09:22 AM EDT, 05/14/2024 (MT Newswires) -- Avicanna ( AVCNF ) reported on Tuesday record revenue for this first quarter and its first positive quarterly adjusted Ebitda in the company's history.

The cannabis company said its revenue surged 451% to $6.45 million.

Adjusted EBITDA was $17,000, compared with an adjusted Ebitda loss of $1.28 million in the first quarter of 2023.

"Avicanna's ( AVCNF ) first Ebitda positive quarter is the results of consistent growth in our revenues which are mainly driven by our medical cannabis business unit including the steadying of the MyMedi.ca platform combined with our operational efficiencies and asset light model in Canada," Chief Financial Officer Phil Cardella said.

The company's share price rose 3.1% to $0.33 yesterday.