Avicanna Reports Q2 2023 Financial Statement
15 Agosto 2023 - 8:30AM
Avicanna Inc. (“Avicanna” or “Company “) (TSX: AVCN) (OTCQX: AVCNF)
(FSE: 0NN), a biopharmaceutical company focused on the development,
manufacturing, and commercialization of plant-derived
cannabinoid-based products, is pleased announce the filing of
interim financial statements for the three-month period ending June
30, 2023 (“Q2 2023”).
Aras Azadian, CEO stated, “We are pleased to
present the results of the second quarter and report the progress
of our operations, which includes the increase in revenues and
improvements in margins. During the quarter we worded towards the
closing of the acquisition of the Medical Cannabis by Shoppers
business and prepared for the launch of the new medical cannabis
care platform, MyMedi.ca, and continued to make advancements in our
Canadian operations with a focus on our proprietary medical
products.”
Q2-2023 highlights:
- Financial
highlights: Q2 2023 revenue of $3.3 million, an increase
of 183% over Q1 2023 and 200% over the comparable quarter which was
mainly attributed to the takeover of certain operational
responsibilities and sales-revenue rights related to acquisition of
the Medical Cannabis by Shoppers business. General and
administrative expenses increased by 6% over the same period
resulting in a 26% improvement in adjusted EBITDA over the
comparable quarter of the prior year and an improvement of 18% over
the first quarter of 2023.
- Canadian commercial
advancements: 26 commercial SKUs and 118 total commercial
listings that resulted in a 120% growth in listings and 70% growth
in finished goods sold compared to the comparable quarter 2022,
with43% gross margins in its North American operations compared to
20% gross margins in the comparable quarter 2022.
- Medical Cannabis By
Shoppers: On May 29, 2023, the Company announced that the
definitive Asset Purchase Agreement with Shoppers Drug Mart Inc.
for Avicanna to acquire the Medical Cannabis By Shoppers business
was fully executed. On May 4, 2023, Avicanna announced the
execution of the definitive Master Service Agreement with Northern
Green Canada (“NGC”). NGC is a Canadian licensed producer that is
tasked with providing logistics and fulfilment services for
Avicanna’s cannabis care platform, MyMedi.ca. On May 29, 2023, NGC
and Avicanna successfully acquired the inventory for Medical
Cannabis by Shoppers and transitioned inventory and fulfilment
services to NGC.
- Proprietary SEDDS
Capsules: On June 25, 2023, Avicanna announced the
expansion of the Strategic Manufacturing Agreement (“SMA”) with
MediPharm Labs Corp. (“MediPharm”), adding the manufacturing and
commercialization of Company’s proprietary SEDDS capsules to the
SMA. Avicanna’s proprietary SEDDS capsules are to be manufactured
by MediPharm to GPP and GMP standards to meet product channel
requirements in Canadian and international markets. The capsules
are expected to be launched under the RHO Phyto™ brand in Canadian
medical cannabis channels during the second half of 2023.
- New Medical Cannabis
Education and Training Campaign and sponsorship of Canadian
Consortium for the Investigation of Cannabinoids ("CCIC").
Through a Sponsorship Agreement, CCIC’s Canadian Cannabis Syllabus
(“CCS”) will be made available to the medical community. The CCS
provides foundational information for healthcare professionals
interested in learning more about cannabis and cannabinoid products
in clinical practice.
- Research Collaboration with
Langara College and NSERC Grant. Through a Research
Collaboration led by Dr. Jessica Kalra and Dr. Kalra’s research
team, research will be conducted focusing on characterization of
Avicanna’s proprietary products and drug pipeline formulations
through in vitro and in vivo models. This Research Collaboration
was awarded a two-year grant by the Natural Sciences and
Engineering Research Council of Canada.
Other highlights subsequent to June 30,
2023
- Launch of
MyMedi.ca. MyMedi.ca is Avicanna’s medical cannabis care
platform to serve the needs of medical cannabis patients. MyMedi.ca
features diverse and scientifically curated products from leading
Canadian licensed producers in addition to pharmacist-led patient
support programs and educational resources to support the
incorporation of medical cannabis into health care regimens.
