News

Avicanna has its most successful year yet

Published on May 2, 2025 by Pat Bulmer

Photo: Contributed

A company that produces medical cannabis and cannabinoid pharmaceuticals was a week late issuing audited financial statements for 2024.

“We are proud to report our most successful year to date,” said Aras Azadian, CEO of Avicanna Inc. in a news release, “marked by improved financial results and continued advancements in our commercial, R&D and clinical programs.

“We remain committed to our mission of advancing cannabinoid-based medicine and are energized by the prospects that lie ahead,” he said.

The Toronto-based company reported:

• Record revenue of $25.5 million. “This represents a 52% year-over-year growth from 2023 and was driven by both Canadian and international business segments.”
• Gross profit of $12.9 million, an increase of 94% over 2023.
• Annual adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) improved by 68% from 2023, narrowing the loss to $1.4 million for 2024, from a loss of $4.3 million in 2023.
• It sold approximately 200,000 units of product during 2024, up 8% from 2023.

The company also launched a major study in 2024: “A prospective, non-interventional, observational study aimed to enrol 1,000 patients across Canada to better understand the … potential impact of medical cannabis on pain, sleep, anxiety, depression, and epilepsy.”