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Ayurcann Holdings Corp. AYURF AYUR (FSE:3ZQ0), released its financial and operational results for the year ended June 30, 2022, revealing net revenue increased to CA$9.4 million ($6.9 million), a 23% increase compared to CA$7.6 million in 2021.
Financial Highlights
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Gross margin of CA$2.2 million, compared to CA$4.6 million in 2021.
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Cash on hand as of June 30, 2022, totaled CA$1.3 million (compared to CA$725,016 as at June 30, 2021).
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Net loss and comprehensive loss was CA$3 million compared to CA$278,360 in 2021.
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Reported sales increased to CA$3.2 million for the three months ended June 30, 2022, an increase of 21.8% compared to CA$2.7 million for the three months ended June 30, 2021.
“We are thrilled to observe consistent growth in our revenue despite the retail price compression affecting the cannabis industry. Over the last year, several cannabis companies have experienced pressure on their margins due to retail price compression, while Ayurcann is proud to be one of the companies who has generated an increase in its revenues. The ability to transition away from a business-to-business to a more business-to-consumer focused company has enabled Ayurcann to enter multiple recreational markets in Canada over the past fiscal year. With over 2,500 products listed for sale throughout the country in the vape, concentrate, oil and flower segments, the growth trajectory for our in-house brands should have a tremendous and positive impact on the future development of Ayurcann,” stated Igal Sudman, CEO of Ayurcann.
Operation Highlights
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2,500 Product Listings throughout New Brunswick, Ontario, Manitoba, Saskatchewan, Alberta, and British Columbia;
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Acquired the H&S and Joints brands, with products now available in New Brunswick, Ontario, Alberta, Saskatchewan, and British Columbia;
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Photo by Mackenzie Marco on Unsplash
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