AYURCANN REPORTS Q2 2023 FINANCIAL RESULTS FEATURING A 37% INCREASE IN YEAR-OVER-YEAR GROSS REVENUE
February 27 2023 - 6:15AM
Ayurcann Holdings Corp. (
CSE:
AYUR,
OTCQB: AYURF,
FSE:
3ZQ0) (“
Ayurcann” or the
“
Company”), a leading Canadian cannabis extraction
company specializing in the processing and co-manufacturing of
pharma grade cannabis and hemp to produce various derivative
cannabis 2.0 and 3.0 products in the recreational market, is
pleased to announce its financial and operational results for the
three-months ended December 31, 2022, the highlights of which are
included in this news release. All figures are reported in Canadian
dollars. The Company’s full set of consolidated financial
statements for the three-months ended December 31, 2022 and
accompanying management’s discussion and analysis can be accessed
by visiting the Company’s website at www.ayurcann.com and its
profile page on SEDAR at www.sedar.com.
FINANCIAL HIGHLIGHTS FOR THE THREE-MONTHS ENDED DECEMBER
31, 2022
- Gross revenue
increased to $4,408,997 for the period (compared to $3,211,244 for
the same period last year), representing an increase of 37%
- Gross margin,
calculated based on net revenue, was 44%
- Continued sales
growth quarter-over-quarter with gross revenue $4,408,997 for Q2
2023 (compared to $3,358,213 for Q1 2023), representing an increase
of 31%
- Expanded team
and new partnerships, adding expertise to enable innovation and
production efficiencies.
- Successfully
grew our product offerings to 50 stock keeping units
(“SKUs”) across the country and became a top
seller of new and existing innovation including1:
- In the
1G VAPE Category:
- ACROSS CANADA -
#8
- ONTARIO -
#5
- ALBERTA -
#9
- SASKATCHEWAN -
#3
- In the
1x0.5G PREROLLS:
- ACROSS CANADA -
#1
- ONTARIO - #1
(Supplier and SKU)
- SASKATCHEWAN -
#3 (Supplier and SKU)
- MANITOBA - #3
Supplier / #2 SKU
“As we continue to expand to more markets across
the country with our offerings, we are thrilled to report
consistent growth in our revenue and market share despite the price
compression that continues to impact the cannabis industry.
Ayurcann is proud to have generated an increase in revenue from its
business-to-consumer strategy. Ayurcann is selling products across
the country and has 6,500 products listed for sale (the
“Product Offerings”) throughout
the vape, concentrate, oil and flower sectors (the
“Sectors”). The increase in revenue, combined with
the growth of our in-house brands, continues to have a positive
impact on the future development of Ayurcann,” said Igal Sudman,
Chief Executive Officer of Ayurcann.
OPERATIONAL HIGHLIGHTS FOR THE
THREE-MONTHS ENDED DECEMBER 31, 2022
- Over 6,500 Product Offerings
throughout New Brunswick, Ontario, Manitoba, Saskatchewan, Alberta,
and British Columbia with over 40 new SKUs being launched over the
next three to six months, continuing to provide innovation to
consumers.
- Top selling Company brands: Fuego,
Hustle & Shake, and Xplor, are consistent performers in the
provinces they are listed in.
- Consistently offered new SKUs to
the market, reflecting the reliability and value that Ayurcann has
brought to the recreational cannabis market in Canada.
“With a focus for innovation and growth of new
product offerings, combined with our current Product Offerings, we
are confident that we can grow market share in the Sectors across
the country to help grow our top line revenues,” further added Mr.
Sudman.
For further information, please contact:
Igal Sudman, Chairman and Chief Executive OfficerAyurcann
Holdings Corp.Tel: 905-492-3322.Email: info@ayurcann.com
Investor Relations:
Email: ir@ayurcann.com
About Ayurcann:
Ayurcann is a leading post-harvest solution
provider with a focus on providing and creating custom processes
and pharma grade products for the adult use cannabis industry in
Canada. Ayurcann is striving to become a partner of choice for
leading Canadian cannabis brands by providing best-in-class,
proprietary services including ethanol extraction, formulation,
product development and custom manufacturing.
