PEI Cannabis Annual Report 2024

PRINCE EDWARD ISLAND CANNABIS MANAGEMENT CORPORATION Notes to Financial Statements Year Ended March 31, 2024

8. DUE TO PROVINCE OF PRINCE EDWARD ISLAND Prince Edward Island Cannabis Management Corporation is a wholly owned Crown Corporation of the Province of Prince Edward Island. The Corporation's employee salaries and benefits are paid by the Province and are subsequently reimbursed by the Corporation. Net loss incurred during the year is receivable from the Province and net income incurred during the year is payable to the Province. 2024 2023

$ 4,615,720

Due to Province of Prince Edward Island

$ 5,304,141

These transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties.

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9. LEASE LIABILITIES

2024

2023

The Corporation leases properties for its retail stores. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions.

$ 1,707,165

$ 1,864,198

(238,800)

Current portion

(219,547)

$ 1,468,365

$ 1,644,651

Future minimum capital lease payments are approximately: 2025

$ 238,800

2026 2027 2028 2029

238,800 238,800 238,800 202,662 832,788

Thereafter

Total minimum lease payments

1,990,650

Less: amount representing interest at various rates

283,485 $ 1,707,165

10. CONTRACTUAL OBLIGATIONS

The Corporation has entered into contracts with various suppliers for hardware maintenance, software support services, and security services. The total of these contracts is $161,915 and they expire within the next fiscal year.

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PEICMC 2023-2024 Annual Report

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