AYURCANN REPORTS RECORD SALES IN Q3 2024 OF $11,655,360 FEATURING A 97% INCREASE IN GROSS REVENUE
May 27 2024 - 8:00AM
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 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,
2024, 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 nine
months ended March 31, 2024 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 HIGHTLIGHTS FOR THE THREE- AND
NINE-MONTHS ENDING MARCH 31, 2024
- Gross revenue increased to
$11,655,360 for the three-month period (compared to $5,893,351 for
the same period last year), representing an increase of 97%.
- Gross revenue increased to
$34,186,524 for the nine-month period (compared to $13,660,561 for
the same period last year), representing an increase of 150%.
- Gross margin, calculated based on
net revenue, was 37%.
- Adjusted EBITDA1 was $271,813 for
the three-month period (compared to -$744,328 an increase of
$1,016,141) and $763,628 for the nine-month period (compared to
-$1,158,377 an increase of $1,922,005) respectively, for the same
periods last year.
- The #1 producer of Vapes in
Ontario2, and Top 5 pre-roll manufacturer by volume in Ontario3
during the period.
Corporate Update
Focus.
Ayurcann is focused on its operational expertise
and gaining market share in every product category, and we believe
that our strong market share capture is driven by the quality and
reputation of our brands. By continuously providing high-quality
products, innovations and value that complement our current market
offerings, we continue to look for opportunities to increase
revenue.
Ayurcann is pleased to announce that during the
last 6 months it has secured 24 new stock keeping units
(“SKUs”) in the vape, pre-roll and concentrate
categories in Ontario, Alberta, Manitoba, Saskatchewan and British
Columbia, and has begun selling in Newfoundland and Yukon. The
Company’s ability to consistently produce innovative, value driven,
and high-quality products has been a successful pathway to its
growth.
Efficiency.
Ayurcann continuously looks at its operation,
creating better partnerships and efficiencies in our systems,
including better manufacturing capacities and supply chain
management. Ayurcann has implemented new systems to improve the
efficiency of the existing business to position Ayurcann for
further growth.
Team.
Ayurcann’s incredible team, both internal and
external, make the company. We set short- and long-term goals and
objectives that are directly linked to the success of the Company
and understand that reward and recognition is what makes the team
meet and exceed those objectives.
Ayurcann drives growth through our quality,
brands, and product offerings. The on-going instability in the
marketplace and price compression has affected all categories in
the industry, however, demand for our products has remained
consistent and the cannabis industry remains strong and growing. As
a business focused on quality and value, we have seen market growth
and demand for our products translate into a strong competitive
position.
1 |
Earnings before interest, taxes,
depreciation, and amortization (“EBITDA”) and
adjusted EBITDA. These measures do not have a standardized meaning
prescribed by International Financial Reporting Standards
(“IFRS”) and are, therefore, unlikely to be
comparable to similar measures presented by other issuers. Non-IFRS
measures provide investors with a supplemental measure of the
Company’s operating performance and, therefore, highlight trends in
the Company’s core business that may not otherwise be apparent when
relying solely on IFRS measures. Management uses non-IFRS measures
in measuring the financial performance of the Company. |
2 |
Based on reporting by Hyfyre
IQTM, as at March 30, 2024. |
3 |
Based on Ontario Cannabis Store
Data, as at March 30, 2024. |
For further information, please contact:
Igal Sudman, 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.