Best Quarterly Results in Company’s History from a Financial Perspective.
EBITDA Improvements Driven by Record Revenues, Record Margins and Operational Efficiencies.
Marketing Authorization of Trunerox™ in
“We are pleased to report our first EBITDA positive quarter and a critical milestone in our path to self sufficiency. During our best quarter we also delivered record gross margins credited to the proprietary nature of products and services we offer in
Financial highlights:
- Adjusted EBITDA of approximately
$17k for Q1 2024, marking the first adjusted EBITDA positive quarter in the Company’s history and a significant year-over-year improvement compared to EBITDA loss of$1.28 million in Q1 2023. - Record quarterly revenue of
$6.45 million representing a year-over-year increase of 451% compared to Q1 2023 and representing an increase 6.5% from Q4 2023. Revenue growth was achieved with a 32% increase in year-over-year operational expenses. - Consolidated gross margins, before fair value changes in bio-assets, of 51% during Q1 2024, representing a 21% improvement compared to 42% during Q1 2023.
- Cash provided from operations during Q1 2024 was
$122k , representing a substantial improvement compared to cash used in operations during Q1 2023 of approximately$2.05 million .
Other highlights during the quarter:
Canadian commercial advancements. The Company further expanded access to its proprietary medical cannabis products through the introduction of 2 new SKUs and 6 new medical listings on MyMedi.ca and Spectrum Therapeutics during the Q1 2024. During the first quarter, the Company sold 57,911 units across 135 commercial listings listed on 6 provincial channels and 7 medical platforms. Commercial results on the MyMedi.ca platform combined with optimization of sales on other channels contributed to margin improvements.
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 in Colombia. Trunerox™ has not been approved as a drug inCanada byHealth Canada . - 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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2024 GlobeNewswire, Inc., source