2021 PEICMC Annual Report

Message from the CEO

Mr. Quentin Bevan Chairman, PEI Cannabis Management Corporation 3 Garfield Street Charlottetown, PE C1A 6A4

Dear Mr. Bevan:

While continuing to manage through challenges of the COVID-19 pandemic, the PEI Cannabis Management Corporation (PEICMC) entered into it’s third year of business. Despite store closures and other COVID-19 challenges, our retail sales figures for the period April 1, 2020 to March 31, 2021 were very strong. I am proud to report that the PEI Cannabis Management Corporation sales for this period reached $17M, resulting in net profits of $564,700. PEI Cannabis Management Corporation profits help to fund important public services and programs in health care, education and infrastructure. The success of the PEICMC would not be possible without the commitment of stakeholders and governing entities. We were pleased to generate not only general sales revenue for government, but also approximately $1.4M in revenue from excise tax for the province as a result of our operations. I have every confidence in our knowledgeable team and would like to thank the Board of Directors, members of the senior management team, as well as staff of the PEI Cannabis Management. Collectively, their hard work has been the key to our success. I would also like to thank the outgoing Acting CEO Jamie MacLeod for his commitment and ability to steer this organization through these unprecedented times. Jamie demonstrated true professionalism in the way he managed this organization. Although still maneuvering through the impacts of the global pandemic, I am optimistic in what the future holds for the PEI Cannabis Management Corporation. I look forward to continuing to develop new and innovative partnerships within the industry and anticipate another successful year ahead.

Yours truly,

Daniel MacDonald Chief Executive Officer

PEI Cannabis Î.-P.-É. • 2021 Annual Report 7