Avicanna Sees 4,181% YoY Increase In Revenue

Avicanna Inc. AVCN AVCNF has disclosed a revenue spike of 4,181% over the year to $709,468.

That's a sequential increase of 172%, the company noted.

The substantial revenue growth can be attributed to the company's strategic commercial initiatives, as well as its scientific progress, CEO Aras Azadian said Monday.

The company, which recently teamed up with Red White & Bloom Brands Inc. RWB RWBYF over a distribution deal, also continued to "fortify" its thought leadership position within the medical community in Canada with various research collaborations, added Azadian.

Here's a breakdown of what the second-quarter earnings report showed:

• G&A costs dropped by 8% over the quarter and 31% over the year to $2.9 million
• Net loss (after taxes) amounted to $7.6 million compared to $4.5 million in the same period last year
• For the first six months of 2020, net loss (after taxes) was over $9.7 million versus approximately $8.4 million in the first six months of 2019
• Total expenses were $5.2 million, up by 3.4% over the year
• Total expenses for the first six months of this fiscal year were over $9.2 million
• As of June 30, total assets amounted to $42.5 million, down by roughly 6% compared to the same period last year.

Other quarterly highlights include participation in developing a cannabinoid-based product aimed to treat coronavirus-related lung inflammation and completion of its first industrial-scale seed harvest of 80 million premium and feminized cannabigerol dominant seeds in Colombia, to name a few.

The Toronto based company also introduced its RHO Phyto branded, so-called medical cannabis 2.0 products across Canada through Medical Cannabis by Shoppers.

Courtesy photo