Ayurcann Revenue: Ten-Fold Increase In 2021, Reaches $7.6M, Net Loss Drops 33%

Canadian cannabis extraction company Ayurcann Holdings Corp. (CSE: AYUR) (FSE: 3ZQ0) reported its financial and operating results on Friday for the year ending June 30, 2021, reporting 1,149% year-over-year in revenue to CA$7.63 million ($6.16 million).

In addition to record revenue, the Toronto-based company revealed substantial growth in operating income which amounted to CA$2.16 million for the period, representing an increase of 440% over the fiscal year 2020 and representing gross margins of roughly 60%.

FY 2021 Financial Highlights

• Net comprehensive loss was CA$404,848, down from CA$604,560 for the year ended June 30, 2020.
• Basic and diluted loss per share was CA$0.005 versus CA$0.01 in the last year.
• The company had approximately CA$6.68 in total assets and CA$725,016 of cash and cash equivalents on hand in 2021, compared to CA$1.53 million and CA$22,444, respectively, in 2020.
• Total liabilities climbed to nearly CA$2 million in 2021 from CA$861,186 in 2020.
• "We are thrilled to see our revenues growing consistently," Igal Sudman, CEO of Ayurcann, said. "We are confident that we will continue securing additional supply and manufacturing agreements with top-tier customers across the country, thereby helping grow our top-line revenues while maintaining healthy margins."

FY 2021 Operational Highlights

• Signed multiple agreements with international brands to manufacture and distribute, including Innocan Pharma from Israel, Green Bee Botanicals from California and Her Highness in New York.
• Signed a supply agreement into Saskatchewan with NDC and shipped its Fuego vapes and Vida tinctures to retailers.
• Entered into license agreements with Alberta AGLC for the Fuego vapes.
• Entered into supply agreement into Ontario for the Fuego vapes and its topicals GLOW.
• Signed a supply agreement into Manitoba for its Fuego vapes and Vida tinctures.
• Launched Ayurcann Marketplace, the marketplace for medical cannabis access in Canada.
• Signed medical education agreement with multiple clinics to engage with over 10,000 patients.
• Sold THC and CBD distillate containing over 1 billion milligrams of cannabinoids into the Canadian market.
• Completed the buildout of Phase 2 expansion in the Pickering facility, thus increasing production capacity to 300,000kg of processing and up to 3 million fill product co-manufacturing for vapes, tinctures and topical per year.
• Debuted on the Canadian Securities Exchange in April 2021 and listed on the Frankfurt Exchange in August 2021.

More recent news from Ayurcann:

• Ayurcann To Manufacture And Distribute Israel's Innocan Pharma's CBD Topicals In Canada
• Cannabis Movers & Shakers: Valens, Ayurcann, SpeakEasy, General Cannabis
• Cannabis Extraction Co. Ayurcann Holdings To Debut On OTCQB

Photo: Courtesy of Ayurcann Holdings Corp.