Financial Highlights Period Ended April 30th, 2021:
Record Q3 2021 revenue of $3.236 million, an increase of 88.4% YoY and 11.7% quarter over quarter
Record Q3 2021 gross profit of $1.556 million, an increase of 100.2% YoY and 30.6% quarter over quarter
Record Q3 2021 gross margin of 48.1% compared to 16.3% in Q3 2020
Record Q3 2021 positive net income of $0.198 million compared to a loss of $0.516 million in Q2 2021
Record Q3 2021 adjusted EBITDA of $0.543 million, an increase of 488% quarter over quarter
*All currency references used in this are in Canadian currency unless otherwise noted
VANCOUVER, British Columbia, July 06, 2021 (GLOBE NEWSWIRE) — Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF) (“Icanic Brands” or the “Company”), a multi-state brand operator of premium Cannabis brands in California and Nevada, today reports its financial results for the period ended April 30th, 2021. All currency references used in this news release are in Canadian currency unless otherwise noted.
Closed acquisition of De Krown Enterprises – A leading California-based manufacturing partner and brand owner. De Krown has the expertise to provide all types of cannabis services including pre-roll manufacturing, cartridge filling, product packaging, extraction, terpene extraction and topicals/edibles with existing capacity to produce 118,000 pre-rolls a day over 2 shifts. De Krown will be able to expand its manufacturing partner relationships by leveraging Icanic Brands current infrastructure to both increase manufacturing client relationships as well as distribute its own branded products across the state. De Krown’s impressive list of manufacturing clients include Pure Beauty, Next Green Wave, Kolas, Dahlia Capital, Cali Innovations, Smoakland, Kush Boys, Tyson Ranch and Viola.
Closed JV agreement with Heavenly Sweet, a Leading California Based Edibles Company, for expansion in Nevada. Heavenly Sweet was founded in 2008 and produces a variety of 30 different ready-to-eat cannabis infused products while