Avicanna Sponsors Phase II Clinical Study on Osteoarthritis Pain

Avicanna ( (TSE:AVCN) ) has issued an update.

Avicanna Inc. has announced its sponsorship of a Phase II clinical study to evaluate the effectiveness of oral cannabis extracts for osteoarthritic pain. This multi-centre, blinded, randomized, placebo-controlled study, led by Dr. Hance Clarke at the University Health Network, aims to assess the feasibility of a larger trial. The study is funded by a Canadian Institutes of Health Research grant, with Avicanna providing its proprietary CBD and THC capsules. This initiative underscores Avicanna’s commitment to advancing cannabinoid-based therapeutics and could enhance its positioning in the medical cannabis industry.

Spark’s Take on TSE:AVCN Stock

According to Spark, TipRanks’ AI Analyst, TSE:AVCN is a Neutral.

Avicanna’s overall stock score reflects strong revenue growth and recent profitability, overshadowed by ongoing profitability challenges and financial instability. The technical analysis indicates bearish momentum, and the valuation suggests distress due to negative earnings. Positive corporate events and earnings call sentiment offer some optimism, but significant risks remain.

To see Spark’s full report on TSE:AVCN stock, click here.

More about Avicanna

Avicanna Inc. is a commercial-stage international biopharmaceutical company that focuses on the development, manufacturing, and commercialization of cannabinoid-based products for global medical and pharmaceutical markets. The company has a scientific platform for R&D and clinical development, leading to the commercialization of over thirty proprietary products. Avicanna operates through four business pillars, including a medical cannabis formulary, a medical cannabis care platform, a pharmaceutical pipeline, and active pharmaceutical ingredients.

Average Trading Volume: 190,469

Technical Sentiment Signal: Sell

Current Market Cap: C$31.88M

See more insights into AVCN stock on TipRanks’ Stock Analysis page.