Highlights
12% Revenue increase in MarchGanja Gold product revenue up 44%New SKUs to be launched in next 30 daysVANCOUVER, British Columbia, April 16, 2020 (GLOBE NEWSWIRE) — Icanic Brands Company Inc. (CSE: ICAN, OTCQB: ICNAF) (“Icanic Brands” or the “Company”), a multi-state brand operator in California and Nevada, is pleased to provide the following update to shareholders during what has been a difficult time for the local and global community.The Company’s business has been deemed an essential business in the State of California. This allows the Company to continue to operate during Shelter in Place guidelines put out by the state, which means to stay at home unless you need to leave for ‘essential’ activities and work. Additionally, the Company’s supply chain remains fully intact from its cultivation facility in Sacramento to distribution which ensures product is available to the Company’s retail and dispensary customers.Icanic Brands products are now available in over 350 licensed dispensaries throughout California. In March Icanic Brands revenue as a whole increased by 12%; increasing from $583,694USD on February to $652,529USD. The Company’s wholly-owned subsidiary Ganja Gold saw month over month revenue growth of nearly 44% through its California distribution channel servicing its retail partners while month over month order volume grew by nearly 20%. Ganja Gold’s order volume increased from 132 orders in February to 158 orders in March which reflected in the revenue numbers as it increased from $362,000USD of revenue in February to approximately $521,000USD of revenue in March.“We continue to work to improve our gross margins by finding efficiencies in our operations and are looking to incorporate additional technology over the coming two quarters. Additionally, we are proactively looking to expand our footprint in the US market and are in talks with potential regional licensing partners,” said Mr. Brandon Kou, CEO of Icanic Brands.The Company continues to work on new SKUs for the Ganja Gold brand as well as the launch of a sister brand called Taylor’s that the Company hopes to have on the shelves in the next 30 days. Taylor’s brand will focus on the lower end of the pre-roll market while still delivering unmatched value.About Icanic Brands Company Inc.
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