CCC - Cannabinoid-Based Products Maker Sees Triple-Digit Growth In 2023 Gross Profit Revenue Surges 314% YoY | Benzinga
Avicanna Inc. (TSX:AVCN) (OTCQX:AVCNF) (FSE: 0NN), the cannabinoids-focused biopharmaceutical company reported its year-end 2023 results and audited financial statements on Tuesday.
The Canadian company reported CA$16.8 million ($12.3 million) in total revenue, up by 314% year-over-year. Avicanna attributed the surge in revenue to the acquisition of Medical Cannabis by Shoppers from Shoppers Drug Mart and the launch of MyMedi.ca.
See also: Avicanna Inc.: Medical Marijuana Sales Reach Record 713% YoY Growth In Q3, Introduces New Platform
Aras Azadian, the company's CEO, agrees.
"2023 was a tremendous year for Avicanna where we solidified our leadership position in the Canadian medical cannabis sector through our proprietary products and the launch of MyMedi.ca," he said. "We have successfully demonstrated the scalability of our revenues and made significant improvements in our fundamentals while advancing all our business pillars."