AYURCANN REPORTS RECORD SALES IN Q1 2024 FEATURING A 249% INCREASE IN GROSS REVENUE

Toronto, Ontario, Nov. 29, 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 manufacturing of various derivative cannabis 2.0 and 3.0 products in the recreational market, is pleased to announce its financial and operational results for the three-months ended September 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 financial statements for the three-months ended September 30, 2023 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 THREE-MONTHS ENDED SEPTEMBER 30, 2023

• Gross revenue increased to $11,790,915 for the period (compared to $3,358,213 for the same period last year), representing an increase of 249%
• Gross margin, calculated based on net revenue, was 35%
• Cash on hand at the end of the period totalled $1,490,032 (compared to $1,016,130 compared to last year)
  
  

Corporate Update

Canadian opportunities

Ayurcann is focused on maximizing the margins and market share from every product we make, and we believe this strong market share capture is being driven by the reputation of our brands. By working with high-quality products and new innovations that complement our current production. We continue to look for new opportunities to increase our revenues with the launch of new products under our existing brands We intend to deliver this growth without significant overhead costs to our business.

Ayurcann is pleased to announce that, during its first quarter of fiscal 2024, it has secured 12 new stock keeping units (“SKUs”) in the vape, pre-roll and flower categories in Ontario and an additional 12 SKUs are anticipated to come to market in its second fiscal quarter. The Company’s ability to consistently produce innovative and high-quality products has been a successful pathway to the growth it has been able to achieve.

Increased efficiency in our process and partnerships

We are creating efficiencies in our systems and supply chain and are able to rely on internal manufacturing capacity and processes while increasing strong relationships with key partners to reduce costs. As part of this process, Ayurcann has begun implementing new systems that will improve efficiency of the existing business and ready Ayurcann for further growth in specific business verticals.