Icanic Brands Posts Financial Results; Reports Profitable Quarter

Vancouver, BRITISH COLUMBIA, June 30, 2020 (GLOBE NEWSWIRE) — Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF) (“Icanic Brands” or the “Company”), is pleased to announce the Company released its financial and operational results for the nine months ended April 30, 2020. These filings are available for review on the Company’s SEDAR profile at www.sedar.com and on the Canadian Securities Exchange (the “CSE”) website at www.thecse.com.
Financial Highlights:Record gross profit of $770,022 CAD for this quarter.44.8% Gross Margin up from 16.3%.Revenue of $1,717,350 CAD, an increase of 891% from same quarter last year (three months ended April 30, 2019).First EBITDA positive and cashflow positive quarter.Business Highlights:Ganja Gold products are now available in over 350 licensed dispensaries.Approximately 70 million shares of the Company (32% of the issued and outstanding shares) are in a voluntary lockup until December 31st, 2021; the total restricted shares outstanding is now at 91 million shares, which collectively represents approximately 42% of the total outstanding shares of the Company.The proprietary, custom pre-roll manufacturing machine is now running at a rate of 1,000 pre-rolls per hour.About Icanics Brand Company, Inc.
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