Avicanna Reports Full Year 2024 Audited Financial Statement
2024 Revenue of $25.5M, a 52% increase from 2023 Consolidated Gross Margins of 51%, Gross Profits of $12.9M, a 94% increase from 2023
TORONTO, April 14, 2025 (GLOBE NEWSWIRE) -- Avicanna Inc. ("Avicanna" or the "Company) (TSX:AVCN) (OTCQX:AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products, is pleased to announce that its full year 2024 results, audited financial statements with management's discussion and analysis have been filed.
Management Commentary:"We are proud to report our most successful year to date, marked by improved financial results and continued advancements in our commercial, R&D and clinical programs. In 2024, we strengthened our financial foundation, achieved self-sufficiency, and established a solid basis for further growth, international expansion, and innovation. We remain committed to our mission of advancing cannabinoid-based medicine and are energized by the prospects that lie ahead as we continue to expand and strengthen our core business pillars " stated Aras Azadian, CEO of Avicanna.
Full Year 2024 Financial Highlights:
Annual Revenue: Achieved record revenue of $25.5 million for the year ended December 31, 2024, supported by $6.6 million in revenue for the fourth quarter. This represents a 52% year-over-year growth from 2023 and was driven by both Canadian and international business segments.
Gross Profit Growth: Reported a year-over-year gross profit of $12.9 million, representing an increase of 94% compared to 2023.
Gross Margin Improvement: Consolidated Gross margins improved to 51% in 2024, representing an increase of 40% in 2023. This improvement in gross margin is attributed to continued optimization efforts and an increased licensing and service revenue.
Adjusted EBITDA: Annual adjusted EBITDA improved by 68% from 2023, narrowing the loss to $1.4 million for 2024, compared to a loss of $4.3 million in 2023.
Debt Repayment: The Company repaid the outstanding principal balance of $1.3 million on its Non-Convertible Debentures issued in August 2023.
Other 2024 Highlights:
Initiation of Medical Cannabis Real World Evidence Study by MyMedi.ca ("RWE Study"): A prospective, non-interventional, observational study aimed to enroll 1,000 patients across Canada to better understand the potential therapeutic use of medical cannabis and potential impact of medical cannabis on pain, sleep, anxiety, depression, and epilepsy. The RWE Study is led by Dr. Hance Clarke, President of The Canadian Pain Society and the CCIC is leading the RWE Study.
Canadian Commercial Advancements in 2024: The Company completed the year with 42 proprietary commercial SKUs and 136 unique commercial listings. The Company sold approximately 200,000 units during 2024, an increase of 8% from 2023.
Completion of Study in Patients with Epidermolysis Bullosa at The Hospital for Sick Children Evaluating Wound ...
https://www.benzinga.com/pressreleases/25/04/g44785869/avicanna-reports-full-year-2024-audited-financial-statement