Icanic Brands Company, Inc. (OTCQB:ICNAF) (CSE:ICAN) provided corporate update and revenue forecast for the three-month period ending July 31, 2022 and for the fiscal year ending July 31, 2023. These financial results reflect the first full quarter and fiscal year of Icanic Brands combined with its recent acquisition of LEEF Holdings, Inc., a California based extractions company.
For the fourth quarter ended July 31, 2022, Icanic Brands is forecasting revenues of CA$12.3 million ($9,61 million) with cost of sales forecasted to be CA$5.7 million and gross profits of CA$6.6 million. For the period the company is forecasting other expenses of CA$5.0 million and EBITDA of CA$1.6 million..
“With the merger of LEEF Holdings now complete, Icanic Brands is on the cusp of a true inflection point for our business. The upcoming fourth quarter will be our first as a combined unit and we are excited to exhibit what Icanic Brands is capable of as we continue to integrate our businesses,” stated Brandon Kou, CEO of Icanic Brands. “In a very challenging environment, we believe that we have created one of the best foundations in the state of California that positions the company for significant growth over the coming years. Icanic Brands will now leverage its robust supply chain and manufacturing platform by focusing its efforts on growth both organically, through our internal portfolio of brands, as well as through an aggressive M&A strategy that will seek out high margin brands that can further add to the Company’s overall capabilities.”
Long Term Forecasts
For the fiscal year ended July 31, 2022, Icanic Brands is forecasting revenues exceeding CA$23 million and gross profits exceeding CA$10 million. For the period the company is forecasting EBITDA below CA$1 million.
For the fiscal year ended July 31, 2023, Icanic Brands is forecasting revenues exceeding CA$79 million and gross profits exceeding CA$44 million. For the period the company is forecasting EBITDA exceeding CA$16 million.
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