Avicanna
Avicanna is a commercial-stage biopharmaceutical company based in Toronto, Canada, specializing in cannabinoid-based products for medical and pharmaceutical markets, with a significant growth in revenue and a presence in over 20 countries.
Company Overview
Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of cannabinoid-based products for the medical and pharmaceutical market segments globally. The company leverages an established scientific platform that includes R&D and clinical development, leading to the commercialization of more than thirty proprietary, evidence-based finished products. Avicanna addresses a global market opportunity in over 20 countries.
Product Portfolio
Avicanna operates four commercial-stage business pillars: Medical Cannabis Products, Medical Cannabis Care, Pharmaceutical Products, and Active Pharmaceutical Ingredients. Their product portfolio includes sustained release tablets, transdermal patches, and nano-particle formulations. The first pharmaceutical marketing authorization was obtained for Trunerox. The company continues to expand its product range through rigorous R&D efforts.
Financial Performance
In 2023, Avicanna achieved revenue of $16.8M, representing a significant 314% growth year over year. The growth is attributed to the successful commercialization of cannabinoid-based products and expansion into new markets. The financial performance indicates strong market acceptance and effective business strategies.
Research and Development
Avicanna's R&D headquarters are located in Toronto, Canada. The company has a robust drug development pipeline that includes sustained release tablets, transdermal patches, and nano-particle formulations. Since 2020, Avicanna has received 7 Canadian Government Research Grants and holds 4 pending patents. The company has also been issued 4 Health Canada cannabis R&D licenses.
Global Market Presence
Avicanna addresses a global market opportunity in more than 20 countries. Aureus Santa Marta, an in-house cultivation and extraction facility, provides a low-cost and consistent supply of cannabinoids for its finished products, and has completed exports of active pharmaceutical ingredients into 17 international markets. The company is listed on multiple stock exchanges, including TSX: AVCN, OTCQX: AVCNF, and FSE: 0NN.