Ayurcann Holdings Corp. (
CSE:
AYUR,
OTCQB: AYURF,
FSE:
3ZQ0) (“Ayurcann” or the “Company”), a leading Canadian
cannabis extraction company specializing in the processing and
manufacturing of various derivative cannabis 2.0 and 3.0 products
in the recreational market, is pleased to announce its financial
and operational results for the three and six months ended December
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 financial statements for the
three and six months ended December 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.sedarplus.ca.
FINANCIAL HIGHLIGHTS FOR THE THREE AND
SIX MONTHS ENDED DECEMBER 31, 2023
- Gross revenue
increased to $10,740,000 for the three-month period (compared to
$4,408,000 for the same period last year),
representing an increase of 141%
- Gross revenue
increased to $22,531,000 for the six-month period (compared to
$7,767,000 for the same period last year),
representing an increase of 191%
- Gross margin,
calculated based on net revenue, was 35%
Corporate Update
Canadian focus.
Ayurcann continues to be focused on maximizing
the margins and market share from every product we make, and we
believe this strong market share capture is driven by the
reputation of our brands. By continuously providing high-quality
products and new innovations that complement our current market
offerings, we continue to look for new opportunities to increase
revenue under our existing brands.
Ayurcann is pleased to announce that, during the
first and second of fiscal 2024, it has secured 22 new stock
keeping units (“SKUs”) in the vape, pre-roll and
concentrate categories in Ontario, Alberta, Manitoba, Saskatchewan
and British Columbia. The Company’s ability to consistently produce
innovative and high-quality products has been a successful pathway
to the growth it has been able to achieve.
Efficient process and
partnerships.
We are continuously looking at creating
efficiencies in our systems, including better manufacturing
capacities and supply chain management. Over the past few months,
Ayurcann has implemented new systems to improve the efficiency of
the existing business to position Ayurcann for further growth.
Flavour forward infused pre-rolls have become a
large segment in the Canadian marketplace and Ayurcann has
introduced 8 infused pre-roll SKUs across the country, with 4 more
offerings expected to become available in the third quarter of
fiscal 2024.
Team focused on delivering
results.
We are very pleased with our incredible team,
both internal and external. People make a company and to deliver
the best products to market. We set clear goals and objectives that
are directly linked to the success of the Company and reward and
recognize the hard work and accomplishments of our team.
As a company, Ayurcann’s branded vape and
pre-roll products under the Fuego and Xplor band, are ranked as top
5 offerings across the country with XPLOR vapes consistently in the
top 3 in Ontario1 - we intend to sustain and grow our market share
across the country.
[1]Based on reporting by Hyfyre IQ™ as of Dec
31, 2023.
Future strategies and moving
forward.
Ayurcann believes that our quality, brands, and
product offerings will drive growth. Price compression has affected
all categories in the industry and price compression is being
driven by the financial issues faced by many competitors. Demand
for products is still maintained in the marketplace. As a business
focused on the quality and value, we have seen market growth and
demand for our products translate into a strong competitive
position.
For further information, please contact:
Igal Sudman, Chairman and Chief Executive OfficerAyurcann
Holdings Corp.Tel: 905-492-3322Email: 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.
For more information about Ayurcann, please
visit www.ayurcann.com and its profile page on SEDAR+ at
www.sedarplus.ca.
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 Company’s plans to produce various derivative
cannabis products; the Company’s focus on custom processes and
pharma grade products for the adult use and medical cannabis
industry in Canada; the Company’s focus on maximizing its margins
and market share; the Company continued search for new
opportunities to increase its revenues through launches of new
products under its existing brands; the Company’s securing of the
stated SKUs and number of anticipated SKUs launches under the
provided timelines; the Company’s stated plans to sustain and grow
its market share, including, the increasing of the awareness the
Company’s brands, the quality and flavour profile of its products,
offering value and potency; and the Company’s plans to enhance its
product development capabilities by differentiating its products
with its competitors.
Forward-looking information in this news release
are based on certain assumptions and expected future events,
namely: the Company has the ability to produce various derivative
cannabis products; the Company will focus on custom processes and
pharma grade products for the adult use and medical cannabis
industry in Canada; the Company will focus on maximizing its
margins and market share; the Company will continue its search for
new opportunities to increase its revenues; the Company has the
ability to carry out its anticipated SKUs launches under the
provided timelines; the Company has the ability to reduce cost
through increased efficiency in its internal processes and
partnerships; the Company has the ability to reward and retain its
personnel; the Company has the ability to carry out its stated
plans to sustain and grow its market share; and the Company has the
ability to enhance its product development capabilities by
differentiating its products with its competitors.
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 produce various derivative
cannabis products; the Company’s inability to focus on custom
processes and pharma grade products for the adult use and medical
cannabis industry in Canada; the Company’s inability to focus on
maximizing its margins and market share; the Company’s inability to
continue its search for new opportunities to increase its revenues;
the Company’s inability to carry out its anticipated SKUs launches
under the provided timelines; the Company’s inability to reduce
cost through increased efficiency in its internal processes and
partnerships; the Company’s inability to reward and retain its
personnel; the Company’s inability to carry out its stated plans to
sustain and grow its market share; and the Company’s inability to
enhance its product development capabilities by differentiating its
products with its competitors.
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 because 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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