Toronto, Ontario, Oct. 30, 2023 (GLOBE NEWSWIRE) -- 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 year ended June 30, 2023, the highlights of which are included in this news release. All figures are reported in Canadian dollars. The Company’s full set of consolidated audited financial statements for the years ended June 30, 2023 and 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.sedarplus.ca.

FINANCIAL HIGHLIGHTS FOR THE YEAR ENDED JUNE 30, 2023

• Gross revenue increased to $22,371,604 for the fiscal year ended June 30, 2023 (compared to $11,081,731 in 2022), representing an increase of 101%.
• Cash on hand on June 30, 2023, totalled $971,959 (compared to $1,354,816 as of June 30, 2022).
• Grew our product offerings to 60 stock keeping units (“SKUs”) across the country; and
  
  

Top seller of new and existing innovation including¹:

• In the 1G VAPE Category:
  • CANADA - #5, ONTARIO - #5, ALBERTA - #9, SASKATCHEWAN - #3
• In the 1x0.5G PREROLLS:
  • CANADA - #2, ONTARIO - #2, SASKATCHEWAN - #3 MANITOBA - #3
• In the 2x1G PREROLLS:
  • CANADA - #1, ONTARIO - #1, SASKATCHEWAN - #3, MANITOBA - #3

“We are excited to see consistent growth in our revenues across the country, despite the retail price compression affecting the industry. The ability to transition away from a business-to-business to a business-to-consumer focused company has enabled Ayurcann to enter and grow its market share in multiple markets in Canada. With over 65% penetration in the ecosystem of dispensaries and 40 different products listed for sale throughout the country in the vape, concentrate, oil and flower segments (collectively, the “Product Listings”), the growth trajectory for our in-house brands should have a tremendous and positive impact on the future development of Ayurcann,” said Igal Sudman, Chief Executive Officer of Ayurcann.

OPERATIONAL HIGHLIGHTS FOR THE YEAR ENDED JUNE 30, 2023

• 8,500 Product Listings in dispensaries throughout Ontario, New Brunswick, Manitoba, Saskatchewan, Alberta, British Columbia, and Yukon;
• Consistently supplied SKUs into the market, reflecting the reliability and value that Ayurcann brings to the market; and
• Regular participation in product calls to add new SKUs across the country by managing its offerings and delivering value and innovation.

“With the establishment of our Product Listings, and with an increase in production capacity, strategic partnerships, and the ability to maintain our market share in the categories we participate in, we are confident that we will continue securing additional listings and grow market share across the country, thereby helping grow our top line revenues,” further added Mr. Sudman.

For further information, please contact:

Igal Sudman, Chairman and Chief Executive Officer
Ayurcann Holdings Corp.
Tel: 905-492-3322
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Investor Relations:

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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.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 growth trajectory of the Company’s in-house brands having an impact on the future development of Ayurcann; the Company securing additional product listings and 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 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 distributing the new SKUs; the Company growing its exposure, consumer and retail partnerships and securing additional product listings and market share throughout the country; Ayurcann maintaining a continuous path of growth; the Company’s in-house brands having an impact on the future development of Ayurcann; 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 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 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.

¹ Based on reporting by Hyfyre IQ™ as of Oct 20, 2023.