2022 PEICMC Annual Report

Mandate of the PEI Cannabis Management Corporation Board The duties of the PEICMC Board are to: • Remain highly-engaged in PEICMC business affairs and evolving industry factors; • Make well-informed decisions in good faith and in a way that is impartial, fair, and ethical; • Manage or supervise the management of the PEICMC’s affairs including guiding policy decisions; • Approve the PEICMC’s budget, business plan, annual report, and financial statements; • Make, amend, or repeal bylaws; and • Exercise any additional responsibilities as defined within the regulations. Accountability to Government and Public The PEICMC is held accountable to government and the general public through a range of measures including, but not limited to: • The PEICMC Annual Report which is tabled in the legislature and available to the public that includes comprehensive details on the PEICMC’s affairs and financial outcomes during the preceding year; • Annual audited statements by the auditor general or a qualified auditor appointed by the Board to be included in the annual report; • Public access to records under the Freedom of Information and Privacy Protection Act ; and • Publicly-appointed Board Members. Appointment of Board Members The Lieutenant Governor in Council, through an Order-in-Council, appoints the members of the PEICMC board, establishes the honorariums, and designates the Chair. The board collectively designates the Vice-Chair from among its members. Audit Committee The Audit Committee is elected annually and consists of three Board Members in addition to the Chairman and the CEO as ex-officio. The Committee ensures the reliability and accuracy of the PEICMC’s financial statements, helps co-ordinate and improve internal control functions, and ensures the PEICMC adheres to sound corporate governance principles.

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PEICMC 2021-2022 Annual Report