AYURCANN REPORTS RECORD SALES OF $5,893,351 FOR Q3 2023, AN INCREASE OF 114% OVER Q3 2022
May 29 2023 - 7:30AM
Ayurcann Holdings Corp.
(
CSE: AYUR,
OTCQB: AYURF,
FSE: 3ZQ0) (“
Ayurcann” or the
“
Company”), a leading Canadian cannabis company
specializing in the processing and manufacturing of cannabis 2.0
and 3.0 products in the recreational market, is pleased to announce
its financial and operational results for the three- and
nine-months ended March 31, 2023, the highlights of which are
included in this news release. All figures are reported in Canadian
dollars. The Company’s full set of consolidated interim financial
statements for the three- and nine-months ended March 31, 2023 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
QUARTER ENDED
MARCH 31,
2023
- Gross
revenues increased to $5,893,351 for the quarter (compared to
$2,757,264 for the same period last year), representing an increase
of 114%
- Gross
revenues increased to $13,660,561 for the nine-months (compared to
$7,834,386 for the same period last year), representing an increase
of 74% year-over-year
-
Successfully grew product offerings to 60 stock keeping units
(“SKUs”) across the country and became a top
seller of products, including1:
- In the
1x0.5G Pre-Roll Category:
- ACROSS CANADA
#2
- ONTARIO #1,
ALBERTA #3, MANITOBA #3, SASKATCHEWAN #3
- In the 1g
Vape Category:
- ACROSS CANADA
#4
- ONTARIO #5,
ALBERTA #6, MANITOBA #1, SASKATCHEWAN #2
- In the
2x1G Pre-Roll Category:
- ACROSS CANADA
#2
- ONTARIO #2,
ALBERTA #2, MANITOBA #2, SASKATCHEWAN #1
OPERATIONAL HIGHLIGHTS FOR THE
QUARTER ENDED MARCH 31, 2023
- Canadian
retail penetration of over 65%, with Ontario at over 75%2
-
Consistently offered new SKUs to the market, reflecting the
innovation, reliability and value that Ayurcann has brought to the
recreational cannabis market in Canada, with over 40 new SKUs being
launched over the next three to six months
- Top
Company brands: Fuego, H&S, and XPLOR, are consistent
performers
- Focused
on top selling categories, using and improving existing
efficiencies to enhance production and market share while
addressing SKU rationalization and price compression.
“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. With the increase in revenue,
combined with the growth of our in-house brands we are thrilled
with the growth of Ayurcann and its brands, Fuego, H&S, XPLOR
and Joints within the Canadian marketplace. With our products being
embraced by cannabis consumers, which offer value and innovation,
we are very optimistic about our growth, and the potential of
becoming an industry leader. We have been successfully selling
throughout various Provinces within Canada, including Ontario,
British Columbia, Alberta, Yukon, New Brunswick, Manitoba, and
Saskatchewan, and believe that continued interest from consumers
and retailers will help elevate Ayurcann within the industry”, said
Igal Sudman, Chief Executive Officer of Ayurcann.
“With our laser focus on growth, market share
and innovation, combined with our current product offerings, we are
confident that we can continue to bring offerings to market, grow
market share and sales across the country, increasing 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 cannabis
product manufacturer with a focus on providing and creating new
innovations in the adult use cannabis industry in Canada. Ayurcann
is striving to become a top supplier of Canadian cannabis
brands.
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 growth trajectory of the Company’s revenue and
in-house brands having a positive impact on the Company’s future
development; the Company launching new SKUs upon the timelines
disclosed herein; the Company bringing offerings to market, gaining
market share and sales across the country, allowing the Company to
grow its revenue; and the ability of the Company to elevate within
the industry and become an industry leader.
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 and sales 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; and the Company elevating within the
industry and becoming an industry leader.
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 elevate within the
industry and/or become an industry leader.
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 March 31, 2023. 2 Based
on reporting by Trellis as of March 31, 2023.
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