Avicanna
Avicanna caps record year of sales as it swims out of the red
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.
Author: mscannabiz.com
MScannaBIZ for all you Mississippi Cannabis News and Information.
Author: mscannabiz.com
MScannaBIZ for all you Mississippi Cannabis News and Information.
Author: mscannabiz.com
MScannaBIZ for all you Mississippi Cannabis News and Information.
Federal Court Upholds Arkansas Hemp Restrictions, Contradicting Texas Governor’s Stance In Vetoing Proposed Ban In His State
NORML Op-Ed: Debunking Cannabis Potency Myths
Report 15% of NY Adults Use Cannabis
Rand Paul Files Bill To Triple Federal THC Limit For Hemp As House Pursues Crackdown On Consumable Cannabinoids
Marketshare of cannabis sleep aids skyrockets
US House Committee Approves Bill to Close THCA ‘Loophole,’ Ban Intoxicating Hemp Products
House Votes To Let VA Doctors Recommend Medical Marijuana To Military Veterans And To Support Psychedelics Research
World-Class Growing Solutions | Cannabis Business Times
Summers are better with Flav
Nebraska Medical Cannabis Commission Proposal Will ‘Destroy Patient Access,’ Advocates Say
Circuit Court Ruling for Arkansas Renders Texas Governor’s Hemp Veto Argument Moot
Jones Soda Co. Sells Mary Jones THC Beverage Brand
Feds Say Tourist Who Admitted To Prior Marijuana Use In Legal Places Was Denied Entry To US Over Drugs—Not Bald JD Vance Meme
The PFAS Threat in Cannabis and Hemp: What You Need to Know
Chicago Police Can’t Search Vehicles Based on Smell of Raw Cannabis Under New Rules
Marijuana Opponents ‘Have Lost’ The Debate, GOP Senator Says, Arguing ‘It’s Time’ To Regulate It Like Alcohol And Tobacco
How much do you know about Pennsylvania’s medical marijuana program? Take our quiz.
Verano Unveils Bodega-Style Dispensary Experience at Zen Leaf Cave Creek in Phoenix
Congress to vote on cannabis & psychedelics amendments this week (Newsletter: June 25, 2025)
Rockford teen intended to deliver 300+ grams of cannabis, police say
El Paso cannabis shops relieved after Gov. Abbott vetoes ban on THC products
More older adults are using cannabis, study says
Marijuana use rising among seniors, and doctors are sounding alarms
More older Americans are using marijuana, according to new data
Alert: Department of Cannabis Control updates data dashboards with full data for 2023
Connecticut Appoints The US’s First Cannabis Ombudsperson – Yes there is a pun in there and I’m Sure Erin Kirk Is Going To Hear It More Than Once!
5 best CBD creams of 2024 by Leafly
Free delta-9 gummies from Bay Smokes
New Study Analyzes the Effects of THCV, CBD on Weight Loss
EU initiative begins bid to open access to psychedelic therapies
Mississippi city official pleads guilty to selling fake CBD products
May 2024 Leafly HighLight: Pink Runtz strain
Curaleaf Start Process Of Getting Their Claws Into The UK’s National Health System – With Former MP (Resigned Today 30/5/24) As The Front Man
5 best autoflower seed banks of 2024 by Leafly
Horn Lake denies cannabis dispensary request to allow sale of drug paraphernalia and Sunday sales | News
Discover New York’s dankest cannabis brands [September 2024]
Nevada CCB to Accept Applications for Cannabis Establishments in White Pine County – “Only one cultivation and one production license will be awarded in White Pine County”
Press Release: CANNRA Calls for Farm Bill to Clarify Existing State Authority to Regulate Hemp Products
Local medical cannabis dispensary reacts to MSDH pulling Rapid Analytics License – WLBT
6 best CBD gummies of 2024 by Leafly
5 best THC drinks of 2024 by Leafly
The Daily Hit: October 2, 2024
5 best delta-9 THC gummies of 2024 by Leafly
People In This State Googled ‘Medical Marijuana’ The Most, Study Shows
Weekly Update: Monday, May 13, 2024 including, New Guide for Renewals & May Board meeting application deadline
Thailand: Pro-cannabis advocates rally ahead of the government’s plan to recriminalize the plant
PRESS RELEASE : Justice Department Submits Proposed Regulation to Reschedule Marijuana
Press Release: May 9, STIIIZY and Healing Urban Barrios hosted an Expungement Clinic & Second Chance Resource Fair
-
California Cannabis Updates1 year agoAlert: Department of Cannabis Control updates data dashboards with full data for 2023
-
Breaking News1 year ago
Connecticut Appoints The US’s First Cannabis Ombudsperson – Yes there is a pun in there and I’m Sure Erin Kirk Is Going To Hear It More Than Once!
-
best list11 months ago5 best CBD creams of 2024 by Leafly
-
Bay Smokes12 months agoFree delta-9 gummies from Bay Smokes
-
cbd1 year agoNew Study Analyzes the Effects of THCV, CBD on Weight Loss
-
Business9 months agoEU initiative begins bid to open access to psychedelic therapies
-
Mississippi Cannabis News1 year agoMississippi city official pleads guilty to selling fake CBD products
-
California1 year agoMay 2024 Leafly HighLight: Pink Runtz strain