‘Transformative’ 2021 for Avant Brands
Published on March 4, 2022 by oz. staff
In a “transformative” year for Avant Brands, the cannabis company delivered record gross revenue in 2021 of $11 million.
The Kelowna-based cannabis producer, which has a new facility in Vernon, reported its audited results for its fourth quarter and fiscal 2021 this week.
Sales from their suite of brands—including BLK MKT and Tenzo—increased by $1.8 million (29%)
“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,” says Norton Singhavon, founder and CEO of Avant.
He says the company is well positioned for long-term success.
Avant says it expects 2022 to be a pivotal year for unprecedented growth, as it starts to realize the benefits of its previous investments in facilities, licensing, innovation and marketing.
Initiatives for the company this year include:
- Driving the Vernon 3PL into full production
- Expanding its product offerings within the concentrates segment
- Securing Health Canada licence amendments to facilitate direct sales of concentrate products to provincial liquor boards
- Exploring opportunities to use capital internally (which may include: expansion, operational efficiencies or new product innovation) or externally (which may include: partnerships, investments or acquisitions)