Cannabinoid-Based Products Maker Sees Triple-Digit Growth In 2023 Gross Profit, Revenue Surges 314% YoY
Portfolio Pulse from Jelena Martinovic
Avicanna Inc. (AVCNF) reported a 314% year-over-year increase in total revenue for 2023, reaching $12.3 million. The growth is attributed to the acquisition of Medical Cannabis by Shoppers and the launch of MyMedi.ca. Gross profit saw a nearly 500% increase to $6.64 million. Despite the revenue and profit growth, the company reported a net loss of $8.7 million, a 40% improvement from the previous year. Shares of Avicanna traded 2.1450% higher at $0.4 per share after the market close on Monday.
April 02, 2024 | 1:18 pm
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POSITIVE IMPACT
Avicanna Inc. reported significant growth in revenue and gross profit for 2023, with a notable reduction in net loss. Shares increased 2.1450% to $0.4 after the announcement.
The substantial increase in revenue and gross profit, along with a significant reduction in net loss, indicates strong financial performance and operational efficiency improvements. The positive market reaction, as evidenced by the share price increase, suggests investor confidence in Avicanna's growth trajectory and strategic initiatives. The acquisition of Medical Cannabis by Shoppers and the launch of MyMedi.ca are likely to continue contributing to revenue growth, making this news highly relevant and important for investors.
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IMPORTANCE 90
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