Benzinga - by Nicolás Jose Rodriguez, Benzinga Staff Writer.
Avicanna Inc. (OTCQX: AVCNF) a biopharmaceutical company specializing in proprietary cannabinoid-based products, announced Q3 2023 results late Tuesday, highlighted by the successful acquisition of Medical Cannabis by Shoppers assets, paving the way for the launch of the innovative MyMedi.ca platform.
Leadership Insight Aras Azadian, CEO of Avicanna Inc., emphasized the company's strategic vision. "We had the boldness to take on the challenge of acquiring the Medical Cannabis by Shoppers business and executed on integrating it into the newly developed MyMedi.ca" he stated.
The goal is to provide a comprehensive medical cannabis care platform, enhancing accessibility for Canadian patients while maintaining a focus on evidence-based medical applications of cannabinoids.
Phil Cardella, CFO, expressed pride in achieving the milestone of an eight-digit revenue figure for the first time in the company's history. He credited the substantial increase in high-margin revenue to Avicanna's innovation and commercial platforms, anticipating sustained efforts toward growth, profitability, and self-reliance.
Financial Highlights
- Avicanna reported record revenue of $6.27 million for Q3 2023, marking a 90% increase from the previous quarter and a 713% surge year-over-year.
- The 9-month revenue of $10.7 million represents a significant 269% growth compared to the same period last year.
- Despite a notable increase of 23% in SG&A over the nine-month period, the company demonstrated the scalability of its business model.
The company also reported achieving improved consolidated gross margins of 47% through operational enhancements.
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