AVICANNA INC - AVCNF STOCK NEWS

Avicanna reports its first positive Adjusted EBITDA quarter in Q1 2024, achieving a $17k EBITDA, a significant improvement from a $1.28 million loss in Q1 2023. The company posted record quarterly revenue of $6.45 million, a 451% year-over-year increase, and a 6.5% rise from Q4 2023. Gross margins improved to 51%, up from 42% in Q1 2023. Cash provided from operations was $122k, compared to a $2.05 million usage in Q1 2023. Avicanna expanded its medical cannabis offerings in Canada and received marketing authorization for Trunerox™ in Colombia for treating severe seizures. It also secured supply and licensing agreements for Europe and initiated a research collaboration with a European pharmaceutical company, focusing on cannabinoid delivery technology.

Avicanna Inc. announced the results of a study conducted at The Hospital for Sick Children on the use of their RHO Phyto™ branded Ultra CBD Topical Cream in patients with Epidermolysis Bullosa. The study evaluated wound healing, pain, and itch, with 55% of patients showing improvements in wound healing and 45% displaying wound stability after one month of daily application. The study results will be presented at Avicanna's symposium on May 13th, highlighting the positive outcomes of the CBD cream in treating EB.

Avicanna Inc. reports significant financial growth in 2023 with revenue up by 314% to $16.8M and gross profit up by 500% to $6.7M. The company achieved improvements in operational expenses, gross margins, and EBITDA loss. They acquired Medical Cannabis by Shoppers, launched MyMedi.ca, and expanded their product offerings in Canada. Avicanna also obtained approval for their first indication-specific drug, Trunerox™, and entered into supply and licensing agreements with multinational pharmaceutical companies.

Avicanna Inc. receives approval from the Health Authority of Colombia for Trunerox™, a drug for seizures associated with Lennox-Gastaut Syndrome (LGS) and Dravet Syndrome (DS). The approval marks a significant milestone for the biopharmaceutical company in serving patients with unmet medical needs.

Avicanna has been selected by Shoppers Drug Mart to transition its Medical Cannabis by Shoppers business. This partnership aims to ensure continuity of care for patients as Avicanna introduces MyMedi.ca, a new medical cannabis care platform. MyMedi.ca will offer pharmacist-led patient support programs and a diverse product portfolio. Since its launch in January 2019, Medical Cannabis by Shoppers has supported tens of thousands of patients. The transition is expected to take three months and will enhance access to medical cannabis in Canada, advancing Avicanna’s goal of becoming a leading independent medical cannabis platform.

Avicanna Inc. is launching a real-world evidence study in Montreal to evaluate the efficacy of its RHO Phyto CBG Transdermal Gel for patients with musculoskeletal pain and inflammation. The study will enroll 100 patients and assess the product's effects over a 3-month period, including various types of pain like arthritis and post-surgical pain. Conducted with Santé Cannabis, the research aims to provide insights into localized pain relief using cannabinoid-based topical solutions.

Avicanna has announced the commercialization of its patent-pending, water-soluble technology, Influid, with a THC beverage infuser under the Viola brand in Canada. This innovative formulation uses nanotechnology to improve cannabinoid absorption, addressing issues found in existing products. The product, containing 500 mg of THC per bottle, will initially be available in Ontario through the Ontario Cannabis Store, with plans for expansion into other provinces and medical channels by late Q4 2022. Avicanna also aims to license the Influid technology internationally.

Avicanna Inc. announced an extension agreement for its senior secured term loan, originally reported on August 19, 2021. The maturity date has been pushed back by five months from October 19, 2022, to March 19, 2023. Under this agreement, the company will continue making interest payments and will start repaying the principal monthly from November 2022 until February 2023. The loan carries an interest rate of 5% per annum, calculated monthly. Avicanna focuses on evidence-based cannabinoid products and has a pipeline of pharmaceutical candidates in various stages of development.