Avicanna Inc. reported net revenues of $6.3 million at the end of Q3 2024, with a comprehensive loss of $922,077, down from a loss of just over $1 million in the same period in 2023 and from a $2.8 million loss in the previous quarter. 

The company is an international biopharmaceutical company focused on cannabinoid-based products and operates the medical cannabis care platform MyMedi.ca, the Medical Cannabis brand RHO Phyto, as well as focusing on R&D and clinical development.

The company acquired Medical Cannabis by Shoppers Drug Mart in 2023, which it transitioned to the MyMedi platform. 

North American net revenue for the nine months ended September 30, 2024, was $17.5 million, compared to $10.4 million for the nine months ended September 30, 2023. The increase over the nine-month period was a direct result of the acquisition of Medical Cannabis by Shoppers and the introduction of MyMedi. 

Of those, revenue channels in Canada for the company sold 144,756 units in the nine months ended September 30, 2024, compared to 118,265 in the same period in 2023, a 22% increase.

The company reported a $2.8 million gross margin by segment in North America in the three months ended September 30, 2024, or 51%, for a consolidated gross margin of $3.6 million including its presence in South America.