Ayurcann Holdings Corp. AYURF AYUR (FSE:3ZQ0) released its financial and operational results for the three-months ended September 30, 2022, revealing net revenue of CA$2 million ($1.47 million) , a 9.74% increase compared to 1.9 million in Q3 2021.
Q3 Financial Highlights
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Gross margin, calculated based on net revenue, was 18%, compared to 50% in Q3 2021.
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Net loss and comprehensive loss was CA$935,096 compared to net income of CA$124,703
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Cash on hand at the end of the period totaled CA$1 million.
“As we continue to expand across the country with our value offerings, we are thrilled to observe consistent growth in our revenue and market share despite the price compression that continues to impact the recreational cannabis industry. Ayurcann is proud to have generated an increase in its revenue while transitioning away from a business-to-business to a more business-to-consumer focused company. Ayurcann is now selling products across the country and has over 3,000 products listed for sale throughout the vape, concentrate, oil and flower sectors. Our increase in revenue, combined with the growth of our in-house brands, should have a positive impact on the future development of Ayurcann,” stated Igal Sudman, CEO of Ayurcann.
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Photo by Esteban Lopez on Unsplash
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