John Schroyer
Canadian cannabis firm Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) posted a net loss of C$1.4 million in the third quarter, which ended Sept. 30, bringing its losses for the year to C$5.6 million, the company reported.
Losses are down year-over-year, from C$2.8 million for Q3 2022 and C$8.1 million in the first nine months of last year, while revenue increased to C$6.2 million, up 713% from just C$771,000 a year prior and 90% from Q2.
Revenue for the year to date reached C$10.7 million, up from C$2.9 million for the same time frame last year.
“We had the boldness to take on the challenge of acquiring the Medical Cannabis by Shoppers business and executed on integrating it into the newly developed MyMedi.ca to with a goal of being able to offer a comprehensive medical cannabis care platform and improve access for Canadian patients,” CEO Aras Azadian said in a press release. “During this quarter we have solidified our business model and our capability to scale the business.”
CFO Phil Cardella added that the company’s recent revenue surge was mostly due to “innovation and commercial platforms delivering a great portfolio of products and services,” which includes the launch of its MyMedi.ca platform in August.
The platform offers medical marijuana patients “insurance reimbursement services for patients through several private insurance providers,” and improvements to the site have resulted in a 40% sales increase of products sold through the site.
Also during the quarter, Avicanna said it focused on the continued expansion and R&D of its medical cannabis products both domestically and internationally. That includes the cannabis-based drug Trunerox, which is in the drug registration stage in South America.
At the end of September, Avicanna had C$24.7 million in total assets, including C$718,287 in cash, against C$19.7 million in total liabilities.
