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Cannabis-focused biopharmaceutical company Avicanna Inc. (TSX:AVCN) (OTCQX:AVCNF) (FSE: 0NN) announced its financial results on Tuesday for the first quarter of fiscal 2024.
CEO Aras Azadian called it its "best quarter.” In addition to being its first EBITDA-positive quarter, it also saw record gross margins.
Azadian credited the results to "the proprietary nature of products and services we offer in Canada."
The company, founded in 2016, has also "made advancements in our international pillars with our first pharmaceutical marketing authorization in Colombia and into two new agreements with two different multinational pharmaceutical companies," he added.
Avicanna achieved a significant milestone recently with the first indication-specific drug registration for Trunerox by INVIMA, Colombia’s health authority.
See also: CBD-Focused Avicanna Taps Into European Market Via Exclusive Pharma Supply Deal
Azadian has previously spoken at Benzinga cannabis events about driving biopharmaceutical advancements of plant-derived, cannabinoid-based products. The 19th Benzinga Cannabis Capital Conference is returning to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.
"Avicanna's first EBITDA positive quarter is the result of consistent growth in our revenues which are mainly driven by our medical cannabis business unit including the steadying of the MyMedi.ca platform combined with our operational efficiencies and asset-light model in Canada," CFO Phil Cardella said.
Now read: This Company Is Bringing Medical Marijuana Telehealth To Over Half The U.S.