Ayurcann Holdings Corp. AYURF, a leading Canadian cannabis company that specializes in processing and manufacturing cannabis 2.0 and 3.0 products in the recreational market, announced its financial and operational results for the three and nine months ending March 31, 2023.
Financial Highlights
- Gross revenues increased to CA$5.9 million (US $4.3 million) for the quarter, representing a 114% increase compared to $2.8 million for the same period last year
- Gross revenues increased to $13.6 million for the nine months, representing a 74% increase year-over-year compared to $7.8 million for the same period last year
- Increased and expanded product offerings to 60 stock-keeping units (SKUs) across the country
- Achieved Canadian retail penetration of over 65%, with Ontario at over 75%2
- Continuously launching new SKUs to reflect the innovation, reliability, and value that Ayurcann brings to the recreational cannabis market in Canada; with over 40 new SKUs coming to market within the next three to six months
- Top Company brands Fuego, H&S, and XPLOR are consistent performers
- Focused on top-selling categories, improving existing efficiencies to enhance production and market share while addressing SKU rationalization and price compression
CEO Igal Sudman said, “As we continue to expand our offerings to new markets across the country, we are thrilled to report consistent growth in our revenue and market share despite the price compression affecting the cannabis industry. Ayurcann generated an increase in revenue from its business-to-consumer strategy. With our focus on growth, market share, innovation, and current product offerings, we are confident that we can continue to expand our offerings to new markets, increase sales, and grow market share across the country, ultimately increasing our top-line revenues.”
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