Avicanna Inc. (AVCNF), a leading biopharmaceutical company specializing in proprietary cannabinoid-based products, has reported its Q3 2023 results, showcasing an outstanding 713% year-over-year growth in medical marijuana sales. The company’s success is further exemplified by the launch of the MyMedi.ca platform, following the acquisition of Medical Cannabis by Shoppers assets.
Insights from Leadership
Aras Azadian, CEO of Avicanna Inc., articulated the company’s strategic vision, stating, “We had the boldness to take on the challenge of acquiring the Medical Cannabis by Shoppers business and executed on integrating it into the newly developed MyMedi.ca.” The goal is to provide a comprehensive medical cannabis care platform, enhancing accessibility for Canadian patients while maintaining a focus on evidence-based medical applications of cannabinoids.
Phil Cardella, CFO, expressed pride in achieving the milestone of an eight-digit revenue figure for the first time in the company’s history. He credited the substantial increase in high-margin revenue to Avicanna’s innovation and commercial platforms, anticipating sustained efforts toward growth, profitability, and self-reliance.
Key Financial Highlights
- Avicanna reported record revenue of $6.27 million for Q3 2023, marking a 90% increase from the previous quarter and a remarkable 713% surge year-over-year.
- The 9-month revenue of $10.7 million represents a significant 269% growth compared to the same period last year.
- Despite a notable increase of 23% in SG&A over the nine-month period, the company demonstrated the scalability of its business model.
Strategic Operational Milestones
Avicanna reported that the quarter marked the best three-month financial performance to date, achieving an adjusted EBITDA loss of $473,000 or a loss of $0.01 per share. The company also reported achieving improved consolidated gross margins of 47% through operational enhancements.
Photo by Dr. Sourabh Panari on Unsplash.
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