AYURCANN REPORTS RECORD SALES IN Q3 2024 OF $11,655,360 FEATURING A 97% INCREASE IN GROSS REVENUE

Toronto, Ontario, May 27, 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 cannabis 2.0 and 3.0 products in the recreational market, is pleased to announce its financial and operational results for the three and nine months ended March 31, 2024, 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 nine months ended March 31, 2024 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 HIGHTLIGHTS FOR THE THREE- AND NINE-MONTHS ENDING MARCH 31, 2024

• Gross revenue increased to $11,655,360 for the three-month period (compared to $5,893,351 for the same period last year), representing an increase of 97%.
  
  
• Gross revenue increased to $34,186,524 for the nine-month period (compared to $13,660,561 for the same period last year), representing an increase of 150%.
  
  
• Gross margin, calculated based on net revenue, was 37%.
  
  
• Adjusted EBITDA¹ was $271,813 for the three-month period (compared to -$744,328 an increase of $1,016,141) and $763,628 for the nine-month period (compared to -$1,158,377 an increase of $1,922,005) respectively, for the same periods last year.
  
  
• The #1 producer of Vapes in Ontario², and Top 5 pre-roll manufacturer by volume in Ontario³ during the period.
  
  

Corporate Update

Focus.

Ayurcann is focused on its operational expertise and gaining market share in every product category, and we believe that our strong market share capture is driven by the quality and reputation of our brands. By continuously providing high-quality products, innovations and value that complement our current market offerings, we continue to look for opportunities to increase revenue.

Ayurcann is pleased to announce that during the last 6 months it has secured 24 new stock keeping units (“SKUs”) in the vape, pre-roll and concentrate categories in Ontario, Alberta, Manitoba, Saskatchewan and British Columbia, and has begun selling in Newfoundland and Yukon. The Company’s ability to consistently produce innovative, value driven, and high-quality products has been a successful pathway to its growth.