Strong year for local weed
Photo: Contributed
A Kelowna cannabis company continued its progress towards profitability in 2021.
Avant Brands increased its revenue last year by 25%, bringing in a record $11 million on the strength of a 29% increase in recreational cannabis sales and a 13% increase in production.
“2021 was a transformative year for Avant as we graduated on to the TSX, entered new international markets, licensed the 3PL JV, our newest and largest facility, launched innovative new products and emerged with one of the strongest balance sheets in the industry,” Avant founder and CEO Norton Singhavon said in a press release.
“We continue to grow our market demand while remaining innovative and providing consumers in Canada and internationally with premium quality cannabis.”
The company lost $1.6 million in 2021 but cited many of its expenses as one-time events, like non-recurring fees related to the TSX graduation, financings and associated legal fees. Avant, which in 2021 changed its name from GTEC Holdings, has also eliminated all debt.
“We entered 2022 with considerable momentum, resulting in anticipated record revenues for Avant in (the first quarter of) 2022, and we intend to continue to execute on our growth strategy,” Singhavon said.
“We are proud of what we have built at Avant, and believe that our disciplined and focused approach has resulted in us being well positioned for long-term success.”
