AYURCANN REPORTS RECORD SALES IN Q2 2024 FEATURING A 141% INCREASE IN GROSS REVENUE

Toronto, Ontario, Feb. 28, 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 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 and six months ended December 31, 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 and six months ended December 31, 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 AND SIX MONTHS ENDED DECEMBER 31, 2023

• Gross revenue increased to $10,740,000 for the three-month period (compared to $4,408,000 for the same period last year), representing an increase of 141%
• Gross revenue increased to $22,531,000 for the six-month period (compared to $7,767,000 for the same period last year), representing an increase of 191%
• Gross margin, calculated based on net revenue, was 35%
  
  

Corporate Update

Canadian focus.

Ayurcann continues to be focused on maximizing the margins and market share from every product we make, and we believe this strong market share capture is driven by the reputation of our brands. By continuously providing high-quality products and new innovations that complement our current market offerings, we continue to look for new opportunities to increase revenue under our existing brands.

Ayurcann is pleased to announce that, during the first and second of fiscal 2024, it has secured 22 new stock keeping units (“SKUs”) in the vape, pre-roll and concentrate categories in Ontario, Alberta, Manitoba, Saskatchewan and British Columbia. 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.

Efficient process and partnerships.

We are continuously looking at creating efficiencies in our systems, including better manufacturing capacities and supply chain management. Over the past few months, Ayurcann has implemented new systems to improve the efficiency of the existing business to position Ayurcann for further growth.