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PEI sold nearly $23 million worth of cannabis in 2022-23

Media Partners, Stratcann

This post is presented by our media partner Stratcann
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PEI sold nearly $23 million worth of cannabis, the equivalent of 4,094 kg, in the 2022-23 fiscal year period from April 1, 2022, to March 31, 2023.

This represents an increase of more than half a million dollars from the previous year, with the province bringing in $6.3 million in revenue from sales and its share of excise taxes.

Total sales in the province were $22,500,680, compared to $21,894,379 the previous year. Net income was $2,909,096, compared to $2,609,580 the previous year.

Despite being the least populated Canadian province, with around 174,000 residents, PEI says its Charlottetown store, one of just four stores on the island, is one of the busiest in the country. Online sales in PEI accounted for just 0.87% of total sales, or $194.991 worth of cannabis. 

The province has plans for a fifth store just southeast of Charlottetown, in Stratford.

Just under half of sales were dried flower, while 23.7% were pre-rolls. Concentrates represented just under 10% of total sales, while ingested extracts and edibles were each just under 5%. 

Prince Edward Island Cannabis Management Corporation is a wholly-owned Crown Corporation of the Province of Prince Edward Island. It is responsible for the distribution and sale of adult-use cannabis throughout the province.

A handful of cannabis producers operate within the maritime province, including Auxly, FIGR, Remidose, Mila Supply, Green Harvest Organics, Retro Cannabis, and FOG Organics.

PEI’s 2022-23 annual report can be found here, and past reports here.

This post was originally published by our media partner here.

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