MyMedi.ca also provides specialty services to distinct patient
groups such as veterans, and collaborating with public and private
providers for adjudication and reimbursement. The platform is now
available nationwide in Canada to tens of thousands of patients who
have obtained medical cannabis authorization from healthcare
providers with an initial product portfolio including 35 brands and
over 200 SKUs selected from various Canadian licensed
producers
- Closed acquisition of
Medical Cannabis by Shoppers Drug Mart business. Avicanna
acquired specific assets of the Medical Cannabis by Shoppers Drug
Mart business, including inventory and equipment, for approximately
$2.6M and will pay Shoppers Drug Mart an earnout, based on net
revenues, for a period of two years. First launched in Ontario in
January 2019, Medical Cannabis by Shoppers provided patients access
to medical cannabis products from more than 30 licensed cannabis
brands. Over the past four years, the legacy Medical Cannabis by
Shoppers business supported tens of thousands of patients and
worked with patient groups to facilitate access to medical
cannabis.
About Avicanna Inc.
Avicanna is a commercial-stage international
biopharmaceutical company focused on the advancement and
commercialization of evidence-based cannabinoid-based products for
the global medical and pharmaceutical market segments. Avicanna has
an established scientific platform including R&D and clinical
development that has led to the commercialization of more than
thirty products across various market segments:
- Medical Cannabis &
Wellness Products (RHO
Phyto™): The
formulary offers a diverse range of proprietary formulations
including oral, sublingual, topical, and transdermal deliveries
with varying ratios of cannabinoids and is supported with ongoing
patient, and medical community education. RHO Phyto has been
established as a leading medical brand in Canada and is currently
available nationwide to patients across several medical channels
and continues to expand into new international markets.
- Pharmaceutical Preparations
and Pipeline: Leveraging Avicanna’s
scientific platform, vertical integration, and real-world evidence,
Avicanna has developed an extensive a pipeline of patent-pending
drug candidates that are indication-specific and in various stages
of clinical development and commercialization. These
cannabinoid-based drug candidates look to address unmet medical
needs in the areas of dermatology, chronic pain, and various
neurological disorders. Avicanna’s first pharmaceutical preparation
(Trunerox™) is in the drug registration stage in South
America.
- MyMedi.ca Medical Cannabis
Care Portal: MyMedi.ca is Avicanna’s medical cannabis care
platform that is formed with the aim to better serve medical
cannabis patients’ needs and enhance the patient journey. MyMedi.ca
features diverse and scientifically curated products from leading
Canadian licensed producers in addition to pharmacist led patient
support programs and educational resources to facilitate the
incorporation of medical cannabis into health care regimens.
MyMedi.ca also provides specialty services to distinct patient
groups such as veterans and collaborating with public and private
providers for adjudication and reimbursement.
SOURCE Avicanna Inc.
Stay Connected
For more information about Avicanna, visit
www.avicanna.com, contact Ivana Maric by email at info@avicanna.com
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Cautionary Note Regarding
Forward-Looking Information and Statements
This news release contains “forward-looking
information” within the meaning of applicable securities laws.
Forward-looking information contained in this news release may be
identified by the use of words such as, “may”, “would”, “could”,
“will”, “likely”, “expect”, “anticipate”, “believe, “intend”,
“plan”, “forecast”, “project”, “estimate”, “outlook” and other
similar expressions. Forward-looking information contained in this
news release includes, without limitation, statements related to
the Offering, including the use of proceeds, the receipt of all
approvals of the Toronto Stock Exchange in connection with the
Offering, statements with respect to the Company's future business
operations, the opinions or beliefs of management and future
business goals. Although the Company believes that the expectations
and assumptions on which such forward looking information is based
are reasonable, undue reliance should not be placed on the
forward-looking information because the Company can give no
assurance that they will prove to be correct. Actual results and
developments may differ materially from those contemplated by these
statements. Forward-looking information is subject to a variety of
risks and uncertainties that could cause actual events or results
to differ materially from those projected in the forward-looking
information. Such risks and uncertainties include, but are not
limited to current and future market conditions, including the
market price of the common shares of the Company, and the risk
factors set out in the Company’s annual information form dated
March 31, 2023 and final short form prospectus dated November 27,
2020, filed with the Canadian securities regulators and available
under the Company’s profile on SEDAR at www.sedar.com. The
statements in this news release are made as of the date of this
release. The Company disclaims any intent or obligation to update
any forward-looking information, whether as a result of new
information, future events or results or otherwise, other than as
required by applicable securities laws.
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