IONIC Brands Corp. creates a path to profitability
IONIC Brands Corp. Provides Monthly Update on Financial Performance by Revenue and Units Sold in the Pacific Northwest Markets for the Month of July 2021
IONIC Brands Corp (IONC:(CSE: IONC))
In the month of July, Ionic Brands became a stronger, more fiscally focused company and is now well on a path to profitability.”
TACOMA, WASHINGTON, UNITED STATES, August 10, 2021 /EINPresswire.com/ -- IONIC BRANDS CORP. (CSE:IONC)(OTC PINK:IONKF)(FRA:1B3) ("IONIC BRANDS" or the "Company"), a regional multi-state operator in the Pacific Northwest markets of premium and luxury vape, concentrate and consumable products, is pleased to provide our shareholders our monthly report on our brand performance by category for the Pacific Northwest markets.— John Gorst, Chairman & CEO of Ionic Brands Corp
During the month of July 2021, the Company saw an increase in flower and concentrate revenue of 2% and 15% respectively, when compared to June 2021 and increases of 5% and 41% when compared to May 2021. Although the Company experienced a decrease in demand for our business-to-business wholesale revenue in July, attributed to a current over supply of biomass in the Washington market, the average price per unit increased from $0.38 per gram in May and $0.41 per gram in June to $0.63 per gram in July which corresponds to 53% and 66% increases when compared to June and May respectively. The Company anticipates a flat-to-net positive increase in the business-to-business wholesale segment for the remainder of 2021 Q3 compared to Q2.
John Gorst, Chairman & CEO of Ionic Brands Corp., stated, "In the month of July, Ionic Brands became a stronger, more fiscally focused company and is now well on a path to profitability. We continue to focus our attention on financial performance metrics, stabilizing operating costs, and increasing gross margin performance. Furthermore, Ionic Brands has completed 90% of its planned investments in infrastructure to enhance its manufacturing output. While additional investments are slated to be made later this year, our absolute focus now becomes achieving profitability and positive cash flows for Ionic Brands."
Gorst further states, "Our overall top-line revenue for flower and concentrate categories continues to modestly grow. The current over-supply of biomass has led to a temporary reduction in input costs. Although we have seen our competitors drop pricing to retail stores to increase market share, we believe the correct strategy would be to maintain pricing to the retail stores, creating price stability to the end consumer, while capturing more significant gross margin revenue. We note that this pricing strategy may be challenging to execute and maintain over the coming quarters. However, gross margin revenue remains at the heart of achieving our goal of profitability in Q3 - 2021. Due to the newly acquired brand assets of Cowlitz Country Cannabis (CCC) completed on March 5th of 2021, the CCC brands have now cemented our foothold into the flower segment of cannabis."
The Company is very excited to continue the process of fully executing on our path to profitability that we started over a year ago. We look forward to generating greater s sales volume from our brand portfolio in both the Washington and Oregon markets and developing strategic partnerships across the country to build greater brand equity and recognizability in the US market.
About Ionic Brands Corp.
The Company is dedicated to building a regionally based multi-state consumer packaged goods company with a highly respected cannabis concentrate brand portfolio with strong roots in the premium and luxury segments of vape, concentrates, flower, and consumables. The cornerstone Brand of the portfolio, IONIC, is a top concentrates brand in Washington State along with its economy brand Dabulous and has aggressively expanded throughout the Pacific Northwest of the United States. The brand is currently operating in Washington and Oregon. IONIC BRANDS' strategy is to be the leader of the highest-value segments of the cannabis market.
For a review of the Company's April 2021 pro-forma results, see the Company's press release dated May 25, 2021 available on the Company's website or at www.SEDAR.com.
On behalf of IONIC BRANDS CORP.
John Gorst
Chairman & Chief Executive Officer
For more information visit www.ionicbrands.com or contact:
investor.relations@ionicbrands.com
+1.253.248.7927
To stay better informed with the current events of the company you can join our investor community at https://www.ionicbrands.com/investor-community
Forward-Looking Statements
This news release contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this news release include, but are not limited to, statements regarding the Company's strategic partnership and expansion in the east coast of the United States.
See this entire press release here: https://www.ionicbrands.com/news-events/press-releases/detail/56/ionic-brands-corp-provides-monthly-update-on-financial
John Todora
FinPub Solutions
+1 412-509-3055
email us here
Learn more about Ionic Brands
