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Ayurcann Holdings Corp., 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
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.
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.
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. |
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.
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