Avicanna (AVCN) AGM 2024 summary

Opening remarks and agenda

• Meeting conducted virtually via Lumi platform, enabling live voting for shareholders not voting by proxy.

• Chairman and Secretary roles assigned; scrutineer appointed to oversee voting and attendance.

• Notice of meeting and related documents sent to all shareholders of record as of June 19, 2024.

• Quorum established with at least 34 shareholders representing 20% of outstanding shares.

Financial performance review

• 2023 revenues reached CAD 16.8 million, a 340% increase from 2022.

• Q1 2024 marked the first adjusted EBITDA positive quarter, with record revenues of CAD 6.4 million and 51% gross margins.

• 186,000 proprietary product units sold in Canada in 2023, up 51% from 2022.

• Consolidated gross margins improved to 40% in 2023 and 51% in Q1 2024.

• Operating costs rose 19% in 2023, mainly due to MyMedi.ca launch, but revenue growth outpaced cost increases.

Board and executive committee updates

• Five directors nominated and elected: Aras Azadian, Giancarlo Davila Char, Paul Fornazzari, Eileen McCormack, and John McVicar.

• Kingston Ross Pasnak LLP reappointed as auditors until the next annual meeting.