AYURCANN REPORTS 2022 FINANCIAL RESULTS FEATURING A 45.17% INCREASE IN GROSS REVENUE
28 Oktober 2022 - 11:02PM
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 |
Revenue |
11,081,556 |
|
7,633,656 |
|
Net comprehensive loss |
(3,087,907 |
) |
(278,360 |
) |
Basic and diluted loss per share |
(0.027 |
) |
(0.003 |
) |
Total assets |
7,282,982 |
|
6,677,006 |
|
Total liabilities |
2,168,100 |
|
1,927,784 |
|
Cash and cash equivalents on hand |
1,354,816 |
|
725,016 |
|
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 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.
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 in-house brands
having an impact on the future development of Ayurcann; the Company
securing additional product listings and market share across the
country, allowing the Company to grow its revenue; 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 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 distributing the new SKUs;
the Company growing its exposure, consumer and retail partnerships
and securing additional product listings and market share
throughout the country; Ayurcann maintaining a continuous path of
growth; the Company’s in-house brands having an impact on the
future development of Ayurcann; the Company maintaining and
creating new relationships with retail distributors; 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 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 and grow
its market share across the country; the Company’s inability to
secure additional partnerships; 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.
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