Avicanna (TSE:AVCN)
TSX:AVCN
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Avicanna
(TSX:AVCN)
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Rating:46Neutral
Price Target:
C$0.19
▼(-13.18% Downside)
Action:ReiteratedDate:01/04/26
The score is held back primarily by continued losses and negative cash flow despite strong revenue growth and improving gross margins, plus a weak technical trend (price below major moving averages and negative MACD). Valuation also screens poorly due to the negative P/E, consistent with the lack of current profitability.
Positive Factors
Revenue Growth
Nearly 48% TTM revenue growth indicates accelerating market adoption of Avicanna’s cannabinoid product lines and B2B services. Sustained top-line expansion supports scale benefits, helps absorb fixed costs, and creates durable optionality to fund R&D and commercial expansion over the next several quarters.
Negative Factors
Negative Cash Flow & Profitability
Margins remain negative (~-7%) and the company is still a net cash user, with TTM operating and free cash flow deficits. Persistent cash burn constrains reinvestment in commercialization and R&D, increases dependency on external capital, and delays the timeline for sustained, internally financed profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Nearly 48% TTM revenue growth indicates accelerating market adoption of Avicanna’s cannabinoid product lines and B2B services. Sustained top-line expansion supports scale benefits, helps absorb fixed costs, and creates durable optionality to fund R&D and commercial expansion over the next several quarters.
Read all positive factors
Avicanna (AVCN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$18.85M
Dividend YieldN/A
Average Volume (3M)55.79K
Price to Earnings (P/E)―
Beta (1Y)1.33
Revenue Growth2.41%
EPS Growth74.61%
CountryCA
Employees87
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding125,683,370
10 Day Avg. Volume77,161
30 Day Avg. Volume55,794
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)13.19
Price to Sales (P/S)1.20
P/FCF Ratio-10.34
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Avicanna Business Overview & Revenue Model
Company Description
Avicanna Inc., a commercial-stage biopharmaceutical company, engages in the research and development of evidence-based products for consumer medical and pharmaceutical segments worldwide. The company collaborates with Canadian academic and medical...
How the Company Makes Money
Avicanna generates revenue through multiple key streams, including the sale of its proprietary cannabinoid formulations and products to healthcare providers and retailers. The company's revenue model is bolstered by its partnerships with other org...
Avicanna Earnings Call Summary
Earnings Call Date:Apr 01, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 18, 2026
Earnings Call Sentiment Positive
The call emphasized material operational and scientific progress—improved gross margins (53%, +10 pts), reduced operating expenses (–9%), stronger liquidity (working capital +23%), R&D/IP milestones (PwdRX/data and new USPTO patent), and clinical advancements (450 patient RWE study published; Phase II underway). These positives were tempered by flat top-line revenue at $25.5M, a still-negative full-year adjusted EBITDA (–$300k) and net loss ($2.7M), early-stage commercial launches (soft launch of Trunerox) and ongoing regulatory and market uncertainties (U.S. rescheduling dependency and stock overhang). On balance, the company presented clear momentum on margins, efficiency, IP and clinical programs while acknowledging remaining commercialization and market-risk headwinds.Positive Updates
Stable Revenue with Improved Profitability
Total revenue of $25.5M in 2025, essentially flat year-over-year, accompanied by improved profitability metrics: gross profit of $13.5M and a gross margin of 53% (up 10 percentage points from 48% in 2024).
Negative Updates
Top-Line Growth Was Modest / Flat
Revenue remained flat at $25.5M year-over-year, indicating limited top-line growth despite other operational improvements.
Read all updates
Q4-2025 Updates
Positive
Negative
Stable Revenue with Improved Profitability
Total revenue of $25.5M in 2025, essentially flat year-over-year, accompanied by improved profitability metrics: gross profit of $13.5M and a gross margin of 53% (up 10 percentage points from 48% in 2024).
