NEWS RELEASE – Ayurcann Holdings Corp. Provides Update for Its Phase 2 Expansion Plans.
TORONTO, April 20, 2021 (GLOBE NEWSWIRE) — Ayurcann Holdings Corp. (CSE: AYUR) (the “Company” or “Ayurcann”), a Canadian extraction company specializing in the processing of cannabis and hemp for the production of oils and various derivative products, is pleased to unveil further details of its Phase 2 expansion plans.
Ayurcann has commenced trading on the Canadian Securities Exchange (“CSE”) on April 8, 2021 and subsequently announced a private placement of up to $500,000 (“Financing”), as per the Company’s press release dated April 12, 2021. The proceeds of the Financing are intended to be used to further pursue Phase 2 of the expansion of the production capacity of the Company’s Pickering facility.
Following the closing of the Financing, the Company expects to continue the Phase 2 expansion, which is intended to increase the extraction capacity of the facility by 50% from 200,000 kgs to 300,000 kgs of biomass on an annualized basis. Ayurcann has continued to consistently secure over 1,000 kgs of hemp biomass and 1,000 kgs of cannabis biomass on a bi-weekly basis through multiple suppliers at attractive prices, and the Company estimates the increased production and current inventory translates to potential revenue of approximately $1 million per month.
This supply schedule currently enables the Company to produce over 300 kgs of high-quality distillate on a monthly basis, which may be used for bulk wholesale sales, or to produce higher margin value-added cannabis 2.0 concentrate products such as vaporizing pens, topicals, and edibles for our B2B clients.
Igal Sudman, CEO of Ayurcann, commented, “We wish to thank our shareholders for their support as we’ve made our successful debut on the CSE. We believe this is an opportune time to showcase the progress that we’ve made over the last several years and to highlight the steps we’re taking to aggressively accelerate sales.” Mr. Sudman continued: “We believe that our current facility offers one of the larger extraction capacities among the Canadian LPs and completion of our Phase 2 expansion plans will allow us to service more customers, which, we believe, will help increase revenues.”
For further information, please contact:
Igal Sudman, Chairman and CEO
Ayurcann Holdings Corp.