PEI Cannabis Annual Report 2024

MANDATE OF THE PEI CANNABIS MANAGEMENT CORPORATION BOARD The duties of the PEICMC Board are to:

• Remain highly-engaged in PEICMC business affairs and evolving industry factors; • Make well-informed decisions in good faith and in a way that is impartial, fair, and ethical; • Manage or supervise the management of the PEICMC’s affairs including guiding policy decisions; • Approve the PEICMC’s budget, business plan, annual report, and financial statements; • Make, amend, or repeal bylaws; and • Exercise any additional responsibilities as defined within the regulations. ACCOUNTABILITY TO GOVERNMENT AND PUBLIC The PEICMC is held accountable to government and the general public through a range of measures including, but not limited to: • The PEICMC Annual Report which is tabled in the legislature and available to the public that includes comprehensive details on the PEICMC’s affairs and financial outcomes during the preceding year; • Annual audited statements by the auditor general or a qualified auditor appointed by the Board to be included in the annual report; • Public access to records under the Freedom of Information and Privacy Protection Act ; and • Publicly-appointed Board Members. APPOINTMENT OF BOARD MEMBERS The Lieutenant Governor in Council, through an Order-in-Council, appoints the members of the PEICMC board, establishes the honorariums, and designates the Chair. The board collectively designates the Vice-Chair from among its members. RESPONSIBILITIES OF BOARD MEMBERS Each Board member has individual responsibility for corporate governance including: • Acting honestly and in good faith in making decisions with a view to the best interests of the PEICMC and all its stakeholders; • Overseeing the management of the business affairs of the PEICMC; • Avoiding conflicts of interest; • Having adequate knowledge of the PEICMC’s business, how it is organized and how it functions; • Attending Board meetings and seeking professional advice where necessary; and • Providing guidance on policy development. AUDIT COMMITTEE The Audit Committee is elected annually and consists of three Board Members in addition to the Chair and the CEO as ex-officio. The Committee ensures the reliability and accuracy of the PEICMC’s financial statements, helps co-ordinate and improve internal control functions, and ensures the PEICMC adheres to sound corporate governance principles.

PLEASE CONSUME RESPONSIBLY

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PEICMC 2023-2024 Annual Report