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AYURCANN REPORTS Q1 2023 FINANCIAL RESULTS FEATURING A 80% INCREASE IN GROSS REVENUE, The Canadian Business Journal

TORONTO, ON, NOVEMBER 29, 2022 (GLOBE NEWSWIRE) — Ayurcan Holdings Co., Ltd. (CSE: Ayur, OTCQB: Ayurf, FSE: 3ZQ0) (“Ayurcann” or “Company”) is a leading Canadian cannabis company specializing in the processing and co-manufacturing of pharmaceutical grade cannabis and hemp to produce a range of derivative cannabis 2.0 and 3.0 products for the medical and recreational markets. Extraction company. announces financial and operational results for the three months ended September 30, 2022. Highlights of which are included in this news release. All figures are reported in Canadian dollars. The complete set of consolidated financial statements of the Company for the three months ended September 30, 2022 and accompanying management discussion and analysis are available on the Company’s website at www.ayurcann.com and in the SEDAR profile. You can access it by visiting the page www.sedar.com. .

financial highlights for Three months Finished SeptemberTenver 30th, 2022

  • Total revenue for the period increased to $3,358,213 (compared to $1,865,878 in the same period last year), represents an increase of 80%
  • Gross margin calculated based on net revenue was 18%
  • Total cash on hand at the end of the period was $1,016,130 (compared to $976,194 last year)

“As we continue to expand across the country by offering valued products, we are pleased to see consistent revenue and market share growth despite price compression that continues to impact the recreational cannabis industry. Excited.Ayurcann is proud to have generated increased revenue while transitioning from a B2B to a B2C focused company.Ayurcann now sells products nationwide and vape Over 3,000 products (“Product Offerings”) are sold across the , concentrates, oils and flowers sector (the “Sector”). His Igal Sudman, CEO of Ayurkan, said:

Operational highlights for Three months Finished SeptemberTenver 30th, 2022

  • Offering over 3,000 products in New Brunswick, Ontario, Manitoba, Saskatchewan, Alberta and British Columbia, launching over 30 new Stock Keeping Units (“SKUs”) in the next 3-6 months , offering customers more products in the sector. ;
  • Top-selling corporate brands are Fuego, Hustle & Shake, Joints, Bravo6 and Xplor.
  • Consistently brought new SKUs to market, reflecting the credibility and value Ayurcann brings to the Canadian recreational cannabis market.

Sudman added, “By focusing on innovation and growth in our new product offerings, combined with our current product offerings, we are confident that we will be able to grow our market share and drive top-line revenues in sectors across the country. I am,” he added.

For more information, please contact:

Igal Sudman, Chairman and Chief Executive Officer
Ayurcan Holdings Co., Ltd.
Phone: 905-492-3322.
Email: [email protected]

Investor Relations:

Email: [email protected]

About Ayurkan:

Ayurcann is a leading provider of post-harvest solutions focused on providing and creating custom processes and pharmaceutical grade products for the adult and medical cannabis industries in Canada. Ayurcann strives to be the partner of choice for Canada’s leading cannabis brands by offering unique, best-in-class services including ethanol extraction, formulation, product development and custom manufacturing.

For more information about Ayurcann, please visit www.ayurcann.com and SEDAR’s profile page (www.sedar.com).

Neither the Canadian Stock Exchange nor its regulatory service providers have reviewed and are not responsible for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This press release contains Forward-Looking Statements Within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or forward-looking statements can be identified using forward-looking terms such as: schedule, strategy, expect Also Do not expect, intended, Continue, anticipate Also don’t expectAlso I believeor variations of such words or phrases, or may contain statements about a particular action, event, or outcome will be filmed, start up Also start up, included, will be able, can make it, right continue, occurs Also is achievedForward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding the following: growth trajectory of our company’s earnings and own brand have positive impact on Company’s future development; We are launching a new SKU in the timeline disclosed here; Company obtain Nationwide market shareallows the company to grow revenue; and the ability of Company Become the partner of choice for major Canadian and international cannabis brands.

The forward-looking information in this news release is based on certain assumptions and expected future events. Company You will be able to expand and maintain your production capacity.continued approval of Company’Relevant governmental and regulatory activities.continued growth of Companyincluding own brands and top-line revenue; of Company’Successfully implemented strategies to increase market share of cannabis industry; of Company’Continued ability to meet the requirements necessary to remain listed Canadian Stock Exchange and alternate replacement; Company Sales of own products complied with applicable laws and regulations; Company Successfully boot and distribution of of new SKUs; Company Increase exposure, consumer and retail partnerships Reserve additional product listings and market share across the country. Company Maintain a path of continuous growth. Our own brand When Earnings have positive impact on Company’s future development; of Company maintain and Create New Relationship with retailers; When Company Become the partner of choice for major Canadian and international cannabis brands.

These statements involve known and unknown risks, uncertainties and other factors and no actual results, performance or achievements may be expressed or implied by such statements. can vary greatly. Company’Inability to expand and/or maintain production capacity.potential powerlessness of Company To continue as a going concern. Risks associated with the cannabis industry in general. Increased competition in the cannabis extract market.potential future non-viability of the cannabis market; risks associated with potential governmental and/or regulatory action regarding the cannabis industry; Company’Inability to obtain continued regulatory approval; of Company’Inability to meet the requirements necessary to remain listed C.Anadian Stock Exchange and alternate replacement; Company’not sell this is Cannabis flower products in accordance with applicable laws and regulations; Company’inability to grow and/Also increase sales and/or this is own brand; of Company’Inability to secure funding for integration, development, and distribution of new and existing SKUs. our inability to secure additional product listings; for that reason new SKUs Expand market share across the country. of Company’Can not do it Secure additional partnerships; When powerlessness of the company Become the partner of choice for major Canadian and international cannabis brands.

Readers should note that the preceding list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements. Because there is no guarantee that the plans, intentions or expectations on which they are placed will come true. Although such information was believed to be reasonable by management at the time it was prepared, it may prove to be inaccurate and actual results may differ materially from expectations.

Any forward-looking statements contained in this news release are expressly qualified by this cautionary statement and Company’Forecasts as of the date of this document and are subject to change.of Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events, results or otherwise, or subsequent actual events and such forward-looking statements. assumes no obligation to describe any material differences between the forward-looking information and Where required by applicable law.


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AYURCANN REPORTS Q1 2023 FINANCIAL RESULTS FEATURING A 80% INCREASE IN GROSS REVENUE, The Canadian Business Journal

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