Avicanna - AVCNF STOCK NEWS

Avicanna (TSX: AVCN) (OTCQX: AVCNF) has announced a scientific and medical affairs collaboration with Vectura Fertin Pharma. The partnership involves establishing a joint Scientific and Medical Affairs Committee focused on enhancing understanding of medical cannabis access and applications in Canada.

The collaboration will focus on working with Canadian healthcare professionals to facilitate research studies and provide evidence-based educational resources. Key objectives include engaging with the medical community, patients, advocacy groups, and insurers to understand medical cannabis access challenges. The initiative will utilize Avicanna's medical cannabis platform, Mymedi.ca, to improve access and patient support.

Avicanna has announced that the United States Patent and Trademark Office (USPTO) has issued Patent No. US 11,998,632 B2 for their self-emulsifying drug delivery system (SEDDS) oral cannabinoid compositions and methods for treating neuropathic pain. This patent issuance marks a significant milestone for Avicanna, a biopharmaceutical company specializing in plant-derived cannabinoid-based products. The company highlights the importance of cannabinoids in advanced drug delivery systems and looks forward to further clinical applications and collaborations with healthcare providers to benefit patients suffering from neuropathic pain.

Avicanna reports its first positive Adjusted EBITDA quarter in Q1 2024, achieving a $17k EBITDA, a significant improvement from a $1.28 million loss in Q1 2023. The company posted record quarterly revenue of $6.45 million, a 451% year-over-year increase, and a 6.5% rise from Q4 2023. Gross margins improved to 51%, up from 42% in Q1 2023. Cash provided from operations was $122k, compared to a $2.05 million usage in Q1 2023. Avicanna expanded its medical cannabis offerings in Canada and received marketing authorization for Trunerox™ in Colombia for treating severe seizures. It also secured supply and licensing agreements for Europe and initiated a research collaboration with a European pharmaceutical company, focusing on cannabinoid delivery technology.

Avicanna Inc. announced the results of a study conducted at The Hospital for Sick Children on the use of their RHO Phyto™ branded Ultra CBD Topical Cream in patients with Epidermolysis Bullosa. The study evaluated wound healing, pain, and itch, with 55% of patients showing improvements in wound healing and 45% displaying wound stability after one month of daily application. The study results will be presented at Avicanna's symposium on May 13th, highlighting the positive outcomes of the CBD cream in treating EB.

Avicanna has been selected by Shoppers Drug Mart to transition its Medical Cannabis by Shoppers business. This partnership aims to ensure continuity of care for patients as Avicanna introduces MyMedi.ca, a new medical cannabis care platform. MyMedi.ca will offer pharmacist-led patient support programs and a diverse product portfolio. Since its launch in January 2019, Medical Cannabis by Shoppers has supported tens of thousands of patients. The transition is expected to take three months and will enhance access to medical cannabis in Canada, advancing Avicanna’s goal of becoming a leading independent medical cannabis platform.

Avicanna Inc. is launching a real-world evidence study in Montreal to evaluate the efficacy of its RHO Phyto CBG Transdermal Gel for patients with musculoskeletal pain and inflammation. The study will enroll 100 patients and assess the product's effects over a 3-month period, including various types of pain like arthritis and post-surgical pain. Conducted with Santé Cannabis, the research aims to provide insights into localized pain relief using cannabinoid-based topical solutions.