Toronto, Ontario, Oct. 28, 2022 — 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 medical and recreational market, is pleased to announce its financial and operational results for the year ended June 30, 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 years ended June 30, 2022 and 2021 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 YEAR ENDED JUNE 30, 2022
- Gross revenue increased to $11,081,731 for fiscal year ended June 30, 2022 (compared to $7,633,656 in 2021), representing an increase of 45.17%.
- Gross Margins based on Net revenues of 23.6%
- Cash on hand as of June 30, 2022, totalled $1,354,816 (compared to $725,016 as at June 30, 2021).
- Reported sales increased to $3,238,905 for the three months ended June 30, 2022 (compared to $2,659,087 for the three months ended June 30, 2021), representing an increase of 21.8%.
“We are thrilled to observe consistent growth in our revenue despite the retail price compression affecting the cannabis industry. Over the last year, several cannabis companies have experienced pressure on their margins due to retail price compression, while Ayurcann is proud to be one of the companies who has generated an increase in its revenues. The ability to transition away from a business-to-business to a more business-to-consumer focused company has enabled Ayurcann to enter multiple recreational markets in Canada over the past fiscal year. With over 2,500 products listed for sale throughout the country in the vape, concentrate, oil and flower segments (collectively, the “Product Listings”), the growth trajectory for our in-house brands should have a tremendous and positive impact on the future development of Ayurcann,” said Igal Sudman, Chief Executive Officer of Ayurcann.
OPERATIONAL HIGHLIGHTS FOR THE YEAR ENDED JUNE 30, 2022
- 2,500 Product Listings throughout New Brunswick, Ontario, Manitoba, Saskatchewan, Alberta, and British Columbia;
- The Company’s top selling brands across the country are Fuego, Hustle & Shake (“H&S”), Joints and Bravo6;
- Acquired the H&S and Joints brands, with products now available in New Brunswick, Ontario, Alberta, Saskatchewan, and British Columbia;
- Ongoing purchase orders from provincial boards across the country, overseeing retail sales and distributions of cannabis in each Canadian province and territory, for Ayurcann products;
- Consistently offering new stock-keeping units (the “SKUs”) into the market, reflecting the reliability and value that Ayurcann brings to recreational cannabis in Canada.
“With the establishment of our Product Listings, and with an increase in production capacity, strategic partnerships and the ability to grow market share in the categories we entered, we are confident that we will continue securing additional SKUs and market share across the country, thereby helping grow our top line revenues,” further added Mr. Sudman.
SELECTED FINANCIAL INFORMATION FOR YEAR ENDED JUNE 30, 2022
(All amounts are expressed in Canadian dollars)
|Year Ended June 30, 2022||Year Ended June 30, 2021|
|Net comprehensive loss||(3,087,907||)||(278,360||)|
|Basic and diluted loss per share||(0.027||)||(0.003||)|
|Cash and cash equivalents on hand||1,354,816||725,016|
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 and medical 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.