PEI Cannabis Annual Report 2024

MESSAGE FROM THE CEO

Mr. John Abbott, Chair PEI Cannabis Management Corporation 3 Garfield Street Charlottetown, PE C1A 6A4

Dear Mr. Abbott,

As we reflect on the fiscal year 2024, it is my privilege to introduce the annual report of the Prince Edward Island Cannabis Management Corporation (PEICMC). I am proud of the remarkable progress and resilience demonstrated by our PEICMC team which has positioned us for continued growth and success in this dynamic cannabis industry. This year was big… marked by a pivotal 5-year cannabis legalization milestone! I am pleased to report total

sales exceeding $24.9 million. This represents a significant increase of over $2.4M from the previous fiscal year, with a recorded net income of $3.04 million. Additionally, we contributed $3.8 million in excise tax revenue to the province. We have expanded our product offerings, enhanced our social responsibility initiatives, and optimized our inventory and supply chain processes to meet the ever-evolving demands of the industry. We have worked to promote responsible practices and support local causes, reinforcing our role as a conscientious corporate citizen. We are dedicated to increasing safety awareness through campaigns such as “Impaired is Impaired”, an impaired driving campaign which informs Islanders it is not okay to drive after consuming cannabis. This message remains critical to be shared to keep our Island roads safe. Another social responsibility message I feel the need to highlight is “Know Your Source,” this campaign informs Islanders that the only legal way to purchase adult-use cannabis in Prince Edward Island is through PEI Cannabis. Purchasing legal cannabis ensures the product adheres to strict Health Canada regulations and undergoes rigorous testing by federally licensed third-party laboratories. Cannabis from illegal sources may contain dangerous contaminants, and labels might not accurately reflect the THC or CBD content. Looking ahead, we are excited about the opportunities that lie before us. The opening of our Stratford location was crucial to meet the growing demand and to remain competitive with the illicit market. We are strategically positioned to lead in innovation, quality, and customer satisfaction. Our vision is clear: to be the preferred source of adult-use cannabis, and we will continue to work towards that mission to ensure that access to safe, regulated cannabis is available to all 19+ Islanders. I would like to express my gratitude to outgoing board members Perry Gotell and Susan Milligan for their dedication and commitment during their terms with the PEICMC. I would also like to extend a warm welcome to new board members, Kelly Shea Rayner and Ian Burge. I am deeply appreciative of our entire team, whether at the executive level, in our stores, warehouse, or head office. Everyone has contributed to the success of our organization, and for that, I am sincerely grateful. We have a strong emphasis on the upcoming year and eagerly anticipate ongoing success across all aspects of our operations. It is my honour to introduce the Annual Report for the fiscal year 2024 on behalf of the Prince Edward Island Cannabis Management Corporation.

PLEASE DON’T DRIVE IMPAIRED

Warm Regards,

Daniel MacDonald, Chief Executive Officer

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PEICMC 2023-2024 Annual Report