Avicanna has posted revenue growth of 24% year-over-year, driven by increased product sales during 2022.
For the full year 2022, the company achieved revenue of $4 million, up from $3.3 million in the previous financial year.
It noted that its Canadian revenue growth was driven by a 92% increase in product sales, with the extension to 23 commercial SKUs and expansion to 78 commercial listings across the country.
The company's international revenue growth came from licensing agreements with pharmaceutical industry companies, as it entered its 19th international market, it said.
The company’s CEO Aras Azadian said during 2022, Avicanna continued to successfully demonstrate the scalable potential of its business model and the differentiated value of its proprietary products in Canada.
“We are pleased to demonstrate our ongoing advancements in research and our pipeline including our first pharmaceutical partnership and several drug submissions,” Azadian said.
“We have established a leadership position for Avicanna’s scientific platform and intellectual property portfolio through our dedicated focus on medical and pharmaceutical applications of cannabinoids.”
Azadian concluded: “We believe that 2023 will be a transformational year for us as we expect to scale commercialization efforts and address significant market opportunities both in Canada and internationally.”
The company also narrowed its net loss to $14.7 million in 2022, down from $16.8 million in the previous year.
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.
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