Avicanna Inc.

Avicanna reported 2025 revenue of $25.5 million, essentially flat year over year. Gross profit was $13.5 million, with gross margin at 53%, up from 48% in 2024. Adjusted EBITDA improved to a loss of $300,000 for 2025 versus a loss of $1 million in 2024, and Q4 2025 adjusted EBITDA was positive at $310,000. Net loss improved to $2.7 million from $4.6 million in 2024. Operating expenses declined by $1.5 million, or 9%, year over year. The company ended the year with no debt and 23% better working capital. For 2026, management expects continued stable growth in Canada, further investment in R&D, clinical and medical affairs, rollout of 3.0 products, expansion of international commercialization, and pursuit of a U.S. strategy that could include a senior exchange listing if conditions permit.

Aras Azadian framed 2025 as a year of operational discipline and strategic buildout, saying Avicanna is now a fully vertically integrated cannabinoid-based pharma company with four business pillars. He emphasized that the company’s Canadian market serves as a proving ground for products, medical services, and pipeline development, while international markets and the U.S. represent the next stage of scaling. His tone was optimistic but measured, repeatedly stressing that the company is now better positioned to grow without relying on significant external capital.

Nick Hilborn said the financial picture improved materially despite flat revenue, pointing to a 53% gross margin, $13.5 million of gross profit, and a 9% reduction in operating expenses. He highlighted that Avicanna achieved positive adjusted EBITDA in Q4 at $310,000 and narrowed the full-year adjusted EBITDA loss to $300,000, while net loss improved to $2.7 million. He also noted no debt, a 23% improvement in working capital, and a lower funding need, with only $1 million raised in 2025 compared with $4.8 million in 2024. He attributed margin improvement to higher service and licensing revenue and stronger sell-through of Avicanna-branded products on MyMedi.

The main question came from a shareholder asking whether any major pharmaceutical companies had shown interest in acquiring Avicanna. Aras said early interest has come mostly from cannabis companies, but the company’s ideal exit would be a pharmaceutical one. He added that stigma around cannabis and the lack of U.S. federal authorization still limit interest, and that a U.S. senior exchange listing and potential rescheduling could improve the odds of biotech/pharma interest or an eventual transaction.