Avicanna Inc. (OTCQX:AVCNF) announced its financial results Thursday for the third quarter, disclosing revenue of CA$6.27 million ($4.49 million), compared to CA$6.25 million in the same period last year. The Toronto-based cannabis company also reported improved consolidated gross margin to 57% from 46% for the same period in 2023.

"We are pleased to report the results of another quarter showing progressive improvements across our four business pillars," stated CEO Aras Azadian. "Our continuous optimization efforts contributed to improvements in our overall financial performance, consolidated gross margins, and balance sheet. We are now better positioned to turn our attention towards our international growth initiatives and take further steps towards advancing our long-term business model."

Read Also: Agrify’s Q3 Revenue Drop, $18.6M Loss Amid New Leadership

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Q3 Financial Highlights

• Gross profit was CA$3.7 million compared to CA$2.9 million in the comparable quarter last year.

• Adjusted EBITDA was a loss of CA$293,931 compared to adjusted EBITDA loss of $473,650 in the corresponding period last year.
• Net loss amounted to CA$786,388 compared to net loss of CA$1.42 million in the third quarter of 2023.
• Fully repaid outstanding principle balance of approximately CA$1.3 million owed under non-convertible debenture.

Recent Milestones

In August, the biopharmaceutical company announced  the successful export of its Aureus-branded cannabigerol (CBG) products to Denmark. This marked the 19th international market for Aureus-branded products and the 22nd market overall for Avicanna’s product range. The export was facilitated through Avicanna's majority-owned subsidiary, Santa Marta Golden Hemp SAS.

The same month, Avicanna closed a non-brokered private placement offering of its 6,620,692 ‎‎units at $0.30 per unit for aggregate gross proceeds of $1,986,207.

This year also, the company confirmed that the United States Patent and Trademark Office (USPTO) has issued U.S. Patent No. US 20230025693A1, covering the company’s deep penetrating topical cannabinoid composition and methods for treating musculoskeletal inflammation and pain.

Price Action

Avicanna shares closed Thursday's market session flat at 17 cents a share.

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Photo: Courtesy of Avicanna