Avicanna Inc. Achieves Remarkable Growth and Innovation in Q2 2024

Avicanna Inc., a biopharmaceutical company specializing in plant-derived cannabinoid products, has reported positive financial and operational outcomes for Q2 2024. The Toronto-based company, trading under symbols AVCN, AVCNF, and 0NN, has seen substantial revenue growth and successful completion of key trials, marking significant advancements in its business strategies.

For the second quarter ending June 30, 2024, Avicanna announced a revenue of $6.1 million, which is an 85% increase compared to the same period in 2023. The six-month revenue rose to $12.6 million, representing a 180% increase over the previous year's $4.5 million. The company's gross profit for the quarter reached $2.8 million, up 94% from the previous year, while the gross profit for the first half of the year was $5.9 million, marking a 183% increase. Moreover, the adjusted EBITDA loss narrowed significantly to $442,310, a 65% reduction from the prior year.

Operationally, Avicanna has completed two critical real-world evidence trials. The first was for Epidermolysis Bullosa, a debilitating skin condition. Conducted at The Hospital for Sick Children in Toronto under Dr. Elena Pope, this study evaluated the RHO Phyto™ Ultra CBD Topical Cream. Results showed that 55% of participants experienced improved wound healing, while 45% maintained wound stability.

The second trial focused on musculoskeletal pain and inflammation, assessing the effectiveness of RHO Phyto CBG Transdermal Gel. The study involved patients with arthritis, fibromyalgia, and post-surgical pain, reporting a significant 35.4% improvement in musculoskeletal health and overall daily functioning after one month of use.

Furthering its innovation, Avicanna received a patent from the United States Patent and Trademark Office for its Self-Emulsifying Drug Delivery System (SEDDS). This technology aims to improve the absorption and efficiency of oral cannabinoid medications, targeting neuropathic pain by addressing the poor water-solubility and high variability of traditional cannabinoid formulations.

In May 2024, Avicanna hosted a symposium on cannabinoid-based medicine at Toronto's MaRS Discovery District, gathering key opinion leaders and healthcare providers to discuss emerging evidence and clinical applications. This event highlighted the company's commitment to advancing cannabinoid research and fostering collaboration within the medical community.

Commercially, Avicanna ended Q2 2024 with 32 commercial SKUs and 145 commercial listings, reflecting a 23% growth compared to Q2 2023. The company sold approximately 99,000 units, marking a 15% increase in finished goods sold. Improved margins from the MyMedi.ca medical cannabis care platform and optimized sales channels resulted in consolidated margins of 49% in Canada.

Avicanna's diverse product portfolio includes several medical cannabis formulations under the RHO Phyto™ brand, which offers oral, sublingual, topical, and transdermal delivery systems. The MyMedi.ca platform, operated by Northern Green Canada Inc., provides a comprehensive suite of medical cannabis products and patient support services, catering to specific patient groups like veterans and collaborating with payers for reimbursement purposes.

The company also continues to develop its pharmaceutical pipeline, leveraging its scientific platform and real-world evidence to create cannabinoid-based drugs for dermatology, chronic pain, and neurological disorders. Trunerox™, Avicanna's first indication-specific drug for seizures associated with Lennox-Gastaut and Dravet Syndromes, received approval from Colombia's health authority and is pending approval in other markets.

Additionally, Avicanna's subsidiary, Santa Marta Golden Hemp SAS, supplies high-quality CBD, THC, and CBG as active pharmaceutical ingredients to international partners, supporting the production of food, cosmetics, medical, and pharmaceutical products.

Avicanna remains committed to its mission of advancing cannabinoid-based therapies and expanding its reach in the global medical and pharmaceutical markets.

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