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.

Efficiency.

Ayurcann continuously looks at its operation, creating better partnerships and efficiencies in our systems, including better manufacturing capacities and supply chain management. Ayurcann has implemented new systems to improve the efficiency of the existing business to position Ayurcann for further growth.

Team.

Ayurcann’s incredible team, both internal and external, make the company. We set short- and long-term goals and objectives that are directly linked to the success of the Company and understand that reward and recognition is what makes the team meet and exceed those objectives.

Ayurcann drives growth through our quality, brands, and product offerings. The on-going instability in the marketplace and price compression has affected all categories in the industry, however, demand for our products has remained consistent and the cannabis industry remains strong and growing. As a business focused on quality and value, we have seen market growth and demand for our products translate into a strong competitive position.

For further information, please contact:

Igal Sudman, Chief Executive Officer
Ayurcann Holdings Corp.
Tel: 905-492-3322
Email: info@ayurcann.com

Investor Relations:

Email: ir@ayurcann.com

About Ayurcann:

Ayurcann is a leading post-harvest solution provider with a focus on providing and creating custom processes and pharma grade products for the adult use and medical cannabis industry in Canada.

For more information about Ayurcann, please visit www.ayurcann.com and its profile page on SEDAR+ at www.sedarplus.ca.

Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “strategy”, “expects” or “does not expect”, “intends”, “continues”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “will be taken”, “will launch” or “will be launching”, “will include”, “will allow”, “will be made” “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: the Company’s plans to produce various derivative cannabis products; the Company’s focus on custom processes and pharma grade products for the adult use and medical cannabis industry in Canada; the Company’s focus on maximizing its margins and market share; the Company continued search for new opportunities to increase its revenues through launches of new products under its existing brands; the Company’s securing of the stated SKUs and number of anticipated SKUs launches under the provided timelines; the Company’s stated plans to sustain and grow its market share, including, the increasing of the awareness the Company’s brands, the quality and flavour profile of its products, offering value and potency; and the Company’s plans to enhance its product development capabilities by differentiating its products with its competitors.

Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company has the ability to produce various derivative cannabis products; the Company will focus on custom processes and pharma grade products for the adult use and medical cannabis industry in Canada; the Company will focus on maximizing its margins and market share; the Company will continue its search for new opportunities to increase its revenues; the Company has the ability to carry out its anticipated SKUs launches under the provided timelines; the Company has the ability to reduce cost through increased efficiency in its internal processes and partnerships; the Company has the ability to reward and retain its personnel; the Company has the ability to carry out its stated plans to sustain and grow its market share; and the Company has the ability to enhance its product development capabilities by differentiating its products with its competitors.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company’s inability to produce various derivative cannabis products; the Company’s inability to focus on custom processes and pharma grade products for the adult use and medical cannabis industry in Canada; the Company’s inability to focus on maximizing its margins and market share; the Company’s inability to continue its search for new opportunities to increase its revenues; the Company’s inability to carry out its anticipated SKUs launches under the provided timelines; the Company’s inability to reduce cost through increased efficiency in its internal processes and partnerships; the Company’s inability to reward and retain its personnel; the Company’s inability to carry out its stated plans to sustain and grow its market share; and the Company’s inability to enhance its product development capabilities by differentiating its products with its competitors.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether because of new information, estimates or opinions, future events, or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

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By ALEX VEIGA AP Business Writer
Photo: Bridgette King poses for a portrait at a “Joints for Jabs” event in New York. (AP Photo/Mark Lennihan)

Uncle Sam gave marijuana lovers more reason to celebrate this week as a bipartisan group of lawmakers in the House of Representatives passed a bill that would make it easier for cannabis companies to do business in states where sales are legal.

The vote on the Secure and Fair Enforcement (SAFE) Banking Act took place a day before April 20 — or 4/20 — the unofficial holiday that commemorates all things marijuana.

The cannabis industry is making strides in other ways as well. Since the November elections, several states, most recently New Mexico and Virginia, have taken steps to legalize marijuana sales for adult recreational use. Others, including New York, New Jersey and Arizona, have also gone that route. And more states are expected to follow suit.

“From a policy perspective, state by state, municipality by municipality, there’s more political will to legalize, which is going to help bring on more markets and add to the sales we have,” said Jason Wilson, banking and cannabis expert at exchange-traded funds provider ETFMG.

