Cannabis Extraction Co. Ayurcann Shares Slightly Up On Record Sales, 106% YoY Revenue Growth

Cannabis extraction company, Ayurcann Holdings Corp. AYUR (OTCQB:AYURF) (FSE:3ZQ0) reported its financial and operating results for its second quarter ending December 31, 2021. All figures reported are in Canadian dollars.

Q2 Financial Summary

• The company's revenues reached $3.2 million for the three-months ended December 31, 2021, compared to $1.5 million for Q2 2020, an increase of 106% year-over-year .
• Gross margins was of $1.8 million, compared to $302,000 for the three-months ended December 31, 2020, an increase of approximately 500% year-over-year.

• "This quarter we have shown and have proven again that Ayurcann is able to maintain a profitable business and expand its market share,"Igal Sudman, CEO of Ayurcann, stated. "Ayurcann works diligently to serve its clients and continues to grow its revenues, while keeping an eye on its bottom line. We are thrilled to see our revenues grow at a steady pace while maintaining strong margins and being responsible to our shareholders. We can confidently say that we fully expect to show continued growth and build on our momentum."

Recent Operational And Business Milestones

• Ayurcann finished its Phase-2 expansion at the Pickering facility, and started production, increasing extraction capacity of up to 300,000 kilograms of biomass and up to 3 million filling and co-packaging capability for cannabis 2.0 and 3.0 products, providing Canadian licensed producers with a one-stop extraction facility and offering international brands seeking a go to market strategy.
• The company was nominated for and won two leading awards in Canada for Best Extraction and Best Toll Processing facility of the year.
• Ayurcann has expanded into the most of recreational markets throughout Canada and has over 150 SKU's available of cannabis 2.0 and 3.0 products, with Fuego-branded vapes, Vida-branded tinctures and Glow-branded topicals having been shipped to Ontario, New Brunswick, Saskatchewan, Manitoba, and Alberta.
• The company is expecting further sales with its exclusive partnership brands such as; Innocan Pharma, Her Highness, Joints, Hustle & Shake, Bravo6 and Lucky Dragon. creating products to meet the demand of Canadian consumers.

Price Action

Ayurcann shares were trading 8.00% higher at $0.14 per share at the time of writing Tuesday morning.