For more information about Ayurcann, please
visit www.ayurcann.com and its profile page on SEDAR at
www.sedar.com.
Neither the Canadian Securities Exchange nor its
Regulation Services Provider have reviewed or accept responsibility
for the adequacy or accuracy of this release.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of applicable securities laws. All
statements contained herein that are not clearly historical in
nature may constitute forward-looking statements. Generally, such
forward-looking information or forward-looking statements can be
identified by the use of forward-looking terminology such as
“plans”, “strategy”, “expects” or “does not expect”, “intends”,
“continues”, “anticipates” or “does not anticipate”, or “believes”,
or variations of such words and phrases or may contain statements
that certain actions, events or results “will be taken”, “will
launch” or “will be launching”, “will include”, “will allow”, “will
be made” “will continue”, “will occur” or “will be achieved”. The
forward-looking information and forward-looking statements
contained herein include, but are not limited to, statements
regarding: the Company launching new SKUs upon the timelines
disclosed herein; the Company gaining market share across the
country, allowing the Company to grow its revenue; the Company’s
expanded team providing innovation and product efficiencies;
automation tools increasing workflow and efficiencies; and the
ability of the Company to become the partner of choice for leading
Canadian and international cannabis brands.
Forward-looking information in this news release
are based on certain assumptions and expected future events,
namely: the Company will expand and be able to maintain production
capacity; continued approval of the Company’s activities by the
relevant governmental and regulatory authorities; the continued
growth of the Company, including its in-house brands and top-line
revenue; the Company’s successful implementation of its strategy to
expand market share in the cannabis industry; the Company’s
continuing ability to meet the requirements necessary to remain
listed on the Canadian Securities Exchange and alternative
exchanges; the Company selling its products in compliance with
applicable laws and regulations; the Company successfully launching
and distributing the new SKUs; the Company growing its exposure,
consumer and retail partnerships and securing additional product
listings and market share throughout the country; the Company
maintaining a continuous path of growth; the Company’s in-house
brands and revenue having a positive impact on the Company’s future
development; the Company maintaining and creating new relationships
with retail distributors; the Company’s expanded team and
automation tools providing innovation, increasing workflow and
efficiencies; and the Company becoming the partner of choice for
leading Canadian and international cannabis brands.
These statements involve known and unknown
risks, uncertainties and other factors, which may cause actual
results, performance or achievements to differ materially from
those expressed or implied by such statements, including but not
limited to: the Company’s inability to expand and/or maintain
production capacity; the potential inability of the Company to
continue as a going concern; the risks associated with the cannabis
industry in general; increased competition in the cannabis
extraction market; the potential future unviability of the cannabis
market; risks associated with potential governmental and/or
regulatory action with respect to the cannabis industry; the
Company’s inability to obtain continued regulatory approvals; the
Company’s inability to meet the requirements necessary to remain
listed on the Canadian Securities Exchange and alternative
exchanges; the Company’s inability to sell its cannabis flower
products pursuant to applicable laws and regulations; the Company’s
inability to grow and/or increase sales and/or revenue and/or its
in-house brands; the Company’s inability to secure funds for the
integration, development and distribution of new and existing SKUs;
the Company’s inability to secure additional product listings for
its new SKUs and grow its market share across the country; the
Company’s inability to secure additional partnerships; the
Company’s inability to innovate, increase workflows and/or create
efficiencies; and the Company’s inability to become the partner of
choice for leading Canadian and international cannabis brands.
Readers are cautioned that the foregoing list is
not exhaustive. Readers are further cautioned not to place undue
reliance on forward-looking statements, as there can be no
assurance that the plans, intentions, or expectations upon which
they are placed will occur. Such information, although considered
reasonable by management at the time of preparation, may prove to
be incorrect and actual results may differ materially from those
anticipated.
Forward-looking statements contained in this
news release are expressly qualified by this cautionary statement
and reflect the Company’s expectations as of the date hereof and
are subject to change thereafter. The Company undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, estimates or opinions,
future events, or results or otherwise or to explain any material
difference between subsequent actual events and such
forward-looking information, except as required by applicable
law.
1 Based on reporting by Hyfyre IQ™ as of February 23, 2023.
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