Avicanna Inc.: Medical Marijuana Sales Reach Record 713% YoY Growth In Q3, Introduces New Platform
Portfolio Pulse from Nicolás Jose Rodriguez
Avicanna Inc. (OTCQX: AVCNF) reported a record 713% YoY growth in Q3 2023 medical marijuana sales, reaching $6.27 million. The company acquired Medical Cannabis by Shoppers assets and launched MyMedi.ca platform. CEO Aras Azadian and CFO Phil Cardella highlighted strategic vision and financial milestones, including an eight-digit revenue figure and improved gross margins of 47%. Despite a 23% increase in SG&A, the company showed business scalability with an adjusted EBITDA loss of $473,000.
November 15, 2023 | 1:56 am
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Avicanna Inc. reported a significant YoY revenue growth and the launch of a new medical cannabis platform, indicating strong financial performance and strategic expansion.
The record growth in sales and the launch of a new platform are strong indicators of positive momentum for Avicanna. The financial achievements and strategic moves are likely to be viewed favorably by investors, potentially leading to a short-term increase in stock price.
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IMPORTANCE 90
RELEVANCE 100