Canadian cannabis extraction company Ayurcann Holdings Corp. (CSE:AYUR) (OTCQB:AYURF) (FSE: 3ZQ0) announced its financial and operational results Monday for the year ended June 30, 2023, revealing a 102% year-over-year increase in gross revenue to CA$22.4 million ($16.2 million).

"We are excited to see consistent growth in our revenues across the country, despite the retail price compression affecting the industry," Igal Sudman, CEO of Ayurcann said. "The ability to transition away from a business-to-business to a business-to-consumer focused company has enabled Ayurcann to enter and grow its market share in multiple markets in Canada."

FY 2023 Financial Highlights

• Net revenue totaled CA$12.5 million, up from CA$9.4 million in fiscal 2022.
• Operating loss grew to CA$5.3 million, up from CA$3.3 million in the prior year.
• The net and comprehensive loss amounted to CA$ 5.3 million, up from CA$3.08 million in 2022.
• Total expenses amounted to CA$9.02 million, up from CA$5.5 million.
• As of June 30, 2023, the company had CA$12.7 million in total assets, up from CA$7.3 million as of June 30, 2022.
• Total liabilities were CA$10.03 million as of June 30, 2023, up from CA$2.4 million as of June 30, 2022.
• Cash at the end of fiscal 2023 totaled CA$971,959, down from CA$1.35 million in 2022.

"We are excited to see consistent growth in our revenues across the country despite the retail price compression affecting the industry," Sudman continued. "With over 65% penetration in the ecosystem of dispensaries and 40 different products listed for sale throughout the country in the vape, concentrate, oil and flower segments, the growth trajectory for our in-house brands should have a tremendous and positive impact on the future development of Ayurcann."

AYURF Price Action

Ayurcann's shares traded 12.8% lower at $0.0109 per share after the market close on Monday.

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Photo: Courtesy of geralt and Kindel Media by Pixabay