Avicanna Reports Q2 2026 Financial Results

Gross margin improves to 57%, supported by 48% quarterly growth in proprietary product sales QUIX™ rapid-onset portfolio prepared for Q3 launch with more than 35 commercial listings secured

TORONTO, Aug. 14, 2026 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products, is pleased to announce its financial results for Q2 2026, including the related financial statements and management’s discussion and analysis.

“We are encouraged by the continued improvement in the fundamentals of our business and particularly proud of how our team navigated the significant Veterans Affairs reimbursement changes while maintaining underlying patient and order growth,” said Aras Azadian, Chief Executive Officer of Avicanna. “We also continued to grow our proprietary products, expand gross margins and make progress toward profitability, while preparing for the next phase of growth and scale-up across our medical cannabis and pharmaceutical pipelines. The translation of our proprietary QUIX™ technology from research and development into a commercial portfolio launching in the third quarter demonstrates our ability to convert scientific capabilities and intellectual property into differentiated commercial products. With a stronger underlying business, an expanding portfolio and advancing clinical programs, we believe we are well positioned for a stronger second half of 2026 and long-term growth.”

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Canadian Commercial Advancements: Sales of Avicanna’s proprietary products increased from 50,681 units to 67,174 units, representing year-over-year growth of 33% across all channels. Proprietary product sales also increased 48% quarter-over-quarter, from 45,419 units in the first quarter of 2026 to 67,174 units in the second quarter. At quarter end, the Company had 56 commercial SKUs and 172 commercial listings across medical and adult-use channels, representing increases of 12% and 27%, respectively, compared to the second quarter of 2025. The Company expects continued portfolio expansion during the third quarter, supported by new product launches, including the QUIX™ portfolio.

MyMedi.ca: Following four consecutive quarters of growth, MyMedi.ca experienced its first sequential quarterly revenue decline, primarily due to the VAC reimbursement changes effective April 1, 2026. Despite an approximately 30% reduction in the maximum VAC reimbursement rate and an associated 11.3% decline in average patient cart size, the Company substantially mitigated the impact through portfolio optimization, increased penetration of Avicanna-branded products and operating efficiencies. The number of active patients and total orders increased during the second quarter demonstrating a positive trend despite the reimbursement change.