Avicanna Provides Q4-2021 Results And Fiscal 2022 Guidance

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Avicanna Inc. AVCN AVCNF (FSE:0NN) provided fourth quarter 2021 results and highlights, as well as fiscal 2022 guidance.

“During 2021 we forged our path within the Canadian market and demonstrated our potential as a biopharmaceutical company with the commercialization of our proprietary wellness and medical products at a global level," Aras Azadian, CEO stated. "We are optimistic about the early commercial success we have attained from our vertical integration which synergistically combines our sustainable input materials with our proprietary formulations to deliver a diverse portfolio of products competitively on the global stage.”

Q4 2021 Highlights And Guidance

  • Projected record revenue of $1.3M, representing the fourth consecutive quarter over quarter increase of at least 30%.
  • Projected total fiscal 2021 revenue of $3.3M, representing a 133% growth from $1.5M in 2020.
  • 70,000 units of proprietary cannabinoid-based product sold across global channels, representing a 160% growth from Q3, resulting in124,000 units during 2021 versus 4,100 units in 2020.
  • A total of 34 “cannabis 2.0” product listings across medical and adult-use channels in Canada, signifying an increase of 36% from the Q3-21.
  • Total of 18 “cannabis 2.0” SKUs launched in Canada, through four brands which included the successful launch of Viola and re+Play brands during the quarter.

2022 Strategy and Guidance

Projected $9M in consolidated revenue from global operations, which is expected to be led by the anticipated sales of approximately 300,000 units of proprietary cannabinoid-based products.

  • Anticipated increase in the number of “cannabis 2.0” SKUs across all four brands, coupled with additional listings that are expected to reach 60 by the end of 2022 in Canada.
Photo: Courtesy of Kym MacKinnon on Unsplash

 

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Posted In: CannabisEarningsNewsPenny StocksMarketsAras Azadian
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