Icanic Brands (OTC: ICNAF) Announces Financial Results Period Ended October 31, 2020; 45% Growth in Revenue & Record Gross Margin of 45.7% & Adjusted EBITDA of $167,637

January 5, 2021 admin Newsmakers Comments Off on Icanic Brands (OTC: ICNAF) Announces Financial Results Period Ended October 31, 2020; 45% Growth in Revenue & Record Gross Margin of 45.7% & Adjusted EBITDA of $167,637
  • Revenue of $2.65 million, up 45% from the previous year quarter ended October 31, 2019;
  • Record quarterly Gross Margin of 45.7%
  • Strong Positive Adjusted of $167,637 for the quarter

VANCOUVER, British Columbia, Jan. 05, 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 three-month period ended October 31, 2020. All currency references used in this news release are in Canadian currency unless otherwise noted.

Financial Summary for the Quarter Ended October 31, 2020

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  • Revenue of $2.65 million, up 45% from the previous year quarter ended October 31, 2019.
  • Gross margin of $1.21M (46%) resulting in 58.6% increase from the prior year period driven by Icanic’s commitment to automation and vertical integration
  • Adjusted EBITDA of $167,637, up from a Negative Adjusted EBITDA of $1,503,270 from the prior year period
  • Cash and cash equivalents increased by $651,549, up 31% from the previous quarter to $2.68 million as of October 31, 2020.

Management Commentary

Mr. Brandon Kou, CEO of Icanic Brands commented, “The quarter ending on October 31st was a real milestone for our company. Even in the face of a once in a generation global pandemic, the entire team was able to persevere through all of the tough times to produce arguably the company’s best quarter ever. I cannot stress enough how proud I am of the team we have for battling the challenges that Covid 19 brought on a daily basis. With strong revenue, a record gross margin, positive EBITDA and a strong cash position, Icanic was able to give its investors a glimpse of what is to come now that our three-pillar foundation is firmly in place. We expect to build off of this amazing quarter and are excited for a tremendous year of growth ahead.”

About Icanic Brands Company, Inc.

Icanic Brands Company, Inc. is a leading cannabis branded products manufacturer based in California & Nevada, the largest and most competitive cannabis markets in the world. The company’s mission is to make cannabis safe and approachable – that starts with manufacturing high-quality products delivering consistent experiences.

For more information, please visit the company’s website at: www.icaninc.com.

About Ganja Gold

Ganja Gold, Inc., a wholly-owned subsidiary of Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF), is the premier brand of infused pre-rolls in the state. Ganja Gold focuses on using only the best available flower and concentrates with state of the art proprietary technology to create connoisseur level pre-rolls unseen in the marketplace. With our flagship Tarantula™, Ganja Gold continues to set the bar in quality and experience.

For more information about Ganja Gold, visit their website at www.ganjagold.com

ICANIC BRANDS COMPANY INC.

Per: “Brandon Kou”
Chief Executive Office