2022 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:

In reviewing the Prince Edward Island Cannabis Management Corporation’s financial performance for the period of April 1, 2021, to March 31, 2022, total sales were over $21.8 million. During this 4th year of business, we saw an increase of over $4.8 million from the previous fiscal and recorded a net income of $2.6 million. In addition to this, we generated another $2.6 million in excise tax revenue for the Province. PEICMC has experienced challenges involving supply chain, along with mergers and acquisitions, amongst our industry partners. We remain optimistic that the legalized cannabis environment will mature and that supplier partnerships will be expanded. We are confident that PEICMC will remain well positioned to provide a robust offering of recreational adult-use cannabis. As we move through the pandemic, our dedicated warehouse, head office, and retail staff continue to work hard to expand our service offerings to strengthen our corporate retail and online channels. We also remain focused on our public policy priorities which make up the foundation of PEICMC’s corporate strategy. I would also like to extend my appreciation for the support, guidance, and leadership of our Board members, and members of the Executive Management team. Our success would also not be possible without all members of our organization, along with other stakeholders, and governing entities. We are very much focused on the year ahead, and look forward to continued success in all areas of our operations. It is my pleasure to present PEI Cannabis Management Corporation’s Fiscal Year 2022 Annual Report.

Please Don’t Drive Impaired

Respectfully,

Daniel MacDonald Chief Executive Officer

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PEICMC 2021-2022 Annual Report