PEI Cannabis - Annual Report 2020

Management’s Report

Mr. Quentin Bevan, Chairman PEI Cannabis Management Corporation PO Box 967 Charlottetown, PE C1A 7M4

Dear Mr. Bevan:

The preparation of financial information is an integral part of management’s responsibilities and the accompanying financial statements are the responsibility of PEI Cannabis management. This responsibility includes the selection of appropriate accounting policies and making judgments and estimates consistent with International Financial Reporting Standards.

PEI Cannabis maintains an accounting system and related controls providing:

• reasonable assurance that transactions are executed and recorded as authorized; • that assets are properly safeguarded and accounted for; and • that financial records are reliable for the preparation of financial statements in accordance with International Financial Reporting Standards (IFRS). Financial information presented elsewhere in this annual report is consistent with that in the financial statements.

Sincerely,

James C. MacLeod

Carl J. Adams

Acting Chief Executive Officer

Chief Financial Officer

30 www.peicannabiscorp.com • 2019 Annual Report