Why Cannabis-Focused Biopharma Co. Avicanna Traded Up 26%+ Today
Shares of Avicanna Inc. (TSX:AVCN) (OTC:AVCNF) rallied more than 26% on the TSX exchange on Monday following the company’s release of its full-year 2024 audited financial results. The cannabis-biotech firm reported its most successful year to date, delivering double-digit revenue growth, significantly improved margins and a slate of clinical advancements across its cannabinoid-based product pipeline.
Revenue Growth And Margin Expansion Mark Operational Turning Point
Avicanna reported annual revenue of CA$25.5 million ($18.38 million) for the year ended December 31, 2024, up 52% compared to 2023. Fourth-quarter revenue totaled CA$6.6 million. Gross profits climbed to CA$12.9 million, a 94% year-over-year increase, with consolidated gross margins improving from 40% in 2023 to 51% in 2024.
“We are proud to report our most successful year to date, marked by improved financial results and continued advancements in our commercial, R&D and clinical programs,” said Aras Azadian, CEO of Avicanna. “In 2024, we strengthened our financial foundation, achieved self-sufficiency, and established a solid basis for further growth, international expansion and innovation.”
The company also narrowed its adjusted EBITDA loss to CA$1.4 million in 2024, a 68% improvement compared …