Avicanna (TSX: AVCN, OTCQX: AVCNF) management laid out its commercial strategy and clinical pipeline Thursday at a Life Sciences Virtual Investor Forum co-hosted by Zacks Small Cap Research and OTC Markets, highlighting improving product margins, international expansion and an advancing pharmaceutical programme.
Chief Executive and Founder Aras Azadian said the company generated CAD 25 million in revenue for 2025 and posted trailing-twelve-month revenue of $17.85 million, with a gross profit margin of 55%. Shares traded at CAD 0.11 on September 16, 2026, down 8.33 per cent, with management noting the stock is near all-time lows.
Azadian said Avicanna is nearing break-even in the first half of 2025 and expects positive cash flow later in the year. The company has spent nearly 11 years developing its intellectual property and has operated in Colombia for eight years.
A central theme was the shifting product mix at MyMedi.ca, the online medical-cannabis platform acquired last year. Proprietary products climbed to 27–28 per cent of sales in the second quarter of 2025, up from just 7 per cent at acquisition, while flower accounted for less than 30 per cent of sales, down from a 60–70 per cent share. MyMedi.ca, which operates through six pillars including a digital pharmacy, patient support, medical affairs and Avicanna Academy, is embedded with Sunnybrook Health Sciences Centre and the University Health Network, including Toronto General Hospital, and participates in three specialised care pilot programmes.
Avicanna’s RHO Phyto medical portfolio carries more than 60 SKUs across Canada and holds roughly 170 commercial listings on eight medical platforms. The company uses an asset-light model with 10 manufacturing partners and is not a licensed producer in Canada. Products span CBD, THC, CBN and CBG ratios, and include the QUIX nanotechnology sub-brand, which uses patented or patent-pending nanoemulsions to deliver faster onset and enhanced bioavailability in liquid, capsule, gummy, drop and beverage formats as an alternative to inhalation.
The pharmaceutical pipeline includes six candidates. A Phase II randomised controlled trial assessing osteoarthritic pain, led by Dr Hance Clarke of the University Health Network, is expected to yield early readouts as soon as early 2026. A Phase I programme covers a THC version of the same capsule and a post-traumatic stress disorder indication in partnership with the University of Calgary, with additional work in dermatology and chronic pain.
In Colombia, Avicanna soft-launched Trunerox, an epilepsy drug approved there, approximately two months ago. Raw materials for the drug are grown under a joint venture with an organic agriculture company in Colombia and have been used in four approved pharmaceutical drugs in the country.
Internationally, Avicanna completed transactions in more than 20 federally legal markets and exports raw materials to 22 countries. It remains inactive in the United States pending federal rescheduling.
Azadian estimated that only around 1 per cent of the Canadian population currently accesses medical cannabis through a health-care provider, pointing to a large addressable market. Advanced formulations are expected to enter commercialisation over the next three to four quarters, he said.
