PEI Cannabis Annual Report 2024

PRINCE EDWARD ISLAND CANNABIS MANAGEMENT CORPORATION Statement of Profit or Loss Year Ended March 31, 2024

2024

2023

Revenues Sales

$ 24,966,165

$ 22,500,680

18,117,146

Cost of sales (Note 6)

16,400,816

6,849,019

Gross margin

6,099,864

Expenses Amortization of property and equipment (Schedule 1 and 2) Amortization of right-of-use assets (Schedule 1 and 2)

319,503 179,663 97,873 64,519 215,132

303,927 131,868 77,157 44,172 154,171

Insurance and property taxes (Note 11) Interest on lease liabilities (Note 9) Other operating expenses (Note 12) Repairs and maintenance Salaries and benefits (Notes 11, 13) Rent

810

2,048

295,408 3,537,495 187,079 16,822 86,458

217,521 3,145,768 245,481

Store and office supplies

Travel Utilities

14,177 80,166

5,000,762

4,416,456

Income from operations Other revenues (Note 14)

1,848,257 1,187,522

1,683,408 1,225,688

Net income

$ 3,035,779

$ 2,909,096

Notes 1 to 18 are an integral part of these financial statements 5

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PEICMC 2023-2024 Annual Report