Cannabinoid-Based Products Maker Sees Triple-Digit Growth In 2023 Gross Profit, Revenue Surges 314% YoY

Author: Jelena Martinovic | April 02, 2024 09:18am

Avicanna Inc. (TSX:AVCN) (OTCQX:AVCNF) (FSE: 0NN), the cannabinoids-focused biopharmaceutical company reported its year-end 2023 results and audited financial statements on Tuesday.

The Canadian company reported CA$16.8 million ($12.3 million) in total revenue, up by 314% year-over-year. Avicanna attributed the surge in revenue to the acquisition of Medical Cannabis by Shoppers from Shoppers Drug Mart and the launch of MyMedi.ca.

See also: Avicanna Inc.: Medical Marijuana Sales Reach Record 713% YoY Growth In Q3, Introduces New Platform

Aras Azadian, the company's CEO, agrees.

"2023 was a tremendous year for Avicanna where we solidified our leadership position in the Canadian medical cannabis sector through our proprietary products and the launch of MyMedi.ca," he said. "We have successfully demonstrated the scalability of our revenues and made significant improvements in our fundamentals while advancing all our business pillars."

Founded in 2016 and headquartered in Canada, Avicanna has been carving a unique place within the medical and pharmaceutical side of the industry at an international level.

Azadian told Beniznga's Javier Hasse at one of Benzinga’s previous events that "the science" is what makes Avicanna different from regular cannabis companies. Avicanna's mission is to produce efficacious products, Azadian explained. Once regulatory hurdles pass, the brand's depth and breadth of product, as well as reach will better be recognized by investors.

The Benzinga Cannabis Capital Conference is returning to Florida this month, in a new venue in Hollywood, on April 16-17. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow.

FY 2023 Financial Highlights

• Gross profit totaled CA$6.64 million, up from CA$1.1 million in the prior year, representing nearly a 500% year-over-year improvement.
• Total expenses amounted to CA$15 million, up from CA$12.6 million in 2022.
• Net loss amounted to CA$ 8.7 million, down from CA$ 14.7 million in the previous year. That's a 40% year-over-year decrease.
• Adjusted EBITDA loss of CA$4.2 million, a 49% improvement from a loss of CA$8.3 million in 2022.
• Cash used in operations of CA$1.38 million; an 81% reduction compared to CA$7.4 million in 2022.

AVCNF Price Action

Avicanna's shares traded 2.1450% higher at $0.4 per share after the market close on Monday afternoon.

The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.

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Posted In: AVCNF TSX:AVCN