Ayurcann Holdings Corp has reported revenue of $3.2 million for the fiscal second quarter of 2021 after boosting capacity at its Pickering extraction and processing facility.
The 2Q revenue figure was a 106% increase over the same quarter last year, and a 71% increase over the previous quarter.
Gross margins came in at $1.8 million for the three-month period to end December 31, 2021, compared to $302,000 in the same quarter a year earlier.
Toronto-based Ayurcann put up an operating income of $807,000 for the quarter, and a comprehensive loss of $206,900.
READ: Ayurcann Holdings launches high potency THC branded 'Fuego' vapes in Alberta
Following the completion of its Phase 2 expansion, Ayurcann’s Pickering facility now boasts an 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.
The firm now operates in most of recreational markets throughout Canada with over 150 SKU's, including Fuego-branded vapes, Vida-branded tinctures and Glow-branded topicals now available in Ontario, New Brunswick, Saskatchewan, Manitoba, and Alberta.
"This quarter we have shown and have proven again that Ayurcann is able to maintain a profitable business and expand its market share. Ayurcann works diligently to serve its clients and continues to grow its revenues, while keeping an eye on its bottom line,” CEO Igal Sudman said in a statement.
"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."
Ayurcann is a post-harvest solution provider with a focus on providing and creating custom processes and pharma grade products for the adult use and medical cannabis industry in Canada.
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