Avicanna Q1 2026 Revenue Rises 6% YoY To Highest Quarterly Record Amid Expanding Cannabis Portfolio

Jelena MartinovicBy , Featured Writer
Burn After Reading The 30-second intel for operators and investors

Avicanna posts record quarterly revenue of $6.68 million in Q1 2026, up 6% year-over-year, driven by MyMedi.ca revenue up 11% and Canadian product sales up 24%. Gross margin rises to 58% from 57%.

  • Operators: Growth in branded Canadian product sales and the MyMedi.ca channel shows demand across medical and adult-use. Avicanna's higher margin came alongside a shift away from licensing revenue, which contributed to a negative adjusted EBITDA.
  • Investors: Revenue and gross profit ($3.84 million, up 7%) hit records, but adjusted EBITDA turned negative at $0.15 million versus a $0.43 million gain a year earlier. The working capital deficit narrowed from $1.28 million to $0.32 million.
  • Do now: Compare your own gross margin and revenue mix against Avicanna's 58% margin and its split between product sales, retail channel revenue and licensing, to see where your growth is coming from.
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Cannabinoids-based biopharmaceutical company Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) announced on Thursday record quarterly revenue of $6.68 million for the first quarter. That’s up 6% year-over-year.

The company said this is the highest quarterly revenue in its history and was driven by MyMedi.ca revenue, up 11% over the same period, and Canadian product sales, up 24%.

“The first quarter of 2026 reflects continued execution across Avicanna’s integrated commercial and pharmaceutical pipeline,” Aras Azadian, the company’s CEO, said. “We delivered record quarterly revenue, gross profit, and gross margins, driven by sustained growth in Canada, expansion of our proprietary product portfolio, and continued momentum through MyMedi.ca.”

Q1 2026 Financial Highlights

  • Gross profit totaled $3.84 million, up 7% year-over-year.
  • Gross margin improved to 58% compared to 57% last year.
  • Adjusted EBITDA came in negative at $0.15 million, due to higher growth-related expenses and a shift away from licensing revenue, compared to an adjusted EBITDA gain of $0.43 million in the last year; and
  • The working capital deficit improved, decreasing from $1.28 million to $0.32 million.

Avicanna reported increases in unit sales of its proprietary branded products, while expanding its commercial footprint across medical and adult-use channels.

The company also continued to advance its pharmaceutical and clinical strategy via new research initiatives and international expansion. During the quarter, it initiated a Phase I Dose Finding Clinical Trial with the University of Calgary. The randomized controlled trial will study the dose-dependent effects of Avicanna’s oral THC capsules on anxiety and stress.

“We continued advancing the long-term foundations of the business through international commercial activities, clinical development initiatives, and ongoing investment in our pharmaceutical pipeline,” Azadian said. “We believe the quarter demonstrates the increasing operational leverage of our platform and the growing alignment between our commercial execution and scientific strategy.”

AVCNF Price Action

Avicanna’s shares traded 3.85% higher at $0.0956 per share at the time of writing on Thursday morning.

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Jelena Martinovic
May 14, 2026
Covers cannabis news, markets and regulation for IgniteIt. Previously wrote about financial markets for Benzinga and Insider Monkey.
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