- Icanic Brands (ICAN) reported its financial results for the three and six months ended June 30, 2022
- Highlights include gross profit of $2,684,101 for the three months and $5,722,194 for the six months ended June 30, 2022
- Adjusted EBITDA of ($31,801) for the three months ended and $1,589,719 for the six months ended June 30, 2022
- Icanic is a leading cannabis branded products manufacturer based in California
- Icanic Brands Company Inc. (ICAN) opened trading at C$0.10 per share
Icanic Brands (ICAN) reported its financial results for the three and six months ended 30 June, 2022.
Corporate highlights:
- Net sales of $8,121,247 for the three months and $15,490,633 for the six months ended June 30, 2022, representing an increase in revenue of 26.5 per cent and 84.9 per cent YoY, respectively
- Gross profit of $2,684,101 for the three months and $5,722,194 for the six months ended June 30, 2022
- Gross margin of 33.05 per cent for the three months ended and 36.94 per cent for the six months, representing an increase of 13.8 per cent and 16.4 per cent YoY, respectively
- Adjusted EBITDA of ($31,801) for the three months ended and $1,589,719 for the six months ended June 30, 2022
Total revenue for the three months ended June 30, 2022 was $8,121,247. This represents an increase of 26.5 per cent YoY. The six months ended June 30, 2022, revenue was $15,490,633, representing an increase of 84.9 per cent.
Consumer packaged goods revenue continues to increase as a percentage of overall sales as the company works to improve the distribution of its brands, including Ganja Gold, HEADY and Real Deal Resin.
The increase in gross profit was primarily due to the company’s robust supply chain management, increased manufacturing efficiencies, and greater diversification into CPG branded products.
Micah Anderson, CEO of Icanic, commented on the results.
“Immediately upon closing of the acquisition of LEEF Holdings, Inc. we began turning the contemplated synergies into concrete and measurable results. Despite a challenging macro environment, we have been able to drive revenue growth and management costs that are propelling us towards profitability. We are seeing month over month evidence of the substantial growth prospects of our business.”
Icanic is a leading cannabis branded products manufacturer based in California. The company’s mission is to make cannabis safe and approachable – that starts with high-quality products delivering consistent experiences.
Icanic Brands Company Inc. (ICAN) opened trading at C$0.10 per share.