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(Globe Newswire) Toronto – Avicanna Inc., a commercial stage, international biopharmaceutical company focused on the commercialization of evidence-based, cannabinoid-based products, is pleased to announce results Q3 2024.
“We are pleased to report the results of another quarter showing progressive improvements across our four business pillars. Our continuous optimization efforts contributed to improvements in our overall financial performance, consolidated gross margins, and balance sheet. We are now better positioned to turn our attention towards our international growth initiatives and take further steps towards advancing our long-term business model.” stated Aras Azadian, CEO at Avicanna Inc.
Financial highlights:
- Revenue of $6.3 million and $18.8 million for the three- and nine-month period ending September 30, 2024, representing a 0.34% and 75% increase over the three- and nine-month period ended September 30, 2023, respectively.
- Improved consolidated gross margin percentage to 57% during Q3 2024, from 46% for the same period in 2023.
- Growth in gross profit of $3.7 million and $9.5 million, respectively, for the three- and nine month period ended September 30, 2024, compared to $2.9 million and $4.9 million for the same periods in 2023, an increase of 25% and 91%, respectively.
- Narrowed adjusted EBITDA loss for the three- and nine-month period ended September 30, 2024, narrowed to $293,931 and $719,347, respectively, a 38% and 76% decrease from an adjusted EBITDA loss of $473,650 and $3 million, respectively, in the corresponding periods last year.
- Fully repaid outstanding principle balance of approximately $1,300,000 owed under non-convertible debenture.
Other highlights:
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- The United States Patent and Trademark Office granted the Company a Patent, Patent No. US 20230025693A1, covering deep penetrating topical cannabinoid composition and methods for treating musculoskeletal inflammation and pain.
- The Company completed Q3 2024 with 35 commercial SKUs and 136 commercial listings. The Company sold approximately 45,126 and 144,756 units, for the three- and nine-month period ended September 30, 2024, respectively, compared to 31,887 and 118,265 compared to the same periods in 2023. This represents an increase of 42% and 22% growth in total finished goods sold, respectively.
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