PEI Cannabis 2023 Annual Report

PRINCE EDWARD ISLAND CANNABIS MANAGEMENT CORPORATION Statement of Profit or Loss Year Ended March 31, 2023

2023

2022

Income

$ 22,500,680

Sales

$ 21,894,379

16,400,816

Cost of sales (Note 6)

16,330,772

6,099,864

Gross margin

5,563,607

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

303,927 131,868 77,157

284,393 131,868 72,019 127,112 48,109 166,390

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

-

44,172 154,171 2,048 217,521 3,145,768 245,481 14,177 80,166

1,820

254,490 2,831,879 181,207

Store and office supplies

Travel Utilities

6,059 76,825

4,416,456

4,182,171

Income from operations Other income (Note 14)

1,683,408 1,225,688

1,381,436 1,228,144

Net income

$ 2,909,096

$ 2,609,580

32

PEICMC 2022-2023 Annual Report

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