Avicanna Inc. (OTCMKTS:AVCNF) (TSX:AVCN) Stock Gains Momentum: Jumps 13% In a Week

February 3, 2022February 3, 2022 Pete Matthews AVCN, AVCN news, AVCN stock, AVCNF, AVCNF news, AVCNF stock, Avicanna Inc. (OTCMKTS:AVCNF) (TSX:AVCN), OTCMKTS:AVCNF, TSX:AVCN

Avicanna Inc. (OTCMKTS:AVCNF) (TSX:AVCN) is up 13% in a week. The company has released its Q4 2021 financial results and corporate highlights and also issued fiscal 2022 guidance.

Market Stats

On Wednesday, AVCNF stock ended flat at $0.34 with more than 1K shares, compared to its average volume of 6.80K shares. The stock has moved within a range of $0.3400 – 0.3400 after opening trading at $0.34.

Earnings Recap

In the fourth quarter, the company projected revenue of $1.3 million, a QoQ increase of 30%. For fiscal 2021 the company projected total revenue of $3.3 million, representing YoY growth of 133%. During the quarter, Avicanna sold around 70,000 units on novel CBD-based products globally, a 160% QoQ and for the full year, the company sold 124,000 units compared to 4,100 units a year ago.

This year will be pivotal for the company, focusing on commercial initiatives via its novel wellness, medical, pharmaceuticals, and skincare products expected to generate significant milestones in international commercial avenues. The company expects consolidated revenue of $9 million this year and anticipates sales of around 300,000 units of novel CBD-based products. Also, Avicanna will increase its “Cannabis 2.0” SKU offerings. So investors should watch AVCNF.

Key Quote

Aras Azadian, CEO stated, “During 2021 we forged our path within the Canadian market and demonstrated our potential as a biopharmaceutical company with the commercialization of our proprietary wellness and medical products at a global level. We are optimistic about the early commercial success we have attained from our vertical integration which synergistically combines our sustainable input materials with our proprietary formulations to deliver a diverse portfolio of products competitively on the global stage.”

Traders Corner

AVCNF stock is trading below the 20-Day and 50-Day Moving averages of $0.4177 and $0.5350 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.7018.

Pete Matthews

Pete attended the University of Colorado and still calls the centennial state home. He chases trout in the summer and snowboards in the winter. He is fascinated with the markets and has a strong interest in nanocap stocks and crypto currency.