Positive. Avicanna reports 75% increase in revenue, 57% gross margins in Q3 2024.

From GlobeNewswire: 2024-11-14 17:18:00

Avicanna Inc. reported 9-month revenue of $18.8 million, a 75% increase from 2023. They also achieved consolidated gross margins of 57% in Q3 2024. CEO Aras Azadian highlighted improvements in financial performance, gross margins, and balance sheet, positioning the company for international growth initiatives.

Financial highlights include revenue of $6.3 million for Q3 and $18.8 million for the nine-month period ending in September 2024, representing increases of 0.34% and 75% over the same periods in 2023. The company saw growth in gross profit and narrowed adjusted EBITDA losses compared to 2023.

Avicanna was granted a patent by the USPTO for a topical cannabinoid composition to treat musculoskeletal inflammation. They finished Q3 2024 with 35 commercial SKUs and 136 listings, selling 45,126 and 144,756 units for the three- and nine-month periods, respectively, showing growth in total finished goods sold.

Avicanna is a biopharmaceutical company focused on cannabinoid-based products. They offer a medical cannabis formulary, a medical cannabis care platform, a pharmaceutical pipeline, and active pharmaceutical ingredients. The company aims to address unmet medical needs in dermatology, chronic pain, and neurological disorders.

The company’s financial results show significant growth and improvements in key performance indicators. Avicanna’s focus on cannabinoid-based products and pharmaceuticals positions them for further expansion and innovation in the global market.



Read more at GlobeNewswire:: Avicanna Reports Q3 2024