Avicanna Inc., a biopharmaceutical company focused on cannabinoid-based products, reported its financial results for the first quarter ended March 31, 2026. The company announced revenue of $8.2 million, a 25% increase compared to $6.6 million in Q1 2025, driven by growth in its medical cannabis segment.
Gross profit for the quarter was $4.5 million, up from $3.4 million in the prior year period, with gross margin improving to 55% from 52%. Net loss narrowed to $1.2 million from $1.8 million in Q1 2025, reflecting cost control measures.
Avicanna highlighted the expansion of its medical cannabis sales in Canada and international markets, including Colombia and Europe. The company also noted progress in its clinical pipeline, with ongoing studies for chronic pain and dermatological conditions.
Cash and cash equivalents stood at $5.1 million as of March 31, 2026, compared to $4.3 million at year-end 2025. Management expressed confidence in achieving positive EBITDA by the end of 2026.
