Avicanna (AVCN) AGM 2025 summary

Opening remarks and agenda

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

• Chairman, secretary, and scrutineer roles were assigned at the outset.

• Notice of meeting and proof of mailing were confirmed and filed.

• Quorum was established with at least 51 shareholders representing 36.66% of outstanding shares.

Financial performance review

• 2024 revenue reached CAD 25.5 million, a 52% increase from 2023.

• First profitable quarter in early 2025, with net income of CAD 74,000 and comprehensive income of CAD 876,000.

• Gross margins improved to 57% in Q1 2025, up from 46% in Q1 2024.

• Adjusted EBITDA loss reduced to CAD 1.4 million in 2024 from CAD 4.3 million in 2023; Q1 2025 saw positive adjusted EBITDA of CAD 430,000.

• All debt eliminated in 2024, with accounts payable reduced by CAD 1 million.

Board and executive committee updates

• Five directors were nominated and elected to serve until the next annual meeting.

• Ramirez Jimenez International CPAs reappointed as auditors for the next year.