AYURCANN REPORTS 2022 FINANCIAL RESULTS FEATURING A 45.17%

Toronto, Ontario, Oct. 28, 2022 (GLOBE NEWSWIRE) — Ayurcann Holdings Corp. (CSE: AYUR, OTCQB: AYURF, FSE: 3ZQ0) (“Ayurcann” or the “Company”), a leading Canadian cannabis extraction company specializing in the processing and co-manufacturing of pharma grade cannabis and hemp to produce various derivative cannabis 2.0 and 3.0 products in the medical and recreational market, is pleased to announce its financial and operational results for the year ended June 30, 2022, the highlights of which are included in this news release. All figures are reported in Canadian dollars. The Company’s full set of consolidated financial statements for the years ended June 30, 2022 and 2021 and accompanying management’s discussion and analysis can be accessed by visiting the Company’s website at www.ayurcann.com and its profile page on SEDAR at www.sedar.com.

FINANCIAL HIGHLIGHTS FOR THE YEAR ENDED JUNE 30, 2022

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

“We are thrilled to observe consistent growth in our revenue despite the retail price compression affecting the cannabis industry. Over the last year, several cannabis companies have experienced pressure on their margins due to retail price compression, while Ayurcann is proud to be one of the companies who has generated an increase in its revenues. The ability to transition away from a business-to-business to a more business-to-consumer focused company has enabled Ayurcann to enter multiple recreational markets in Canada over the past fiscal year. With over 2,500 products listed for sale…