Revenue of CAD$2.8 million – an increase of 65% from CAD$1.7 million for the same time last year Gross margin increases to 41% vs 16% last year same time Adjusted EBITDA of CAD$92,481 Financial results are not inclusive of the current in-progress move to the Concord, CA facility, which is more than double the size, as well as the 2nd automated pre-roll machine which is expected to arrive in 2021 Calendar Q2.
VANCOUVER, British Columbia, April 06, 2021 — 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 January 31st, 2021. All currency references used in this news release are in Canadian currency unless otherwise noted.
Mr. Brandon Kou, CEO of Icanic commented, “I am really proud of what the entire team accomplished even during this global pandemic. We were able to grow revenues significantly from the same time last year while improving our gross margin dramatically. Our plan was always to build a sustainable foundation with a superior gross margin profile in the calendar year of 2020 and these quarterly results show that we are well on our way. As we continue to look to 2021, we will no doubt turn our attention to growth both organically through our leading brands as well as taking advantage of opportunities in the market that will help us accomplish our goals quicker.”
Summary of 2021 Developments:
Icanic Brands sees 65% increase in revenue for period ended January 31st, 2021, from the same time period last year The company received over $1,000,000 cash injection via exercise of warrants Mr. Mark Smith joined Icanic Brands as Executive Chairman
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