## Ayurcann Holdings Reports Record Revenue Growth, Fueled by Cannabis 2.0 & 3.0 Products
Canadian cannabis company Ayurcann Holdings Corp. (AYUR, AYURF) is celebrating a significant milestone, reporting record gross revenue of CA$45.27 million ($32.6 million) for the fiscal year ended June 30, 2024. This impressive figure represents a 100% year-over-year increase, showcasing the company’s robust growth trajectory in the evolving Canadian cannabis market.
The company, specializing in cannabis 2.0 and 3.0 products, credits its success to a strategic focus on these innovative product categories. These products, encompassing vape, concentrate, and flower offerings, cater to the changing consumer preferences in the cannabis market. Ayurcann has successfully positioned itself as a leader in this space, with over 70% penetration in dispensaries across Canada and a diverse range of 80 products.
“As the cannabis industry continues to mature in Canada, we are thrilled to witness the steady growth of our revenues across the country,” stated Igal Sudman, CEO of Ayurcann. “Despite the challenges posed by an increasingly competitive environment and retail price compression, Ayurcann’s business-to-consumer focus has enabled us to expand our market share in multiple provinces.”
Ayurcann’s commitment to building strong in-house brands has been a key driver of its success. The company’s dedication to quality and innovation has resonated with consumers, contributing to its position as the #1 producer of Vapes in Ontario and the top fifth pre-roll manufacturer by volume in the province.
Financial Highlights
Beyond the impressive revenue figures, Ayurcann’s financial performance reflects its strong operational efficiency. Net revenue for the period reached CA$25.16 million, compared to CA$12.49 million in the previous year. The company also achieved a significant milestone, recording an adjusted EBITDA gain of CA$198,213, a stark improvement from the adjusted EBITDA loss of CA$2.11 million in the prior year.
While the company reported a net loss of CA$3.97 million or CA$0.022 per share, this represents a reduction from the previous year’s loss of CA$5.31 million or CA$0.033 per share. As of June 30, 2024, Ayurcann held CA$572,444 in cash, compared to CA$971,959 on June 30, 2023.
Operational Highlights
Ayurcann’s strong financial performance is supported by its operational achievements. The company expanded its product offerings to 80 stock keeping units (SKUs) across Canada, further solidifying its presence in the market. This expansive product range, combined with its strong distribution network, has enabled the company to reach a wide audience. Currently, Ayurcann products are available in 30,500 listings across dispensaries in Ontario, New Brunswick, Manitoba, Saskatchewan, Alberta, British Columbia, Newfoundland, and Yukon.
The company is also actively exploring new national and international opportunities to expand its brand reach and further capitalize on the growth potential within the cannabis industry.
“With a clear vision and a commitment to innovation, we are excited about the path ahead and look forward to continuing to deliver value to our customers and stakeholders,” Sudman concluded.
Ayurcann’s impressive financial performance and strategic growth initiatives position the company as a key player in the evolving Canadian cannabis landscape. The company’s focus on cannabis 2.0 and 3.0 products, combined with its dedication to building strong in-house brands, suggests a bright future for Ayurcann as the market continues to mature.
