Adjusted EBITDA of $0.22 million, improves $1.01 million year-over-year, operating loss narrows by 80%
Proprietary products reach 31% of MyMedi.ca sales, up from 19%; QUIX™ launches with 10 SKUs
TORONTO, Nov. 12, 2026 (GLOBE NEWSWIRE) -- Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQB: AVCNF) (FSE: 0NN), a commercial-stage international biopharmaceutical company focused on cannabinoid-based medicines, today reported financial results for the third quarter ended September 30, 2026. The Company achieved adjusted EBITDA positive $0.22 million, an improvement of $1.01 million from Q3 2025 and $0.58 million from Q2 2026. Operating expenses declined 30% year-over-year, and the operating loss narrowed 80% to $0.27 million
Revenue was $5.73 million, up 2% from Q2 2026 and the first sequential increase since the April 2026 Veterans Affairs Canada (“VAC”) reimbursement changes. Proprietary unit sales in Canada rose 16% year-over-year through the first nine months of 2026, and patient retention on MyMedi.ca reached record levels.
“As projected, we achieved positive adjusted EBITDA in the third quarter through disciplined optimization of our operations, enhanced margins and prudent cost management,” said Aras Azadian, Founder and Chief Executive Officer of Avicanna. “This milestone was achieved despite the impact of the VAC reimbursement changes, while we continued to invest in our growth initiatives and advance our research and development pipeline. With the progress of our proprietary product portfolio, including the launch of QUIX™, and the continued evolution of MyMedi.ca, we believe Avicanna is better positioned than ever to scale domestically and pursue international expansion.”
Financial Highlights:
- Adjusted EBITDA and Operating Expenses: Operating expenses declined 30% year-over-year to $3.19 million, and operating loss narrowed 80% to $0.27 million. Adjusted EBITDA income improved to $0.22 million from a loss of $0.79 million in Q3 2025, a $1.01 million improvement, and from a loss of $0.36 million in Q2 2026, a $0.58 million improvement.
- Revenue: Third-quarter revenue was $5.73 million, down 10% compared to the third quarter of 2025 following the VAC reimbursement changes in April 2026. Revenue quarter over quarter increased by 2%. Revenue for the nine months ending September 30, 2026, was $18.05 million, down 4% year-over-year, primarily reflecting the impact of the VAC changes.
- Gross margin: Third-quarter gross profit was $2.92 million, a 51% gross margin, an improvement from 49% a year earlier.
- Financial position: Working capital improved to a $0.11 million surplus at September 30, 2026, compared with a $1.28 million deficit at December 31, 2025. After quarter-end, the Company completed a $2.0 million non-convertible debenture financing on October 29, 2026.
“We made meaningful progress in improving operating efficiency, expanding margins and strengthening working capital. Together with the additional $2.0 million in financing, these developments provide greater financial flexibility as we pursue our business plan and growth strategy.” Stated Nick Hilborn, Chief Financial Officer at Avicanna.
Portfolio Highlights:
- Canadian commercial advancements: Avicanna sold 176,694 proprietary finished-product units in Canada during the first nine months of 2026, a 16% increase year-over-year. At quarter-end, its Canadian portfolio comprised 68 commercial SKUs and 178 active listings across channels, up 21% and 3%, respectively, from Q2 2026.
- QUIX™ Rapid Onset launch: Avicanna introduced 10 initial QUIX™ SKUs, including Rapid Onset Capsules and Soft Chews, with 37 commercial listings at quarter-end. The proprietary nano-emulsion-based technology is designed to support cannabinoid dispersion, faster onset and improved absorption in standardized, accurately dosed, non-combustible formats.
MyMedi.ca Highlights:
- Proprietary product mix: Avicanna proprietary product sales through the platform increased a further 16%, quarter over quarter and represented 31% of MyMedi.ca sales at quarter-end, compared with 19% in the prior year period.
