Ayurcann Provides a Corporate Update, Completes Debt Settlement and Grants Options and RSUs

Pickering, Ontario, Jan. 05, 2024 (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 please to announce the following corporate updates.

Corporate Update

With the growth of the cannabis market and new products offerings into the market, Ayurcann is expanding its core stock keeping units (“SKUs”) listings in the vape, pre-roll, milled flower and concentrate categories, with 20 new SKUs anticipated in Ontario and Newfoundland over the next 6 months. By expanding our brand portfolio and brand recognition, we plan to further gain market share to solidify our position in the Canadian recreational cannabis market. Our products are currently available in Ontario, British Columbia and Alberta.

Continuing to build strategic relationships and partnerships through fiscal 2024, Ayurcann remains committed and focused on exploring new opportunities in Nova Scotia and Quebec, as well as enhancing the growth and market share of our current listings across Canada. Ayurcann products under its ‘FUEGO’, ‘XPLOR’ and ‘H&S’ brands have been well received across the provinces with new flavours, innovation and value contributing to their growth, exposure and sales. With a focus on the fastest growing category of infused pre-roll, Ayurcann has launched 6 new SKUs for its flavour forward vapes.

The following chart, based on reporting by Hyfyre IQ as of December 31, 2023, denotes the Company’s, alongside other companies’ growth, over the past year (minimum of 3 provinces of sales):

Option and RSU Grants

The Company is also pleased to announce the grant of stock options (each, an “Option”) and restricted share units (each, an “RSU”) pursuant to the Company’s equity incentive plan. The Company granted an aggregate of 700,000 Options and an aggregate of 550,000 RSUs to certain employees and consultants of the Company. Each Option is exercisable at a price of $0.05 per Common Share, expires three years from the date of grant and vested immediately. Each Option is exercisable to purchase one Common Share. Each RSU granted vested immediately.