Defining Weed Industry Trends With Over 100% Revenue Boost In 2023: Cannabis Extractor's Latest Earnings
Portfolio Pulse from Jelena Martinovic
Canadian cannabis extraction company Ayurcann Holdings Corp. reported a 102% YoY increase in gross revenue to $16.2 million for the year ended June 30, 2023. The company's net revenue totaled $12.5 million, up from $9.4 million in fiscal 2022. However, the operating loss grew to $5.3 million, up from $3.3 million in the prior year. The company's shares traded 12.8% lower at $0.0109 per share after the market close on Monday.
October 31, 2023 | 3:32 pm
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Ayurcann Holdings reported a significant increase in revenue but also an increase in operating loss. The company's shares traded lower after the announcement.
While Ayurcann reported a significant increase in revenue, the company also reported an increase in operating loss. This mixed financial performance, coupled with the overall volatility in the cannabis industry, likely contributed to the decline in the company's share price.
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