Avicanna Inc (TSX:AVCN, OTCQX:AVCNF) has announced interim financial statements for the period ended March 31.
The company posted revenue of $1.2 million, up 13% year-over-year, while general and administrative expenses fell 13% thanks to ongoing cost saving initiatives, the company said. Together, those improvements led to a 22% higher adjusted EBITDA in the quarter.
During the quarter, continued its expansion efforts in Canada, achieving 25 commercial SKUs and 117 commercial listings across medical and provincial channels in the country.
“We are pleased to report on our continued progress related to our optimization of operations in addition to Canadian commercialization during the first quarter of 2023,” CEO Aras Azadian said in a statement.
“We have achieved operational efficiencies that enables us to now focus on scaling our revenues which we expect to be growing during 2023 through our Canadian and international efforts.”
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