Avant Brands Inc. - AVTBF STOCK NEWS

Avant Brands (TSX:AVNT)(OTCQX:AVTBF) reported record financial results for Q2 2024, ending May 31. Highlights include:

- Record gross revenue of $9.4 million, up 5% year-over-year
- Record net revenue of $8.3 million, up 4%
- International sales reached a record $3.7 million, up 26%, now 45% of net revenue
- Record Cash Flow from Operations of $4.6 million
- Record Adjusted Net Income of $1.4 million
- Adjusted EBITDA of $2.8 million, with a 34% margin

The company's success is driven by strong international demand for premium cannabis products, particularly in Australia, Germany, and Israel. Avant has executed 9 new international agreements in fiscal 2024, expanding into European markets like Poland, UK, and Czech Republic.

Avant Brands announced the closing of a non-brokered private placement, raising $2,393,333.78 through the issuance of 28,156,868 units at $0.085 per unit. Each unit includes one common share and a half warrant, allowing the purchase of another share at $0.12 within 36 months. Finders' fees totaled $13,600 and 160,000 non-transferable warrants. Proceeds will support working capital and corporate activities. Related parties, including CEO Norton Singhavon and CFO Jeremy Wright, contributed $817,500. The offering awaits final approval from the TSX and securities are subject to a four-month resale restriction.

Avant Brands announced the results of its 2024 Annual General Meeting held on May 30, 2024. A total of 40,063,347 shares, representing 14.08% of the total issued and outstanding common shares, were represented at the meeting. The election of six directors and the reappointment of Ernst & Young LLP as the company's auditor were confirmed. Notably, Michael Blady, previously listed for reappointment, chose not to stand for re-election. Key decisions made included the election of six directors and the reappointment of Ernst & Young LLP as the company’s auditor.

Avant Brands Inc., a leading cannabis products producer, announces the departure of Chief Operating Officer David Lynn, effective July 5, 2024. Mr. Lynn played a important role in the Company's growth, overseeing operations, sales, and team development. Avant expresses gratitude for his contributions and is confident in the leadership team's ability to continue driving innovation and growth. The Board of Directors also confirms that Mr. Michael Blady will not seek re-election at the upcoming Annual General Meeting.

Avant Brands Inc (AVTBF) reports record Q1 net revenue, outperforming revenue guidance. Gross revenue reached $8.9 million, surpassing the $8.2-$8.7 million range. Net revenue increased by 15% to $8.1 million, with international sales surging by 21% to $3.3 million. The company achieved a record Adjusted EBITDA of $3.8 million, marking a substantial growth of 120%. Avant Brands demonstrated significant margin improvement, enhanced profitability, and sustained results in Q1 2024.

Avant Brands Inc. issues a correction regarding their non-brokered private placement, clarifying the structure of each Unit and the use of proceeds. The Offering aims to raise up to $3,888,888 for general working capital purposes, with a lead order of $600,000 from an existing strategic investor.

Avant Brands Inc. announces a non-brokered private placement to raise up to $3,888,888 million in gross proceeds for its cannabis products.

IM Cannabis Corp. and Avant Brands Inc. sign a Licensing Agreement for the BLK MKT brand in the German medical cannabis market, aiming to capitalize on the recent legalization in Germany. The agreement enhances IMC's premium strategy in Germany and Israel, leveraging Avant's innovative cannabis products. IMC Germany, a subsidiary of IM Cannabis Corp., will exclusively utilize Avant's BLK MKT brand on medical cannabis products cultivated by Avant for the German market.

Avant Brands Inc. and IM Cannabis Corp. sign an International Trademark Licensing Agreement for Avant's BLK MKT brand in the German cannabis market. The collaboration aims to leverage Avant's premium cannabis flower with IMC's sales and marketing strategies to capitalize on the growing German medical cannabis market.