Avicanna (TSE:AVCN)
TSX:AVCN
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Avicanna
(TSX:AVCN)
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Rating:47Neutral
Price Target:
C$0.15
▼(-32.73% Downside)
Action:ReiteratedDate:04/09/26
The score is held back primarily by continued losses and persistent negative free cash flow, alongside a clearly bearish technical setup (price below major moving averages with negative MACD). These are partially offset by improving fundamentals and a constructive earnings-call outlook highlighting stronger margins, cost discipline, and progress toward profitability with minimal balance-sheet leverage.
Positive Factors
High gross margin
A 53% gross margin on the current revenue base indicates strong unit economics and pricing power for Avicanna’s cannabinoid formulations. Sustained high gross margins provide structural capacity to absorb SG&A, support capital-light scaling, and improve the path to consistent profitability if sales stabilize or grow.
Negative Factors
Negative cash flow
Persistent negative operating and free cash flow means the business is not yet self-funding and remains dependent on external capital or further cost cuts. Over months, this constrains reinvestment in commercialization and R&D and increases dilution or execution risk if margins or sales deteriorate.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margin
A 53% gross margin on the current revenue base indicates strong unit economics and pricing power for Avicanna’s cannabinoid formulations. Sustained high gross margins provide structural capacity to absorb SG&A, support capital-light scaling, and improve the path to consistent profitability if sales stabilize or grow.
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 Ratio0.00
Price to Book (P/B)0.00
Price to Sales (P/S)0.00
P/FCF Ratio0.00
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 makes money primarily by selling cannabinoid-based finished products and by providing services and intellectual property–linked value through its formulation and manufacturing capabilities.
Key revenue streams include:
1) Product sales (...
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
34
Negative
Balance Sheet
52
Neutral
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 25.48M | 25.46M | 16.79M | 4.05M | 3.27M |
| Gross Profit | 12.84M | 12.90M | 6.66M | 1.11M | 2.83M |
| EBITDA | -1.97M | -2.43M | -7.36M | -12.18M | -15.13M |
| Net Income | -2.84M | -3.62M | -8.74M | -14.73M | -16.77M |
Balance Sheet | |||||
| Total Assets | 21.24M | 20.12M | 21.97M | 17.62M | 22.30M |
| Cash, Cash Equivalents and Short-Term Investments | 280.63K | 448.03K | 477.20K | 1.19M | 31.00K |
| Total Debt | 0.00 | 109.23K | 1.80M | 3.21M | 1.66M |
| Total Liabilities | 9.86M | 10.38M | 14.00M | 14.16M | 15.39M |
| Stockholders Equity | 2.84M | 2.31M | -112.50K | -383.56K | 1.15M |
Cash Flow | |||||
| Free Cash Flow | -1.44M | -2.95M | -1.96M | -7.50M | -12.45M |
| Operating Cash Flow | -1.18M | -2.55M | -1.40M | -7.44M | -11.66M |
| Investing Cash Flow | -255.84K | -402.57K | -3.05M | 810.24K | 760.83K |
| Financing Cash Flow | 963.17K | 3.41M | 3.55M | 9.90M | 10.06M |
Avicanna Technical Analysis
Negative
0.22
Price Trends
0.17
Negative
0.20
Negative
0.23
Negative
Market Momentum
>-0.01
Positive
35.09
Neutral
37.78
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 0.17, 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 37.78 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 |
|---|---|---|---|---|---|---|---|
55 Neutral | C$210.32M | -3.37 | -238.02% | ― | ― | 21.17% | |
54 Neutral | C$124.55M | -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$27.35M | -3.31 | -19.10% | ― | 18.06% | 34.58% | |
47 Neutral | C$18.85M | -7.21 | -68.32% | ― | 2.41% | 74.61% | |
45 Neutral | C$6.92M | -1.86 | ― | ― | 15.64% | 58.47% |
* Healthcare Sector Average
TSE:AVCN
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Avicanna Corporate Events
Business Operations and StrategyExecutive/Board Changes
Avicanna Strengthens Board as It Targets Global Cannabinoid Growth
Positive
Apr 6, 2026
Avicanna Inc., a Toronto-listed biopharmaceutical company focused on plant-derived cannabinoid-based products, has built a diversified commercial platform spanning branded medical cannabis formulations, a patient-centric care and distribution plat...
Business Operations and StrategyFinancial Disclosures
Avicanna Nears Profitability as Margins Improve and Clinical, Commercial Platforms Advance
Positive
Apr 1, 2026
Avicanna reported full-year 2025 revenue of $25.48 million, flat year over year, but improved its gross margin to 53%, lifting gross profit to $13.4 million and helping the company deliver positive adjusted EBITDA in the fourth quarter and near br...
Business Operations and StrategyProduct-Related Announcements
Avicanna’s SMGH Unit Makes First CBG Flower Export to Australia, Expanding Global Footprint
Positive
Mar 26, 2026
Avicanna’s subsidiary Santa Marta Golden Hemp SAS has completed its first commercial export of CBG-dominant, organic-certified cannabis flower to Australia, marking the 21st international market for SMGH and the 24th for Avicanna’s pro...
Business Operations and StrategyProduct-Related Announcements
Avicanna Backs University of Calgary Trial to Map Optimal Oral THC Dosing
Positive
Mar 16, 2026
Avicanna has partnered with researchers at the University of Calgary’s Cumming School of Medicine to launch a Phase I randomized, double-blind, placebo-controlled dose-finding clinical trial on its proprietary oral THC capsules for anxiety a...
Business Operations and StrategyPrivate Placements and Financing
Avicanna Raises $1.55 Million in Private Placement to Fund Cannabinoid Biopharma Expansion
Positive
Feb 10, 2026
Avicanna Inc., a cannabinoid-focused biopharmaceutical company with a diversified portfolio of medical cannabis brands, digital care platforms, pharmaceutical candidates, and active pharmaceutical ingredients, continues to expand its presence in g...
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...
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.