TORONTO, Nov. 29, 2023 (GLOBE NEWSWIRE) — Ayurcann Holdings Corp. (CSE: AYUR, FSE: 3ZQ0) (the “Company” or “Ayurcann”) a Canadian cannabis extraction company specializing in the processing and manufacturing of cannabis to produce cannabis 2.0 and 3.0 products, is pleased to report its financial and operating results for the three-months ended September 30, 2023. All figures reported are in Canadian dollars.
HIGHLIGHTS OF FIRST QUARTER ENDED SEPTEMBER 30, 2023:
- Ayurcann reported net revenues of $1.9 million for the three-months ended September 30, 2023, compared to $0.8 million for the three-months ended September 30, 2020, an increase of 137% year-over-year.
- The Company reported gross margins of $931,000 for the three-months ended September 30, 2023, compared to $169,000 for the three-months ended September 30, 2020, with gross margins of 49%, maintaining strong control over sales and profitability.
- Ayurcann finished its built-out of the Phase-2 expansion of the Pickering facility, increasing extraction capacity up to 300,000 kilograms of input biomass and up to three million filled and co-packaging capacity for cannabis 2.0 and 3.0 products, providing Canadian licensed producers with a one-stop extraction facility and offering international brands seeking a go to market strategy.
- Ayurcann maintains inventory of approximately 300 kilograms of crude THC and CBD distillate and pharma-grade isolate for use in cannabis 2.0 and 3.0 products, available for its co-manufacturing and white label partnerships
- The Company is expanding into various recreational markets throughout Canada and is delighted to announce the delivery of cannabis 2.0 products, with Fuego-branded vapes and Vida-branded tinctures having been shipped to New Brunswick and Saskatchewan, with further orders to be shipped into Manitoba, Ontario, and Alberta in the coming quarters.
- Ayurcann produces products for the health and wellness segment, including its Glow-branded topical cannabis products available throughout Ontario. Health and wellness is a growing segment of the cannabis market in Canada, and Ayurcann, along with its partners, Green Bee (California, USA), Her Highness (New York, USA), and Innocan Pharma (Israel) are creating products to meet the demand of Canadian consumers.
Igal Sudman, the Chief Executive Officer of Ayurcann, said, “This quarter has proven again that Ayurcann is able to achieve profitability and expand its market share. Ayurcann serves its clients and continues to grow its revenues, while keeping an eye on its bottom line, and acting in a manner which is responsible towards its shareholders and other stakeholders.”
Mr. Sudman further added: “We are thrilled to see our revenues grow at a steady pace while maintaining incredibly strong margins and running a profitable business. We can confidently say we are profitable now and fully expect to show continued profits going forward while building on our momentum.”
For further information, please contact:
Igal Sudman
Chairman and Chief Executive Officer
Ayurcann Holdings Corp.
Tel: 905-492-3322
Email: [email protected]
Investor Relations:
Ryan Bilodeau
Tel: 416-910-1440
Email: [email protected]
About Ayurcann Holdings Corp.
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 include ethanol extraction, formulation, product development and custom manufacturing.
The Company’s unaudited interim financial statements and management’s discussion and analysis for the three-month period ended September 30, 2023 are available under the Company’s SEDAR profile 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.
Forward-Looking Statement Disclaimer
Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward- looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements, including but not limited to: statements relating to the Company’s production capacity, order quantity, fulfillment and continued profitability. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.
Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include, but are not limited to, the increased production at the Company’s facilities, the continued availability of capital and financing, being a one-stop extraction facility and offering international brands a go to market strategy, the growth of the health and wellness segment of the cannabis market, and general economic, market or business conditions. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize.
Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. Public health crises, including the ongoing novel coronavirus (COVID-19) pandemic, the Company’s inability to utilize its increased production capacity, the health and wellness segment of the cannabis market no longer growing, and the inability of the Company to continue to achieve profitability, could have significant economic and geopolitical impacts that may adversely affect the Company’s business, financial condition and/or results of operations. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company’s forward-looking statements.
