Ayurcann Holdings Corp. (CSE:AYUR) (FSE: 3ZQ0) a Toronto-based cannabis extraction company specializing in processing and manufacturing cannabis products, reported its financial and operating results for the three months ended September 30, 2021, in a press release on Monday, Nov. 29.
Highlights For The First Quarter Ended September 30, 2021
- Ayurcann reported net revenues of C$1.9 million for the three months ended September 30, 2021, compared to C$ 0.8 million for the same period in 2020, an increase of 137% year-over-year.
- The Company reported gross margins of C$931,000 for the three months ended September 30, 2021 (compared to C$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 build-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, announced the firm in a release.
The Canadian cannabis firm maintains an inventory of approximately 300 kilograms of crude THC and CBD distillate and pharma-grade isolate available for its co-manufacturing and white label partnerships.
The Company is expanding into various recreational markets throughout Canada and announced that cannabis 2.0 products, with Fuego-branded vapes and Vida-branded tinctures were shipped to New Brunswick and Saskatchewan, with Ayurcann produced 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.
"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," Igal Sudman, CEO of Ayurcann said in the release
"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," Sudman added.
Price Action
AYUR traded 6.25% lower at C$0.15 per share, at the time of writing, Monday afternoon.
Image By Ilona Szentivanyi