PEI Cannabis reports first profits

| David Brown

The P.E.I. Cannabis Management Corporation is reporting its first year of profit in its most recent annual report for the fiscal year that ended March 31, 2020.

The cannabis distributor and retailer, with four stores across the province, reported a net income of $653,000 and a gross profit for the most recent fiscal year of $3,989,508 from more than $16 million in sales. The province projects another net loss in revenue for 2020-2021 of $137,100.

The majority of the sales were in its Charlottetown store, followed by Summerside, Montague, and O’Leary. Online sales only accounted for just over 1% of total sales in the province.

Total sales for the previous year, ending in March 2019, were $6,956,964, with a loss for the province of $529,095 after operating expenses.

The bulk of those sales were from dried flower and pre rolls, which accounted for 87% of overall sales, followed by extracts at 7%, edibles and accessories at 1% each, and seeds and beverages at less than 1%. Edibles, extracts, and beverages were all categories only introduced for sale in late 2019/early 2020.

The bulk of dried flower sales were 3.5 gram packages (67%), followed by 7 grams (14%), 1 gram (13%), 15 gram (5%), and 28 gram (1%).