Ayurcann Holdings Corp., 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 markets, is pleased to report its financial and operating results for the three and nine-months ended March 31, 2022. All figures reported in Canadian dollars.
Highlights of the Three- and Nine-months Ended March 31, 2022:
- The Company reported revenues of $2.8 million for the three-months ended March 31, 2022, compared to $2.6 million for the three-months ended March 31, 2021. Revenues for the nine months ended March 31, 2022, were $7.8 million, a 57% increase over the similar period in 2021 which surpassed the total revenues for the full fiscal year 2021.
- The Company reported gross margins of $580,000 for the three-months ended March 31, 2022, and $3.3 million for the nine months ending March 31, 2022, maintaining strong control over its expenses
- The Company reported a loss of $306,000 of operating income for the three-months ended March 31,2022, which was partially due to increased inventory in anticipation of new sales and products entering the market across Canada set to begin in July 2022. The company continues to maintain a strong positive operating income of $650,000 for the nine-months ended March 31, 2022, continuing its profitable operations.
Market Penetration and New Opportunities
- The Company has started to concentrate on its recreational brands and expanded into the majority of recreational markets throughout Canada with its products available in over 1,000 locations. The Fuego-branded vapes are consistently ranked in the top 5 SKUs in market, Vida-branded tinctures and Glow-branded topicals having been shipped to Ontario, New Brunswick, Saskatchewan, Manitoba, and Alberta and soon across the rest of the country.
- The Company has started to manufacture and ship new products across the country including bestselling tinctures under the Joints brand. The Joint tinctures come in 15ml, 30 ml and 60ml sizes offering consumers a high potency CBD product at value. Legacy market vapes under the Hustle & Shake. The gamer vape is highlighted with Bravo6 with specific indica and sativa SKUs. For those who are looking for Harmony, CBD focused or 1:1 offering can be found with the XPLOR brands. Ayurcann is creating products to meet the demand of Canadian consumers.
- The Company has an additional 12 new SKUS accepted by the various retail boards including vapes, tinctures, dablicators, flower and pre-rolls with a goal of beginning cross country shipping in July 2022.
Igal Sudman, Chief Executive Officer of Ayurcann, said, “as we gain more traction in the market, grow our offerings, and establish ourselves as a major player in the industry, we have proven again that Ayurcann is able to maintain a growing business and expand its market share. ”
About Ayurcann
Ayurcann Holdings Corp. 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 and international cannabis brands by providing best-in-class, proprietary services including extraction, formulation, product development and custom manufacturing.
