Avicanna Inc. posted a revenue of $6.6 million in its fourth quarter for the period that ended December 31, 2024. The company has enjoyed a relatively stable commercial year.
Toronto’s cannabis-focused company achieved an annual revenue of $25.5 million, which is a 52 percent increase from 2023. According to its filings, the company still reported a $440,094 net loss during the fourth quarter, a marked improvement from the $2.4million loss that was recorded in the same period of 2023.
“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, our company achieved financial self-sufficiency and a strong foundation for growth and international expansion.
The fourth quarter culminated a year with consistent quarterly results, with revenue between $6 million and $6.6 million over the four quarters.
Avicanna reported a gross profit of $12.9 million for the entire year, up by 94% from its 2023 level. The gross margins increased to 51%, from 40%, from a year ago. The net loss was still $4.7m, but it has been reduced from $6.6m in 2023. The adjusted EBITDA loss decreased by 68%, from $4.3 to $1.4million.
Avicanna derived a significant portion of their revenue from MyMedi.ca, which they acquired from Shoppers Drug Mart 2023. The platform generated more than $21 million gross revenue in 2024. Northern Green Canada Inc. runs the platform which is a service for medical cannabis. It provides bilingual pharmacists to provide patient support in addition to educational materials and products.
It said that the company’s Canadian operation continued to drive the majority of its revenue. The year ended with 42 proprietary SKUs for commercial use and 136 commercial listings. In 2024 the company’s wholesale sales grew by 8% to around 200,685 units.
New licensing and supply deals drove the growth of international revenue to $1.9m, up 428% from $364 419 in 2023.
In 2024, the company achieved several achievements. One of them was the launch of an evidence-based study that enrolled 1,000 patients in order to better understand “the potential therapeutic uses of medical marijuana,” under the leadership of the Canadian Pain Society.
Trunerox is a proprietary formulation orale with 10% CBD that treats severe epileptic seizures associated with Lennox-Gastaut Syndrome or Dravet Syndrome. Trunerox will be commercialized in Colombia, in 2025. The insurance company is likely to cover the drug.
Avicanna raised more capital by private placements and repaid $1.3 million of its outstanding principal on the non-convertible bonds issued in August 2023.
Its cash balance at year-end was $448.028, a little lower than its $477.198 report from the end 2023. The company was granted an order to cease trading by the management last month due to its failures in meeting certain deadlines.