Avant Brands Inc. Announces Record Financial Results for Fiscal Year 2023

Avant Brands Inc., a leader in the production of innovative and award-winning cannabis products, revealed audited financial results for the fiscal year ended November 30, 2023, marking substantial growth in its key financial indicators. This year, the company saw its gross revenues reach an all-time high of $30.2 million, a 33% increase from the previous year. Cash flow from operations also reached a record $5.4 million, an impressive increase of 256%. Additionally, adjusted EBITDA jumped to $4.4 million, revealing an increase of 132% compared to fiscal year 2022.

These results illustrate the successful integration of the Flowr Okanagan Group and the strengthening of Avant's position in the global market, highlighted by Norton Singhavon, founder and CEO of the company. The company also highlighted its commitment to long-term success and maximizing shareholder value through two strategic acquisitions completed during the year.

Fiscal year 2023 also saw significant expansions in global distribution and innovation, including the acquisition of Flowr and the purchase of the remaining 50% of 3PL Ventures Inc. These strategic moves helped strengthen Avant's position in the cannabis industry.

Despite short-term challenges related to the visibility of its products in major Ontario retail chains, Avant remains confident in its abilities to compete in the Canadian recreational cannabis market while expanding its global reach.