Avicanna Reports Q1 2025 Results and First Profitable Quarter

Core Insights - Avicanna Inc. has reported its first profitable quarter in Q1 2025, marking a significant milestone for the company [1][2][7] Financial Highlights - The company achieved a net income of $74,154 and a comprehensive income of $876,092, attributed to cost efficiencies and margin improvements [7] - Adjusted positive EBITDA was approximately $431,000, a substantial increase from about $18,000 in Q1 2024 [7] - Gross profit reached $3.54 million, reflecting a 7% year-over-year increase, with consolidated gross margins improving to 56% from 51% in Q1 2024 [7] - Revenue for the quarter was $6.32 million, a slight 2% decrease compared to Q1 2024, alongside a 5% reduction in general and administrative expenses [7] Corporate Developments - Avicanna expanded its Canadian portfolio to 42 proprietary commercial SKUs, a 35% increase from 31 SKUs in the same period in 2024, while maintaining a total of 135 commercial listings [4] - The company announced a scientific and medical affairs collaboration with Aspeya to enhance research and medical initiatives related to medical cannabis in Canada [5] Product and Service Offerings - The RHO Phyto™ formulary includes a diverse range of proprietary products with various cannabinoid delivery methods, supported by ongoing education for patients and the medical community [8] - MyMedi.ca serves as a medical cannabis care platform aimed at improving patient access and support, featuring a diverse product portfolio and specialty services for distinct patient groups [9] Research and Development - Avicanna is advancing a pipeline of proprietary cannabinoid-based candidates targeting unmet needs in dermatology, chronic pain, and neurological disorders [12] - The company’s majority-owned subsidiary, Santa Marta Golden Hemp SAS, supplies high-quality CBD, THC, and CBG for various product developments [12]