PEI Cannabis, the provincial agency that manages cannabis sales in the province, sold $24,966,165 worth of cannabis in the year ended March 31, 2024, a total of 5,074 kilograms of weed.
This represented just over $3 million in revenue for the province, up from a target of $1.1 million and just over the previous year’s revenue of $2.9 million. All earnings are distributed to the PEI government. PEI Cannabis also contributed $3.8 million in excise tax revenue to provincial coffers.
Sales of dried flower were 43.2% of all sales in the province, while pre-rolls were 24.56%. Concentrates were the next largest category at 14.83% of sales, edibles were 5.85%, ingested extracts were 3.67%, and beverages were just 1.98%.
PEI Cannabis operates five stores in the province. The most recent opened in Stratford in January 2024. The Charlottetown location posted 54% of sales, Summerside was nearly 24%, and Montague was almost 14%.
Online sales were one-half of one percent of total sales, but those purchases were, on average, much larger basket sizes than those made in-store at $89.59. The O’Leary PEI Cannabis store saw the second-largest average basket size at $42.55, with all other stores ranged from $37.33 to $40.59.
Online basket sizes increased significantly from the previous year where they were $41.11.
“Mainstream” (42%) and “Value” (38%) categories were the most typical product types sold, while “Craft” was 20%.
PEI Cannabis served 622,367 customers in the year ended March 31, 2024. The population of PEI is around 175,000. The Prince Edward Island Cannabis Management Corporation is a wholly-owned Crown Corporation.
PEI is home to cannabis producers like Auxley, FIGR, FOG Organics, Mila, Green Island Genetics, Remidose, and Retro. All of the province’s annual reports can be found here.
