.55

MONTAGUE

$40.59

STRATFORD

$37.33

HOME DELIVERY

$89.59

TACTICAL SUMMARY

PEI Cannabis recognizes the continued presence of a mature, sophisticated illicit cannabis market. Further, this unregulated market is still prominent in the PEI market, and due to the absence of any quality assurance measures or accountability requirements to customers and staff, it also has much lower costs to get product to market. Further, the Corporation acknowledges the pre-legalization customer preferences, and how they continue to shape the licit industry’s current and prospective product offerings (i.e., derivative products, genetics, etc.). To successfully compete with existing market sources, PEI Cannabis executed plans focusing on excellence in Category Management, Supply Chain Management, Retail Expansion, and Risk Management. PEI Cannabis is pleased to have exceeded its sales and profitability targets for fiscal 2024, and more importantly the corporation has achieved success related to incremental illicit market displacement. However, it has also identified some key challenges and opportunities in terms of achieving sustainable outcomes in the medium-to-long term.

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PEICMC 2023-2024 Annual Report