Avicanna Trades Down On Q3 Results

Cannabis company Avicanna Inc. (TSX: AVCN) (OTC: AVCNF) reported third-quarter revenue of CA$4,943 ($3,737.80), down from CA$35,166 in the same quarter last year. 

Benzinga · 11/15/2019 15:34

Cannabis company Avicanna Inc. (TSX: AVCN) (OTC: AVCNF) reported third-quarter revenue of CA$4,943 ($3,737.80), down from CA$35,166 in the same quarter last year. 

The company also posted a net loss for the quarter of CA$6.19 million versus a net loss of CA$2.07 million in the third quarter of 2018.

It disclosed a loss per basic and diluted share of CA$0.33, higher than a loss per share of CA$0.14 in the corresponding quarter of the previous year.  

During the third quarter, the company produced the first commercial batch of Pura Earth branded derma-cosmetic products; obtained a Health Canada cannabis research license; entered a joint venture with Sigma Analytical Services for the testing of cannabis and cannabis-based products in Colombia; signed an agreement with the University of Guelph to test the effectiveness of its products in various conditions; and added 120,000 square feet of cultivation space.

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"We have built tremendous momentum and have connected several international verticals into a unified vertically integrated model in recent months,” CEO Aras Azadian said in a statement. “During this time, we have initiated several revenue streams through our various product lines, which we expect to drive the company's future growth.

Years of hard work and R&D are coming together to result in commercial cannabinoid products at a time when global market demand is increasing, Azadian said. 

Avicanna shares were down 5.74% at $1.32 at the time of publication Friday.