The flurry of states legalizing cannabis prompted analysts at Cowen to update their forecast for the U.S. recreational cannabis market to $41 billion by 2025, an increase of $1 billion from Cowen’s previous forecast.

Including illicit and medical marijuana sales, analysts expect the total market for cannabis in the U.S. will climb to $80 billion by 2025 from a projected $65 billion this year.

Another bright spot for the industry: robust demand. Adult recreational marijuana sales climbed sharply in the first three months of this year in California, Massachusetts, Illinois and a few other states that have been allowing such sales for at least a year.

Sales in California, the nation’s biggest legal cannabis market, jumped 36.4% to $1.2 billion in the first quarter versus a year earlier, according to industry tracker Headset. In Michigan, sales skyrocketed almost fivefold to $232.07 million, while Colorado’s sales more than doubled to $439.7 million.

All told, 16 states allow marijuana sales to adults now. Some of the recent converts, including New Mexico and New York, are not expected to begin allowing sales until next year. All but a few states already allow some form of access for medical use.

Cowen’s analysts expect that Connecticut and Rhode Island will be next to legalize adult-use cannabis.

The industry is eager for changes to federal laws that limit cannabis companies’ access to banking and other services. Progress at the federal level would also help drive cannabis stocks higher, said Greg Bassuk, CEO of AXS Investments.

“The environment has been ripe ever since the last election, but the catalyzing move for bigger jumps in stock prices is going to be total federal approval,” Bassuk said.

Cannabis stocks surged last fall after voters in New Jersey, Arizona and three other states cleared the way for expanding legal sales of marijuana. Medical and adult-use cannabis sales combined jumped 58% in the U.S. last year to about $19.2 billion, according to Cowen.

Recently, cannabis stocks have lost ground amid uncertainty over whether President Joe Biden will budge on his opposition to legalizing marijuana at the federal level. Biden has said he would decriminalize — but not legalize — the use of marijuana. In addition, a rally in cannabis stocks fueled by the same social media chat rooms that sent GameStop shares skyrocketing in January faded after peaking in mid-February.

The ETFMG Alternative Harvest ETF, which has more than $1 billion in assets under management, has fallen 56.4% since Feb. 10. The ETF, which focuses on cannabis stocks, is still up about 80% from 12 months ago. Shares in some of the biggest marijuana companies, including Tilray, MedMen Enterprises and Aphria, have doubled this year.

Meanwhile, the benchmark S&P 500 index is up about 11% this year and 52.5% above where it stood a year ago. “If you look at just the last two months, you’ll see a lot of stocks have sold off pretty sharply,” said Garrett Nelson, senior equity analyst at CFRA. “We view this as a buying opportunity.”

Not too surprisingly, we recently came across this headline, “San Rafael pot sales hit record amid pandemic” (learn more), which highlights how marijuana delivery sales in San Rafael have set a new record during the COVID-19 pandemic, according to city tax records. While this is specific to San Rafael, California, it is evident that the increase in both CBD and cannabis-related sales has been much more widespread. For example, a simple Google search of “CBD growth” suggests a sales growth rate of 22.2% from 2019 to 2025, reaching more than $23 billion by 2025. There is no doubt that more people are spending more money related to this industry.

Another article you might be interested in “Marijuana: 6 things to watch for in California in 2020” (learn More)

Next, for our educational enthusiasts, we found this documentary film release offering a compelling look at 60 years’ worth of published and ongoing research related to CBD and cannabis: “ ‘CBD Nation,’ Available August 25 On Amazon” (learn more). Several renowned medical marijuana pioneers and globally acclaimed scientists were involved with the project and this film covers much of the science that has been hidden from public view. It also includes first-person narrative and emotional stories of patients for whom CBD has been a lifesaving medicine. It looks to be an eye-opening documentary.

Finally, we get to the something-for-everyone stuff! This article features Grandma, CBD and Disney: “Grandmother sues after she was arrested at Disney with CBD oil in her purse” (learn more). Yes, this headline says it all! This article is not only interesting because of the details about the grandmother’s arrest, but also because it will be fascinating to see what happens with the eventual outcome of the lawsuit. If you had not heard about this news article, it is a must read as the details are quite engrossing considering all the trauma the grandmother went through and the highly recognized people representing the case on both sides. It will be very interesting to see how this all turns out.

These are just a few topics that caught our eye, but we are also curious as to what current articles you are finding and reading to learn more about the CBD and cannabis industry. We encourage you to engage with us and let us know your thoughts at content@bayareanewsgroup.com.