- Integrated Healthcare Program: Avicanna launched the MyMedi.ca Integrated Healthcare Program to expand healthcare provider-guided medical cannabis care through hospitals, specialty clinics and healthcare networks. The initiative builds on the platform’s pharmacist-led support, education, formulary and reimbursement capabilities to expand the platform beyond traditional cannabis educated medical institutions.
Research and clinical development:
- QUIX™ translation from the lab to the market: Company continued translating proprietary research and development into commercial products, including the launch of QUIX™ Rapid Onset capsules and soft chews.
- Advancements of Clinical programs: Including the MyMedi.ca-supported medical cannabis real-world evidence study, the University of Calgary THC dose-finding (DRATT) study and the University Health Network COPE Phase II osteoarthritis pain pilot study.
Q3 2026 Financial Results Call:
The Company will host a virtual earnings call and corporate update on Thursday, November 12, 2026, at 8:30 a.m. ET. Aras Azadian, Founder and CEO, and Nick Hilborn, CFO, will review quarterly results, discuss strategic priorities and address shareholder questions.
Webcast Details:Date and time: Thursday, November 12, 2026, 8:30 a.m. ETWebcast and registration: https://zoom.us/webinar/register/WN_GWCRp7rjRmCasxiwdguUDw
About Avicanna Inc.Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of cannabinoid-based products and formulations for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development leading to the commercialization of more than fifty proprietary, evidence-based finished products and supporting four commercial-stage business pillars.
- Medical Cannabis Formulary (RHO Phyto™): The formulary offers a diverse range of proprietary products, including oral, sublingual, topical and transdermal deliveries with varying ratios of cannabinoids, supported by ongoing patient and medical community education. The portfolio has recently expanded with the launch of QUIX™ Rapid Onset, a proprietary nano-emulsion technology-based sub-brand featuring a range of fast-onset products, including capsules and soft chews, designed to provide rapid onset of action and enhanced bioavailability. RHO Phyto is an established brand in Canada, currently available nationwide across several channels and expanding into new international markets.
- Medical Cannabis Care Platform (MyMedi.ca): MyMedi.ca is a medical cannabis care platform formed with the aim of better serving medical cannabis patients’ needs and enhancing the patient journey. MyMedi.ca is operated by Northern Green Canada Inc. and features a diverse portfolio of products and bilingual pharmacist-led patient support programs. MyMedi.ca also provides specialty services to distinct patient groups such as veterans and collaborates with public and private payers for adjudication and reimbursement. MyMedi.ca provides educational resources to the medical community to facilitate the incorporation of medical cannabis into health care regimens.
- Pharmaceutical Pipeline: Leveraging Avicanna’s scientific platform, vertical integration and real-world evidence, Avicanna has developed a pipeline of proprietary, indication-specific cannabinoid-based candidates that are in various stages of clinical development. These cannabinoid-based candidates aim to address unmet needs in the areas of dermatology, chronic pain and various neurological disorders.
- Active Pharmaceutical Ingredients (Aureus Santa Marta™): The Company’s majority-owned subsidiary, Santa Marta Golden Hemp SAS (“SMGH”), is a commercial-stage business dedicated to providing various forms of high-quality CBD, THC and CBG to the Company’s international partners for use in the development and production of food, cosmetics, medical and pharmaceutical products. SMGH also forms part of the Company’s supply chain and is a source of reliable input products for its consumer retail, medical cannabis and pharmaceutical products globally.
SOURCE Avicanna Inc.
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For more information about Avicanna, visit www.avicanna.com or contact Ivana Maric by email at ir@avicanna.com.
Cautionary Note Regarding Forward-Looking Information and Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified by the use of words such as “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Forward-looking information contained in this news release includes, without limitation, statements with respect to the Company’s future business operations, including the expansion of its proprietary product portfolio, the scaling of MyMedi.ca and its international commercialization opportunities, the opinions or beliefs of management and future business goals. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated March 31, 2026, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR+ at www.sedarplus.ca. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. All financial amounts in this news release are expressed in Canadian dollars unless otherwise indicated. Adjusted EBITDA is a non-IFRS financial measure provided by Management. Refer to the MD&A for a description of the calculation.
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