Avicanna Inc. (“
Avicanna” or the
“
Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN),
a commercial stage, international biopharmaceutical company focused
on the commercialization of evidence-based, cannabinoid-based
products, is pleased to announce results Q3 2024.
“We are pleased to report the results of another
quarter showing progressive improvements across our four business
pillars. Our continuous optimization efforts contributed to
improvements in our overall financial performance, consolidated
gross margins, and balance sheet. We are now better positioned to
turn our attention towards our international growth initiatives and
take further steps towards advancing our long-term business model.”
stated Aras Azadian, CEO at Avicanna Inc.
Financial highlights:
- Revenue of $6.3 million and $18.8
million for the three- and nine-month period ending September 30,
2024, representing a 0.34% and 75% increase over the three- and
nine-month period ended September 30, 2023, respectively.
- Improved consolidated gross margin
percentage to 57% during Q3 2024, from 46% for the same period in
2023.
- Growth in gross profit of $3.7
million and $9.5 million, respectively, for the three- and nine
month period ended September 30, 2024, compared to $2.9 million and
$4.9 million for the same periods in 2023, an increase of 25% and
91%, respectively.
- Narrowed adjusted EBITDA loss for
the three- and nine-month period ended September 30, 2024, narrowed
to $293,931 and $719,347, respectively, a 38% and 76% decrease from
an adjusted EBITDA loss of $473,650 and $3 million, respectively,
in the corresponding periods last year.
- Fully repaid outstanding principle
balance of approximately $1,300,000 owed under non-convertible
debenture.
Other highlights:
- The United States Patent and
Trademark Office granted the Company a Patent, Patent No. US
20230025693A1, covering deep penetrating topical cannabinoid
composition and methods for treating musculoskeletal inflammation
and pain.
- The Company completed Q3 2024 with
35 commercial SKUs and 136 commercial listings. The Company sold
approximately 45,126 and 144,756 units, for the three- and
nine-month period ended September 30, 2024, respectively, compared
to 31,887 and 118,265 compared to the same periods in 2023. This
represents an increase of 42% and 22% growth in total finished
goods sold, respectively.
About Avicanna:
Avicanna is a commercial-stage international
biopharmaceutical company focused on the advancement and
commercialization of cannabinoid-based products and formulations
for the global medical and pharmaceutical market segments. Avicanna
has an established scientific platform including R&D and
clinical development leading to the commercialization of more than
thirty proprietary, evidence-based finished products and supporting
four commercial stage business pillars.
- Medical Cannabis formulary
(RHO Phyto™): The formulary offers a diverse range of
proprietary products including oral, sublingual, topical, and
transdermal deliveries with varying ratios of cannabinoids,
supported by ongoing patient and medical community education. RHO
Phyto is an established brand in Canada currently available
nationwide across several channels and expanding into new
international markets.
- Medical cannabis care
platform (MyMedi.ca): MyMedi.ca is a medical cannabis care
platform formed with the aim to better serve medical cannabis
patients’ needs and enhance the medical cannabis patients’ journey.
MyMedi.ca is operated by Northern Green Canada Inc. and features a
diverse portfolio of products and bilingual pharmacist-led patient
support programs. MyMedi.ca also provides specialty services to
distinct patient groups such as veterans and collaborates with
public and private payers for adjudication and reimbursement.
MyMedi.ca provides educational resources to the medical community
to facilitate the incorporation of medical cannabis into health
care regimens.
- Pharmaceutical
pipeline: Leveraging Avicanna’s scientific platform,
vertical integration, and real-world evidence, Avicanna has
developed a pipeline of proprietary, indication-specific
cannabinoid-based candidates that are in various stages of clinical
development. These cannabinoid-based drug candidates aim to address
unmet medical needs in the areas of dermatology, chronic pain, and
various neurological disorders.
- Active pharmaceutical
ingredients (Aureus Santa Marta™): Active pharmaceutical
ingredients (“API”) supplied by the Company’s majority owned
subsidiary Santa Marta Golden Hemp SAS (“SMGH”) is a
commercial-stage business dedicated to providing a various forms
high-quality CBD, THC and CBG to the Company’s international
partners for use in the development and production of food,
cosmetics, medical, and pharmaceutical products. The business unit
also forms part of the Company’s supply chain and is a source of
reliable input products for its consumer retail, medical cannabis,
and pharmaceutical products globally.
SOURCE Avicanna Inc.
Stay Connected
For more information about Avicanna, visit our
website or contact Ivana Maric by email at
info@avicanna.com.
Cautionary Note Regarding
Forward-Looking Information and Statements
This news release contains “forward-looking
information” within the meaning of applicable securities laws.
Forward-looking information contained in this news release may be
identified by the use of words such as, “may”, “would”, “could”,
“will”, “likely”, “expect”, “anticipate”, “believe, “intend”,
“plan”, “forecast”, “project”, “estimate”, “outlook” and other
similar expressions. Forward-looking information contained in this
news release includes, without limitation, statements related to
the Offering, the use of proceeds of the Offering, the receipt of
all approvals of the Toronto Stock Exchange in connection with the
Offering, statements with respect to the Company's future business
operations, the opinions or beliefs of management and future
business goals. Although the Company believes that the expectations
and assumptions on which such forward looking information is based
are reasonable, undue reliance should not be placed on the
forward-looking information because the Company can give no
assurance that they will prove to be correct. Actual results and
developments may differ materially from those contemplated by these
statements. Forward-looking information is subject to a variety of
risks and uncertainties that could cause actual events or results
to differ materially from those projected in the forward-looking
information. Such risks and uncertainties include, but are not
limited to current and future market conditions, including the
market price of the common shares of the Company, and the risk
factors set out in the Company’s annual information form dated
April 1, 2024, filed with the Canadian securities regulators and
available under the Company’s profile on SEDAR+ at
www.sedarplus.ca. The statements in this news release are made as
of the date of this release. The Company disclaims any intent or
obligation to update any forward-looking information, whether as a
result of new information, future events or results or otherwise,
other than as required by applicable securities laws.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a1191556-7e71-4d8d-b5d7-4bc0f5db4d6a
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