Icanic Brands Company Inc. ICNAF ICAN released its financial results for the three and nine months ended September 30th, 2022, revealing net sales of $7 million for the three months ended and $22.5 million for the nine months ended September 30th, 2022, representing an increase in Icanic Brands year over year revenue of 180% and 192% respectively.
Financial Highlights:
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Gross Profit of $2 million for the three months ended and $7.8 for the nine months ended September 30th, 2022.
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Gross profit was $2 million for the three months ended September 30th, 2022 and $7.8 million for the nine months ended September 30th, 2022. This represents an increase of 94% and 195% respectively versus the same periods in 2021. The increase in gross profits was due to the acquisition of LEEF Holdings, Inc., the strong focus on supply chain management, customer diversification and manufacturing efficiencies.
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Gross Margin of 29.42% for the three months ended and 34.60% for the nine months ended September 30th, 2022.
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Adjusted EBITDA of $6.3 million for the three months ended and $6.3 million for the nine months ended September 30, 2022.
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Net income of $10.5 million or the three months ended and net loss of $1.6 million for he nine months ended September 30th, 2022.
“Since the acquisition of LEEF Holdings, Inc. in the spring, management has focused our efforts on integrating the two organizations and identifying and removing redundancies,” stated Micah Anderson, CEO. “Additionally, in that period, we have been actively fortifying our team and have commenced the implementation of our strategic objective of shifting our overall focus to higher margin, internally developed CPG products. I am very pleased with our financial results to date and with our continued progress in building on the success of our internally developed brands, such as Real Deal Resin and Ganja Gold.”
“Although the California cannabis industry continues to face many challenges, our company has an extremely strong stable of clients that look to us as an industry leader to help ensure their continued success. We continue to be the engine that powers many of the largest brands in California and for that reason, have continued to perform exceptionally well in a difficult time for our industry. With all of this, I remain confident in the direction that we are going and in the robust opportunities that lay ahead.”
Subsequent Events to the Three Months Ended September 30, 2022:
The company appointed Kevin Wilson as CFO effective December 1st, 2022. Wilson is a chartered professional accountant and has worked with LEEF since 2018 as the vice president, finance.
The company announced on November 30, that it has implemented a restricted share unit award plan.
The board of directors of the company have approved the implementation of the RSU Plan effective November 28th, 2022. Under the RSU Plan, eligible persons may at the board’s discretion, be allocated a number of restricted share units. Upon vesting, eligible persons shall be entitled to receive common shares of the company to satisfy all or any portion of a vested RSU award. The maximum number of RSUs issuable under the RSU Plan is 10% of the issued and outstanding common shares at the time of issuance.
The RSU Plan has been adopted to provide a vehicle by which equity-based incentives may be awarded to the employees, consultants, directors and officers of the company, to recognize and reward their significant contributions to the long-term success of the company including to align the employees’, consultants’ directors’ and officers’ interests more closely with the shareholders of the company.
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