Avicanna Inc (TSX:AVCN, OTCQX:AVCNF) reported that its revenue has increased by about 200% quarter-over-quarter following its acquisition of the Medical Cannabis by Shoppers platform effective May 29, 2023.
For the second quarter, the CBD-focused biopharmaceutical company posted preliminary revenue of $3.3 million, which includes about $2.5 million in sales from the Medical Cannabis by Shoppers platform and represents an approximately 200% increase from its first-quarter revenue of $1.2 million.
As the end of 2Q nears, Avicanna said it has commercialized over 25 products across four different brands.
It has 113 commercial listings, including 61 commercial listings on four national medical cannabis channels and 52 product listings on six provincial adult use channels, representing a 34% increase over the company’s 84 commercial listings as of the fourth quarter of 2022.
In addition to reporting its preliminary 2Q results, the company highlighted that its medical cannabis care platform MyMedi.ca would be made available throughout Canada on August 1, 2023.
The platform will offer more than 200 products from 20 plus brands, in addition to pharmacist-led, bilingual services and patient support programs, the company noted in a statement.
Also expected in the second half of 2023 is the launch of the company’s proprietary SEDDS capsules under the RHO Phyto brand in Canadian medical cannabis channels, as first announced by the company earlier this week.
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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