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Avicanna Inc. (TSX:AVCN) (OTCQX:AVCNF) (FSE:0NN) total fiscal 2022 revenue of CA$4 million representing growth of 24% from CA$3.3 million in fiscal 2021.
2022 Financial Highlights
Gross profit of CA$1.1 million compared to CA$2.8 million in 2021.
Gross margin of 27% compared to 86% in 2021.
Net loss of CA$14.7 million compared to a net loss of CA$16.8 million in 2021.
Cash at the end of the period was CA$1.2 million
Aras Azadian, CEO stated, “During 2022, we continued to successfully demonstrate the scalable potential of our business model and differentiated value of our proprietary products in Canada. In parallel, we expanded our global reach into the 19th international market. We are pleased to demonstrate our ongoing advancements in research and our pipeline including our first pharmaceutical partnership and several drug submissions. We have established a leadership position for Avicanna’s scientific platform and intellectual property portfolio through our dedicated focus on medical and pharmaceutical applications of cannabinoids. We believe that 2023 will be a transformational year for us as we expect to scale commercialization efforts and address significant market opportunities both in Canada and internationally.”
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