2023 FINANCIAL HIGHLIGHTS
- Revenue growth of 314%, from
$4 million in 2022 to$16.8 million in 2023, largely driven by the acquisition of Medical Cannabis by Shoppers fromShoppers Drug Mart and the launch of MyMedi.ca. - Substantial revenue growth was achieved with a 19% increase in operational expenses.
- North American gross margins improvement of 28%, to reach 45%, when compared to 2022.
- Consolidated gross profits increased by 500%, from
$1.1 million in 2022 to$6.7 million in 2023, - Adjusted EBITDA loss of
$4.2 million , a 49% improvement from a loss of$8.3 million in 2022. - Cash used in operations of
$1.38 million ; an 81% reduction compared to$7.4 million in 2022.
“2023 was a tremendous year for
Additional Highlights:
Acquisition of Medical Cannabis by Shoppers (“Business”): On
Over 96% of active patients from Medical Cannabis by Shoppers transitioned to MyMedi.ca. The Company developed infrastructure to offer insurance reimbursement services for patients through several private insurance providers and public institutions, including 8 provincial worker safety boards - these account for over 65% of the platform’s revenue combined.
Canadian commercial advancements: The Company introduced new proprietary formulations resulting in a 51% year over year increase in the number of finished products sold during 2023. the Company closed the year with 27 commercially active SKUs in
POST YEAR-END HIGHLIGHTS
The Company will host an earnings call at
About
- 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 leading medical brand in
Canada currently available nationwide to patients across several medical channels and continues to expand 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 patient 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 products (Trunerox™) and pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence,
Avicanna has developed a pipeline of proprietary, indication-specific pharmaceutical products that are in various stages of clinical development and commercialization. These cannabinoid-based drug candidates aim to address unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders. Avicanna’s first indication-specific pharmaceutical drug, Trunerox™, was approved Q1 2024 by theHealth Authority of Colombia INVIMA as an adjuvant treatment for seizures associated with Lennox-Gastaut Syndrome and Dravet Syndrome. - 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 for globally.
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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 using words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. 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
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Avicanna Reports Full Year 2023 Audited Financial Results with $16.8M in Revenue, representing an increase of 314% from 2022
$6.7M Consolidated gross Profit, representing an increase of 500% from 2022
2024 GlobeNewswire, Inc., source