Avicanna Reports Full Year 2025 Audited Financial Statements
Executive Summary
- Avicanna reported full‑year 2025 audited results with revenue of $25.48 M and a near break‑even adjusted EBITDA of –$0.29 M, representing a 76 % improvement year‑over‑year.
- Q4 2025 generated positive adjusted EBITDA of $0.31 M, the first quarter in which the company achieved profitability on an adjusted basis.
- The company highlighted multiple operational advances: expansion of Canadian commercial SKUs/listings, initiation of a Phase II pilot RCT for osteoarthritis pain, new pre‑clinical oral delivery data and patent filing, international export milestones, and launch of the re+PLAY™ CBD wellness brand in the U.S.
Key Details
- Financial Highlights
- Revenue: $6.6 M in Q4 2025; $25.48 M for FY 2025 (vs. $25.46 M FY 2024).
- Gross profit: $13.4 M (gross margin 53 % vs. 51 % in 2024).
- Adjusted EBITDA: Q4 2025 +$0.31 M; FY 2025 –$0.29 M (vs. –$1.01 M FY 2024).
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Operating expenses reduced ~10 % year‑over‑year.
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Canadian Commercial Progress
- 52 commercial SKUs and 174 listings at year‑end (27 % SKU growth, 32 % listing growth YoY).
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Proprietary product units sold: 211,090 (≈5 % increase vs. 2024).
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Clinical Development
- Initiated Pilot Phase II RCT for osteoarthritis pain with University Health Network; first blinded, placebo‑controlled multicenter trial for Avicanna’s oral cannabis extracts.
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Study funded by a CIHR grant; Avicanna supplying GMP‑certified CBD/THC capsules.
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Pre‑clinical Innovation
- PwdRx oral delivery platform showed in‑vitro: 74 % higher AUC, 63 % faster TMAX, 134 % higher CMAX vs. MCT oil formulation.
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Filed provisional patent for the novel delivery technology (applicable to tablets, capsules, sachets, pouches).
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Scientific & Medical Affairs Collaboration
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Partnership with Aspeya Switzerland SA (formerly Vectura Fertin Pharma), a Philip Morris International subsidiary, to advance medical‑cannabis research and patient access initiatives in Canada.
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International Export Milestones
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SMGH exported organic certified cannabis flower to Switzerland (Q3 2025) and Australia (Q1 2026), marking the 22nd international market for SMGH and 24th for Avicanna.
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U.S. Brand Launch
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Avicanna LATAM SAS introduced re+PLAY™ CBD wellness topicals in partnership with Harrington Wellness Brands; products include 3 % CBD cream and 2 % CBD/1 % CBG transdermal gel using proprietary deep‑tissue technology.
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Earnings Call
- Management call scheduled for Tuesday, April 7, 2026 at 8:00 a.m. ET; presenters: CEO Aras Azadian, Interim CFO Nick Hillborn, EVP Medical Affairs Dr. Karolina Urban.
Notable Quotes
“We delivered the strongest financial performance in our history… These initiatives position Avicanna to scale efficiently, expand internationally, and unlock the full value of our business units and intellectual property globally.” – Aras Azadian, CEO
Materiality Assessment: Material – Positive (full‑year audited results, first quarter of positive adjusted EBITDA, and multiple strategic operational advancements).