PEI Cannabis - Annual Report 2020

Executive Summary The Prince Edward Island Cannabis Management Corporation (PEICMC) is a crown corporation responsible for the administration of the PEI Cannabis Management Corporation Act and Regulations. The PEICMC operates under the branded name PEI Cannabis. A five-member Board of Commissioners appointed by the Lieutenant Governor in Council is responsible for the corporation’s activities, and the chairperson reports to the minister responsible for PEI Cannabis.

The mandate under the Cannabis Management Corporation Act has two primary purposes:

1. To establish the necessary framework for socially responsible management of the distribution and sale of cannabis and related products; and 2. To facilitate and promote the responsible consumption of cannabis and related products in Prince Edward Island. PEI Cannabis expects to become a major force in the provincial economy over the medium-to-long term, and during its second fiscal year it generated over $16M in total net receipts and captured approximately 40% of the illicit market. A three-year strategic plan, complemented by an annual business plan, is the key mechanism to ensure PEI Cannabis is meeting its strategic objectives, and aligning itself with the key public policy priorities surrounding cannabis legalization.

PEI Cannabis focuses on the following four (4) strategic areas to measure performance:

• Business Results • Customer Experience • Corporate Citizenship • People & Culture

These strategic pillars, and the tactical initiatives developed within them, serve as a blueprint for incorporating the Vision and Mission Statements into day- to-day operations, the outcomes of which are explained in further detail in this report.

12 www.peicannabiscorp.com • 2019 Annual Report