Avant Brands expects to achieve another fiscal year of revenue growth

Fiscal 2022 was a transformational year for the Company, as during Q4 2022 it achieved its first quarter of Adjusted EBITDA in excess of $1 million. Management anticipates that with the addition of the Flowr Facility and the remaining 50% of 3PL it will achieve another fiscal year of revenue growth, with Sales, General and Administrative costs and Corporate overhead costs expected to remain relatively flat in comparison to Fiscal 2022. Some key strategic initiatives that Avant’s management expects to focus on for Fiscal 2023 are: Continue capturing synergies and costs savings at the Flowr Facility, while transitioning cultivation to Avant cultivars; With the addition of the Flowr Facility, Avant anticipates that it will be able to fulfil its domestic recreational demand, as in Q4 2022 the Company’s domestic recreational sales were approximately 65% of the actual purchase orders it had received as it did not have enough product to complete all POs received by Provincial buyers; Further expand global exports by diversifying its clientele, and exploring other countries which allow for the importation of dried cannabis from Canada; Continue to explore opportunistic acquisition or contract grow opportunities; Continue to launch new and innovative products to satisfy consumer demands; Complete the construction of its GT-Bio facility which would be expected to increase the Company’s production by approximately 2,000kg per year, which would result in a total annual production capacity of approximately 18,600kg; Increase the Company’s capacity utilization rate, as during Fiscal 2022 the Company had achieved only a 52% utilization rate, with 46% at 3PL. Management believes that during the course of Fiscal 2023, that the utilization rate will increase significantly, particularly at its 3PL facility