Read all positive updates
Company Guidance
Guidance for 2026 targets continued profitable, capital-light scaling: management plans to internationalize RHO Phyto and roll out 3.0 fast-acting products while leveraging two new delivery platforms finalized in 2025 (in fluid and PwdRX — PwdRX showed a 74% increase in bioavailability, 63% higher peak plasma concentration and 134% higher peak concentration versus MCT oil in vitro). Key numeric goals and context: 2025 revenue was $25.5M (MyMedi $20.4M), gross profit $13.5M (53% margin, +10% vs 2024), adjusted EBITDA loss improved to $300k (71% improvement vs a $1.0M loss in 2024) with Q4 adjusted EBITDA positive $310k, net loss down 41% to $2.7M, working capital +23%, only $1.0M raised in 2025 (vs $4.8M in 2024), no debt, 50 Canadian SKUs with 170 listings ( listings +26% YoY), presence in 24 markets and a planned Australia launch (6th continent), continued RWE (≈450 patients) and active Phase I/II trials, plus scaling exports from Aureus (international revenue ~$1.9M) and pursuit of a U.S. senior-exchange listing.Avicanna Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
62
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2024 | Mar 2024 | Dec 2022 | Mar 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 25.50M | 25.46M | 16.79M | 4.05M | 3.27M | 1.57M |
| Gross Profit | 13.33M | 12.90M | 6.66M | 1.11M | 2.83M | -570.00K |
| EBITDA | -1.05M | -2.43M | -7.36M | -12.18M | -15.13M | -33.70M |
| Net Income | -1.88M | -3.62M | -8.74M | -14.73M | -16.77M | -32.86M |
Balance Sheet | ||||||
| Total Assets | 21.17M | 20.12M | 21.97M | 17.62M | 22.30M | 30.16M |
| Cash, Cash Equivalents and Short-Term Investments | 464.85K | 448.03K | 477.20K | 1.19M | 31.00K | 2.52M |
| Total Debt | 0.00 | 109.23K | 1.80M | 3.21M | 1.66M | 1.94M |
| Total Liabilities | 9.47M | 10.38M | 14.00M | 14.16M | 15.39M | 16.25M |
| Stockholders Equity | 3.11M | 2.31M | -112.50K | -383.56K | 1.15M | 6.02M |
Cash Flow | ||||||
| Free Cash Flow | -1.79M | -2.95M | -1.96M | -7.50M | -12.45M | -15.43M |
| Operating Cash Flow | -1.23M | -2.55M | -1.40M | -7.44M | -11.66M | -13.97M |
| Investing Cash Flow | -554.06K | -402.57K | -3.05M | 810.24K | 760.83K | -2.71M |
| Financing Cash Flow | 1.63M | 3.41M | 3.55M | 9.90M | 10.06M | 17.39M |
Avicanna Technical Analysis
Negative
0.22
Price Trends
0.18
Negative
0.20
Negative
0.23
Negative
Market Momentum
>-0.01
Positive
35.09
Neutral
22.22
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:AVCN, the sentiment is Negative. The current price of 0.22 is above the 20-day moving average (MA) of 0.16, above the 50-day MA of 0.18, and below the 200-day MA of 0.23, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 35.09 is Neutral, neither overbought nor oversold. The STOCH value of 22.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:AVCN.
Avicanna Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
54 Neutral | C$151.70M | -1.92 | -275.39% | ― | -4.23% | 37.33% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | C$29.96M | -19.43 | -71.80% | ― | -3.94% | -17.62% | |
49 Neutral | C$25.25M | -3.31 | -19.10% | ― | 18.06% | 34.58% | |
46 Neutral | C$18.85M | -5.08 | -68.32% | ― | 2.41% | 74.61% | |
46 Neutral | C$216.66M | -3.21 | -218.48% | ― | ― | 21.17% | |
45 Neutral | C$8.46M | 5.19 | ― | ― | 15.64% | 58.47% |
* Healthcare Sector Average
TSE:AVCN
Avicanna
0.15
-0.09
-37.50%
TSE:CWEB
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0.95
0.83
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TSE:LABS
MediPharm Labs
0.06
-0.03
-29.41%
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PharmaCielo
0.06
-0.03
-35.29%
TSE:CRDL
Cardiol Therapeutics
1.94
0.72
59.02%
TSE:INNO
InnoCan Pharma
6.66
-3.74
-35.96%
Avicanna Corporate Events
Business Operations and Strategy
Avicanna Publishes Real-World Evidence Showing Pain and Quality-of-Life Gains With Medical Cannabis
Positive
Jan 30, 2026
Avicanna has announced the first peer-reviewed publication from its Medical Cannabis Real-World Evidence (MCRWE) program, reporting results of a prospective observational study of physician-authorized medical cannabis for chronic pain, conducted t...
Executive/Board Changes
Avicanna Strengthens Board with Appointment of Capital Markets Veteran Michael Kott
Positive
Dec 23, 2025
Avicanna Inc. announced a board transition with the resignation of director Paul Fornazzari and the appointment of seasoned capital markets executive and long-time shareholder Michael Kott to its board, effective January 1, 2026. Kott, founder and...
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
Avicanna Backs U.S. Cannabis Reclassification as It Advances 2025 Clinical and R&D Programs
Positive
Dec 19, 2025
Avicanna has endorsed the U.S. administration’s executive order to reclassify cannabis to a less restrictive category, arguing that the shift aligns with its evidence-based approach to cannabinoid medicines and could unlock greater clinical ...
Business Operations and StrategyProduct-Related Announcements
Avicanna Advances Cannabinoid Delivery with Novel PwdRx Platform
Positive
Nov 19, 2025
Avicanna announced positive preclinical results and a provisional patent application for its novel Powder Drug Delivery System (PwdRx) platform, which enhances the bioavailability and absorption of cannabinoids. This advancement addresses formulat...
Business Operations and StrategyFinancial Disclosures
Avicanna Reports Q3 2025 Growth and Strategic Advances
Positive
Nov 14, 2025
Avicanna Inc. reported its Q3 2025 financial results, highlighting continued revenue growth in Canada and internationally, driven by medical affairs initiatives and commercial advancements. Despite facing short-term margin pressures, the company r...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.