AYURCANN REPORTS 2023 FINANCIAL RESULTS FEATURING $22,371,604 IN GROSS REVENUE

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.