Cannabis Integrated (ICNAF) – Icanic Q2 Revenue Drops 24% YoY, What About Net Loss?

Icanic Brands Company Inc.’s ICNAF I CAN report revenue for the three months ended June 30e2022 was $8.1 million, an unfavorable drop of 24% compared to $10.7 million in the same quarter of 2021. The six months completed June 30the2022, earnings were $15.5000000a unfavorable decrease of 29% compared to $21.9 million in the same period of 2021.

Financial Q2 2022 Strong points

  • Raw pprofit of $2.7 millionversus $2 million in Q2 2021.

  • Raw margin of 33.05%representing a year-over-year gross margin increase of 13.8%.

  • Adjusted EBITDA has been a loss of $31,801

  • Net loss and the overall loss was $16.5 million a unfavorable increase of 1593% compared to a loss of $971,648 in Q2 2021.

Micah AndersonIcanic CEO, said: “The past few months have been the start of a transformational period for the business. Immediately following the closing of the acquisition of LEEF Holdings, Inc., we began to translate envisioned synergies into concrete, measurable results. Despite a difficult macroeconomic environment, we were able to generate growth in revenues and management costs that propel us towards profitability. We see month after month evidence of the substantial growth prospects of our business. »

Photo by Mackenzie Marco on Unsplash

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