AYURCANN REPORTS 2022 FINANCIAL RESULTS FEATURING A 45.17% GROSS REVENUE, The Canadian Business Journal

TORONTO, ON, OCTOBER 28, 2022 (GLOBE NEWSWIRE) — Ayurkan Holdings Co., Ltd. (CSE: Ayur, OTCQB: Ayurf, FSE: 3ZQ0) (“Ayurkan” or “Company”) is a leading Canadian cannabis extraction 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, and this news release. contains that highlight. All figures are reported in Canadian dollars. A complete set of our consolidated financial statements for the years ended June 30, 2022 and June 30, 2021, and the accompanying management discussion and analysis, are available on our website at www.ayurcann.com and You can access it by visiting SEDAR’s profile page at www.sedar.com. .

financial highlights for Year ending June 30, 2022

• Total revenue increased to $11,081,731 for the fiscal year ended June 30, 2022 (compared to $7,633,656 in 2021), It represents an increase of 45.17%.
• Gross profit based on 23.6% net revenue
• Total cash on hand as of June 30, 2022 was $1,354,816 (compared to $725,016 as of June 30, 2021).
• Reported sales increased to $3,238,905 for the three months ended June 30, 2022 ($2,659,087 for the three months ended June 30, 2021), representing an increase of 21.8%. increase.

“We are thrilled to see consistent revenue growth despite retail price compression impacting the cannabis industry. However, Ayurkan is proud to be one of the companies that has generated increased revenue. We have been able to enter multiple recreational markets in Canada in a single year. With more than 2,500 products sold nationwide, we have expanded into vape, concentrate, oil and flower segments (collectively, “Product listIgal Sudman, CEO of Ayurkan, said:

Operational highlights for Year ending June 30, 2022

• 2,500 product listings in New Brunswick, Ontario, Manitoba, Saskatchewan, Alberta and British Columbia.
• The best-selling brands nationwide are Fuego, Hustle & Shake (“H&S”), Joints and Bravo6.
• Acquired H&S and Joints brands, making products available in New Brunswick, Ontario, Alberta, Saskatchewan and British Columbia.
• Ongoing purchase orders from provincial commissions nationwide, oversight of retail sales and distribution of cannabis in Canadian provinces and territories for Ayurcan products.
• Consistently new inventory management unit (seeSKUsThis reflects the credibility and value Ayurcan brings to recreational cannabis in Canada.

“We are confident that we will continue to secure additional SKUs and market share across the country with the establishment of our product list and increased capacity, strategic partnerships and our ability to grow market share in the categories we enter.” We are contributing to top-line revenue growth,” Sudman added.

selected financial information of Year ending June 30, 2022

(All amounts are in Canadian dollars)

	Year ending June 30, 2022		Year ending June 30, 2021
Earnings	11,081,556		7,633,656
net comprehensive loss	(3,087,907	)	(278,360	)
Basic and diluted loss per share	(0.027	)	(0.003	)
Total assets	7,282,982		6,677,006
total liabilities	2,168,100		1,927,784
cash and cash equivalents	1,354,816		725,016

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 expect”Also “I believe”or 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 achieved”Forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding the following: growth trajectory of Our own brand have impact on future development Ayurkanwe have secured additional product listings and national market share, to grow the company earnings; 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 Strategy to Increase Cannabis Market Share 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 successful distribution of of new SKUs; Company Increase exposure, consumer and retail partnerships Reserve additional product listings and market share across the country. Ayurkan Maintain a path of continuous growth. Own brands that influence future development Ayurkan; 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 HaAnadian 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 private label; of Company’Inability to secure funding for integration, development, and distribution of new and existing SKUs. Our inability to secure additional product listings and expand our 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 or results, or otherwise, or subsequent actual events and such We undertake no obligation to describe material differences between forward-looking information. Where required by applicable law.

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