Proactive Investors -Avicanna Inc (TSX:AVCN) saw its revenue increase by 200% year-over-year in the second quarter driven by its acquisition of the Medical Cannabis by Shoppers Drug Mart business.
The biopharmaceutical company, which is focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products, posted revenue for the three months ended June 30, 2023, of $3.3 million, up from $1.1 million in the year-ago quarter.
It also narrowed its net loss year over year from $4.4 million to $1.7 million.
The company finished the quarter with 26 commercial stock keeping units (SKUs) and 118 total commercial listings, representing 120% growth in listings and 70% growth in finished goods sold compared to the same quarter in 2022.
Avicanna’s gross margins improved from 20% in the year-ago quarter to 43%.
“We are pleased to present the results of the second quarter and report the progress of our operations, which includes the increase in revenues and improvements in margins,” Avicanna CEO Aras Azadian said in a statement.
“During the quarter we worded towards the closing of the acquisition of the Medical Cannabis by Shoppers business and prepared for the launch of the new medical cannabis care platform, MyMedi.ca, and continued to make advancements in our Canadian operations with a focus on our proprietary medical products.”
Subsequent to the quarter end, the company closed its acquisition of the Medical Cannabis by Shoppers business and launched MyMedi.ca, its medical cannabis care platform.