TORONTO, Nov. 29, 2021 (GLOBE NEWSWIRE) -- Ayurcann Holdings Corp. (CSE: AYUR, FSE: 3ZQ0) (the “Company” or “Ayurcann”) a Canadian cannabis extraction company specializing in the processing and manufacturing of cannabis to produce cannabis 2.0 and 3.0 products, is pleased to report its financial and operating results for the three-months ended September 30, 2021. All figures reported are in Canadian dollars.
HIGHLIGHTS OF FIRST QUARTER ENDED SEPTEMBER 30, 2021:
- Ayurcann reported net revenues of $1.9 million for the three-months ended September 30, 2021, compared to $0.8 million for the three-months ended September 30, 2020, an increase of 137% year-over-year.
- The Company reported gross margins of $931,000 for the three-months ended September 30, 2021, compared to $169,000 for the three-months ended September 30, 2020, with gross margins of 49%, maintaining strong control over sales and profitability.
- Ayurcann finished its built-out of the Phase-2 expansion of the Pickering facility, increasing extraction capacity up to 300,000 kilograms of input biomass and up to three million filled and co-packaging capacity for cannabis 2.0 and 3.0 products, providing Canadian licensed producers with a one-stop extraction facility and offering international brands seeking a go to market strategy.
- Ayurcann maintains inventory of approximately 300 kilograms of crude THC and CBD distillate and pharma-grade isolate for use in cannabis 2.0 and 3.0 products, available for its co-manufacturing and white label partnerships
- The Company is expanding into various recreational markets throughout Canada and is delighted to announce the delivery of cannabis 2.0 products, with Fuego-branded vapes and Vida-branded tinctures having been shipped to New Brunswick and Saskatchewan, with further orders to be shipped into Manitoba, Ontario, and Alberta in the coming quarters.
- Ayurcann produces products for the health and wellness segment, including its Glow-branded topical cannabis products available throughout Ontario. Health and wellness is a growing segment of the cannabis market in Canada, and Ayurcann, along with its partners, Green Bee (California, USA), Her Highness (New York, USA), and Innocan Pharma (Israel) are creating products to meet the demand of Canadian consumers.
Igal Sudman, the Chief Executive Officer of Ayurcann, said, “This quarter has proven again that Ayurcann is able to achieve profitability and expand its market share. Ayurcann serves its clients and continues to grow its revenues, while keeping an eye on its bottom line, and acting in a manner which is responsible towards its shareholders and other stakeholders.”
Mr. Sudman further added: “We are thrilled to see our revenues grow at a steady pace while maintaining incredibly strong margins and running a profitable business. We can confidently say we are profitable now and fully expect to show continued profits going forward while building on our momentum.”
https://www.globenewswire.com/news-release/2021/11/29/2342225/0/en/Ayurcann-Holdings-Corp-Reports-Third-Consecutive-Quarter-of-Positive-Operating-Income.html