CBD-Focused Avicanna Reports First-Ever Adjusted EBITDA Positive Quarter, 451% YoY Spike In Q1 Record Revenue
Cannabis-focused biopharmaceutical company Avicanna Inc. (TSX:AVCN) (OTCQX:AVCNF) (FSE: 0NN) announced its financial results on Tuesday for the first quarter of fiscal 2024.
CEO Aras Azadian called it its “best quarter.” In addition to being its first EBITDA-positive quarter, it also saw record gross margins.
Azadian credited the results to “the proprietary nature of products and services we offer in Canada.”
The company, founded in 2016, has also “made advancements in our international pillars with our first pharmaceutical marketing authorization in Colombia and into two new agreements with two different multinational pharmaceutical companies,” he added.
Avicanna achieved a significant milestone recently with the first indication-specific drug registration for Trunerox by INVIMA, Colombia’s health authority.
See also: CBD-Focused Avicanna Taps Into European Market Via Exclusive Pharma Supply Deal
Azadian has previously spoken …