Ayurcann Holdings Corp has announced first-quarter 2021 revenue of C$1.9 million, a 137% year-over-year increase, as the company continues to expand its market share in Canada.
Ayurcann touted its 1Q financial results as its third-consecutive quarter of positive operating income, as gross margins rose to $931,000 from $169,000 during the same period last year.
“This quarter has proven again that Ayurcann is able to achieve profitability and expand its market share,” Ayurcann Holdings CEO Igal Sudman said in a statement.
READ: Ayurcann Holdings announces launch into third Canadian province, New Brunswick with its Fuego Brand vapes
“We are thrilled to see our revenues grow at a steady pace while maintaining incredibly strong margins and running a profitable business,” Sudman added.
The company noted it fully expects to show continued profits going forward while building on its momentum.
Ayurcann added it is expanding into various recreational markets throughout Canada and has reported the delivery of Cannabis 2.0 products, with Fuego-branded vapes and Vida-branded tinctures having been shipped to New Brunswick and Saskatchewan, with further orders to be shipped into Manitoba, Ontario, and Alberta in the coming quarters.
In addition, the company said it has finished its build-out of the Phase-2 expansion of the Pickering facility, increasing extraction capacity up to 300,000 kilograms of input biomass and up to three million filled and co-packaging capacity 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.
Ayurcann Holdings is focused on providing and creating custom processes and pharma-grade products for the adult-use and the medical cannabis industry in Canada.
Contact Sean at sean@proactiveinvestors.com