AYURCANN REPORTS Q1 2023 FINANCIAL RESULTS FEATURING A 80% INCREASE IN GROSS REVENUE
29 Novembre 2022 - 1:37PM
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 three-months ended September 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 three-months ended
September 30, 2022 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
THREE-MONTHS ENDED
SEPTEMBER 30,
2022
- Gross revenue
increased to $3,358,213 for the period (compared to $1,865,878 for
the same period last year), representing an
increase of 80%
- Gross margin,
calculated based on net revenue, was 18%
- Cash on hand at
the end of the period totalled $1,016,130 (compared to $976,194
compared to last year)
“As we continue to expand across the country
with our value offerings, we are thrilled to observe consistent
growth in our revenue and market share despite the price
compression that continues to impact the recreational cannabis
industry. Ayurcann is proud to have generated an increase in its
revenue while transitioning away from a business-to-business to a
more business-to-consumer focused company. Ayurcann is now selling
products across the country and has over 3,000 products listed for
sale (the “Product Offerings”) throughout the vape, concentrate,
oil and flower sectors (the “Sectors”). Our increase in revenue,
combined with the growth of our in-house brands, should have a
positive impact on the future development of Ayurcann,” said Igal
Sudman, Chief Executive Officer of Ayurcann.
OPERATIONAL HIGHLIGHTS
FOR THE THREE-MONTHS
ENDED SEPTEMBER
30, 2022
- Over 3,000 Product Offerings
throughout New Brunswick, Ontario, Manitoba, Saskatchewan, Alberta,
and British Columbia with over 30 new stock-keeping units (“SKUs”)
being launched over the next three to six months, providing
customers with more offerings in the Sectors;
- Top selling Company brands: are
Fuego, Hustle & Shake, Joints and Bravo6 and Xplor;
- Consistently offered new SKUs to
the market, reflecting the reliability and value that Ayurcann has
brought to the recreational cannabis market in Canada.
“With a focus for innovation and growth of new
product offerings, combined with our current Product Offerings, we
are confident that we can grow market share in the Sectors across
the country to help grow our top line revenues,” further added Mr.
Sudman.
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 revenue and
in-house brands having a positive impact on the Company’s future
development; the Company launching new SKUs upon the timelines
disclosed herein; the Company gaining 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 the 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 launching
and distributing the new SKUs; the Company growing its exposure,
consumer and retail partnerships and securing additional product
listings and market share throughout the country; the Company
maintaining a continuous path of growth; the Company’s in-house
brands and revenue having a positive impact on the Company’s future
development; 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 its 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 for its
new SKUs 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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