November 29, 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 three-months ended September 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 three-months ended September 30, 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 SEPTEMBER 30, 2022
- Gross revenue increased to $3,358,213 for the period (compared to $1,865,878 for the same period last year), representing an increase of 80%
- Gross margin, calculated based on net revenue, was 18%
- Cash on hand at the end of the period totalled $1,016,130 (compared to $976,194 compared to last year)
“As we continue to expand across the country with our value offerings, we are thrilled to observe consistent growth in our revenue and market share despite the price compression that continues to impact the recreational cannabis industry. Ayurcann is proud to have generated an increase in its revenue while transitioning away from a business-to-business to a more business-to-consumer focused company. Ayurcann is now selling products across the country and has over 3,000 products listed for sale (the “Product Offerings”) throughout the vape, concentrate, oil and flower sectors (the “Sectors”). Our increase in revenue, combined with the growth of our in-house brands, should 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 SEPTEMBER 30, 2022
- Over 3,000 Product Offerings throughout New Brunswick, Ontario, Manitoba, Saskatchewan, Alberta, and British Columbia with over 30 new stock-keeping units (“SKUs”) being launched over the next three to six months, providing customers with more offerings in the Sectors;
- Top selling Company brands: are Fuego, Hustle & Shake, Joints and Bravo6 and Xplor;
- 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.
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.