Canadian Cannabis Extractor Ayurcann's Q2 Revenue Jumps Over 81% YoY, Net Loss Grows

Ayurcann Holdings Corp. AYUR AYURF 3ZQ announced its financial and operational results Wednesday for the three and six months ended Dec. 31, 2023, revealing an 81% year-over-year increase in net revenue to CA$5.8 million ($4.3 million) in the second quarter.

The Toronto-based cannabis company focuses on the processing and manufacturing of various derivative cannabis 2.0 and 3.0 products in the recreational market. During the first and second quarters of fiscal 2024, it secured 22 new stock-keeping units in the vape, pre-roll and concentrate categories in Ontario, Alberta, Manitoba, Saskatchewan and British Columbia.

Q2 2024 Financial Highlights

• Net loss and comprehensive loss grew to CA$771,622, from CA$129,457 in the prior year's period.
• Expenses amounted to CA$2.7 million, up from CA$1.5 million in the second quarter of fiscal 2023.
• Gross margin was 37% compared to 44% in the same quarter of last year.
• As of Dec. 31, 2023, the company had $CA16.2 million in total assets and CA$14.2 million in total liabilities, compared to CA$12.7 million and CA$10 million, respectively on Jun 30, 2023.

1H 2024 Financial Highlights

• Net revenue totaled CA$12.3 million, compared to CA$5.1 million in the corresponding period of fiscal 2023.
• Net loss and comprehensive loss decreased to CA$951,267, from roughly CA$1 million in the prior year's period.
• Expenses amounted to CA$5.07 million, up from CA$2.8 million in the same period of fiscal 2023.
• Gross margin was 36% compared to 33% in the same period of last year.

Related News

• Skyrocketing: This Canadian Cannabis Extractor Reports Record Earnings
• Defining Weed Industry Trends With Over 100% Revenue Boost In 2023: Cannabis Extractor’s Latest Earnings
• Ayurcann To Launch New Cannabis Products, Grants Restricted Share Units
• Ayurcann To Acquire Joints And Hustle & Shake Cannabis Brands For $5.5M In Stock

The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.

Get your tickets now on bzcannabis.com – Prices will increase very soon!