Canadian cannabis company Ayurcann Holdings Corp. (CSE:AYUR) (OTCQB:AYURF) reported its financial results Monday for the fiscal year ended June 30, 2024. The company specializing in cannabis 2.0 and 3.0 products disclosed record gross revenue of CA$45.27 million ($32.6 million), representing 100% year-over-year increase.

"As the cannabis industry continues to mature in Canada, we are thrilled to witness the steady growth of our revenues across the country," stated Igal Sudman, CEO of Ayurcann. "Despite the challenges posed by an increasingly competitive environment and retail price compression, Ayurcann's business-to-consumer focus has enabled us to expand our market share in multiple provinces. With over 70% penetration in dispensaries and a diverse range of 80 products across vape, concentrate, and flower categories, the success of our in-house brands has been transformative for Ayurcann. We're proud to have made a lasting impact in the market, continuing to build on our growth trajectory."

Read Also: Cannabis Extraction Company Ayurcann To Merge With Arogo, Resulting In $210M Entity

Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. If you're serious about the business, you can't afford to miss out.

Financial Highlights

• Net revenue amounted to CA$25.16 million, compared to CA$12.49 million in the corresponding period last year.
• Adjusted EBITDA was a gain of CA$198,213, which compares to an adjusted EBITDA loss of CA$2.11 million.
• Net loss reached CA$3.97 million or CA$0.022 per share, compared to a loss of CA$5.31 million or CA$0.033 per share.
• At the end of the reporting period the company had CA$572,444 in cash, compared to CA$971,959 on June 30, 2023.

Operational Highlights

• Grew its product offerings to 80 stock keeping units across the country;
• Named the #1 producer of Vapes in Ontario, and top fifth pre-roll manufacturer by volume in Ontario during the period.
• Had 30,500 product listings across dispensaries in Ontario, New Brunswick, Manitoba, Saskatchewan, Alberta, British Columbia, Newfoundland, and Yukon.
• Explored new national and international opportunities for its brands.

"With a clear vision and a commitment to innovation, we are excited about the path ahead and look forward to continuing to deliver value to our customers and stakeholders," Sudman concluded.

Price Action

Ayurcann shares closed Monday's market session flat at $0.054 per share.

Read Next:

• New York’s Surprise Ban On Cannabis-Caffeine Products Raises Eyebrows In Industry

Photo: Courtesy of Branding Pot via Shutterstock

Cantourage Group SE reported its financial results for the period from July 1 to September 30 revealing a new record quarter in the company's history. The Berlin-headquartered cannabis company posted revenue of EUR 13.2 million ($14.32 million).

Last month, the company announced that it had exceeded its total annual revenue for 2023 (EUR 23.6 million) from Jan.1 to August 30, 2024, by posting revenue of EUR 24.9 million. Another positive EBITDA, between EUR 900,000 and EUR 1.1 million in the third quarter of 2024, suggests Cantourage can convert current developments in European medical cannabis markets into sustainable, profitable growth. Revenue of at least EUR 40 million is expected for the full year of 2024.

"It is important for investors to realize that the only areas in Germany and Europe in which truly profitable and growing business models can be established and monetized are those related to medical cannabis," stated Philip Schetter, CEO of Cantourage, according to translation. "I am not aware of any German company that is growing significantly and operating profitably with seeds, cuttings and non-commercial association structures."

Read Also: German Medical Marijuana Sales To Reach $1.09B By 2028, New Report

• Get Benzinga’s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. If you’re serious about the business, you can’t afford to miss out.

Partial cannabis legalization took effect in Germany on April 1, allowing people over 18 to legally possess up to 25 grams of dried cannabis and cultivate up to three plants at home. One of the biggest breakthroughs under the law is that medical cannabis is essentially regulated like ibuprofen.

Cannabis clubs became legal on July 1, 2024, and the first such marijuana social clubs opened their doors on July 8 in Lower Saxony. However, across many other states, applications for cannabis cultivation associations face multiple setbacks. In August, Berlin granted its first permission for cannabis cultivation.

"The real legalization of recreational cannabis that contains THC, as is the case in North America, for example, is off the table here for the time being," added Schetter. "Nevertheless, medical cannabis is here to stay and will continue to grow. We are pleased that so many people in Germany have found their way to cannabis therapy in the past few months. This development will definitely continue in the future. Millions of cannabis users who have so far treated themselves for sleep disorders, pain or other widespread diseases – and have often resorted to unsafe products from the black market for this purpose – can now access safe preparations in pharmaceutical quality. We deliver these products through our flexible and efficient sourcing model, which we can and will continue to scale up in the months ahead. One thing is clear to us: regardless of what happens in the recreational market, the medical market will play the leading role in the years to come in ensuring that people in Germany and other European countries have access to safe, tested cannabis."

Read Next:

• Cannabis Earnings Update: Marijuana Lenders And Top Operator To Report Results, Here’s What Investors Need To Know

Courtesy of Africa Studio on Shutterstock

Canadian cannabis producer Avant Brands Inc. (OTCQX:AVTBF) reported financial results for the fiscal third quarter ended August 31, 2024. The British Columbia-based company revealed a record revenue of CA$8.5 million ($6.17 million), up by 30% from the same quarter last year.

“Avant Brands is rapidly establishing itself as a leader in the global cannabis market," stated Norton Singhavon, founder and CEO of Avant Brands. "Our strong international sales growth, coupled with new licensing agreements and partnerships, positions us for continued success as we bring our premium brands like blk mk, to consumers around the world. “

Read Also: International Expansion Still Major Growth Driver For Canadian Cannabis Co. Avant, Reports 4% YoY Increase In Q2 Net Revenue

• Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. If you're serious about the business, you can't afford to miss out.

Fiscal Third Quarter Financial Highlights

• Net income was CA$500,000.
• Gross profit decreased to CA$1 million from CA$5.0 million in the same quarter of 2023, largely driven by impacts to biological asset valuations offset by increased revenues and decreased costs of sales.
• Adjusted EBITDA was CA$2.1 million, marking the third consecutive quarter of Adjusted EBITDA greater than CA$2 million.
• Gross revenue grew 27% from the third quarter of 2023 to a record of CA$9.6 million.
• Exports whole sale revenue reached a record CA$5.1 million, representing a 116% increase over third quarter of 2023. The company attributes this growth to the strong demand for Avant’s premium flower in global markets. Export wholesale revenueaccounted for 60% of net revenue, driven by aggressive market expansion in Australia, Germany and Israel.
• Gross margin increased to 49% from 31% in the same period last year.
• The company’s cash balance increased by CA$2.4 million year-to-date compared to a reduction of CA$5.1 million in the same period of last year.

Avant’s recreational cannabis revenue decreased as the company streamlined its product offerings, prioritizing high-performing and profitable core items. This strategic shift coincided with an increased focus on international expansion.

Fiscal 2024 Outlook

Management expressed confidence in the continued expansion of Avant’s international footprint. The company has executed a total of nine international agreements fiscal year to date, with products already shipped to four clients and a further three clients having shipments pending. These new clients represent near-term growth potential spanning key territories such as Australia, Germany, Israel and Portugal, along with new opportunities developing in the Czech Republic, Poland, Switzerland and the UK. These markets, with a combined population exceeding 250 million, present a substantial growth opportunity for Avant.

Price Action

Avant Brands shares closed Tuesday market session flat at 73 cents per share.

Read Next:

• Earnings Season Looms Large: Here’s When Leading Marijuana Lender And This Cannabis Company Will Report Results

Photo: Courtesy of Branding Pot via Shutterstock