Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) posted fourth quarter revenue of $6.6 million for the period ending Dec. 31, 2024, wrapping up a year of some stability in the Canadian biopharmaceutical company’s commercial ventures.

The Toronto-based cannabinoid-focused firm achieved $25.5 million in annual revenue, a 52% rise from 2023. Still, it posted a fourth-quarter net loss of $440,094, a significant improvement versus the $2.4 million loss reported in the same quarter of 2023, according to filings.

“We are proud to report our most successful year to date, marked by improved financial results and continued advancements in our commercial, R&D and clinical programs,” CEO Aras Azadian said in a statement. “In 2024, we strengthened our financial foundation, achieved self-sufficiency, and established a solid basis for further growth, international expansion, and innovation.”

The fourth quarter capped a year of consistent quarterly performance, with revenue ranging from $6.1 million to $6.6 million across the four quarters.

Avicanna for the full year saw its gross profits reach $12.9 million, up 94% from 2023, while gross margins improved to 51% from 40% a year earlier. The company still reported an annual net loss, though it narrowed considerably to $4.7 million from $6.6 million in 2023. Adjusted EBITDA loss improved by 68% to $1.4 million, versus a loss of $4.3 million in 2023.

A big portion of Avicanna’s revenue came from its MyMedi.ca platform, which was acquired from Shoppers Drug Mart in 2023. It generated over $21 million in gross revenue during 2024. The platform, operated by Northern Green Canada Inc., functions as a medical cannabis care service providing products, bilingual pharmacist-led patient support and educational resources.

The company’s Canadian operations continued to be the primary revenue driver, ending the year with 42 proprietary commercial SKUs and 136 unique commercial listings, it said. The company sold around 200,685 wholesale units in 2024, an 8% increase from the previous year.

International revenue grew to $1.9 million, a 428% increase from $364,419 in 2023, driven by new licensing and supply agreements.

The company saw several operational achievements during 2024, including the start of a real-world evidence study aimed at enrolling 1,000 patients to “better understand the potential therapeutic use of medical cannabis,” led by the head of The Canadian Pain Society.

The firm also obtained drug registration in Colombia for Trunerox, a proprietary oral formulation with 10% CBD for treating severe seizures related to Lennox-Gastaut Syndrome and Dravet Syndrome. The company plans to commercialize Trunerox in Colombia in 2025, where it expects it to be covered by insurance.

Avicanna throughout the year repaid an outstanding principal balance of $1.3 million on its non-convertible debentures issued in August 2023 and raised additional capital through private placements.

The company ended the year with a cash balance of $448,028, slightly lower than the $477,198 reported at the end of 2023. Last month, the company applied for and was granted a Management Cease Trade Order due to delays in meeting deadlines for certain statutory filings.