TORONTO, June 28, 2023 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialisation of plant-derived cannabinoid-based products is pleased to announce a corporate update and preliminary financial results of Q2-2023. 

• Q2-2023 Revenues: Q2-2023 revenues of approximately $3.3M representing an approximately 200% increase over Q1-2023 revenues of $1.2M, this includes approximately $2.5M in sales arising from the Medical Cannabis by Shoppers platform since May 29, 2023.
• Medical Cannabis By Shoppers: On May 29, 2023, the Company announced that the definitive Asset Purchase Agreement with Shoppers Drug Mart Inc. for Avicanna to acquire the Medical Cannabis By Shoppers business was fully executed. On May 4, 2023, Avicanna announced the execution of the definitive Master Service Agreement with Northern Green Canada (“NGC”). NGC is a Canadian licensed producer that is tasked with providing logistics and fulfilment services for Avicanna’s online cannabis care platform (MyMedi.ca). On May 29, 2023, NGC and Avicanna successfully transitioned the Medical Cannabis by Shoppers inventory and fulfilment services to NGC.
• MyMedi.ca: MyMedi.ca is Avicanna’s medical cannabis care platform that will be made available nationwide on August 1, 2023. MyMedi.ca will be offering a portfolio of 200+ product SKUs from 20+ selected brands, including four of Avicanna’s brands and 25+ of Avicanna’s product SKUs, as well as pharmacist led, bi-lingual services and patient support programs. Additionally, MyMedi.ca will be providing adjudication and reimbursement services from public and private payers to a significant proportion of the current active patients.
• Commercial Priority: The Canadian market continues to be the Company’s focus, where Avicanna has commercialized 25+ product SKUs through four different brands. Currently, Avicanna has 113 commercial listings as we near the end of Q2-2023; with 61 commercial listings on four national medical cannabis channels and 52 product listings on six provincial adult use channels. This represents a 34% increase over the 84 commercial listings in Q4-2022.
• Proprietary SEDDS Capsules: On June 25, 2023, Avicanna announced the expansion of the Strategic Manufacturing Agreement with MediPharm Labs Corp. (“MediPharm”), adding the manufacturing and commercialization of Company’s proprietary SEDDS capsules. Avicanna’s proprietary SEDDS capsules are to be manufactured by MediPharm to GPP and GMP standards to meet product channel requirements in Canadian and international markets. The capsules are expected to be launched under the RHO Phyto brand in Canadian medical cannabis channels during the second half of 2023.
• Global Cost Reduction Initiatives: In 2021, the Company initiated optimization efforts to actively decrease operating costs including; rationalization of redundancies in human resources, divestment of non-core underperforming assets, and reduction of outside service fees. These combined efforts resulted in the Company’s lowest Q1-2023 operating expenses since 2019. Management continue to take steps to further improve the Company’s working capital and financial position.

Join Avicanna’s management who are providing a corporate update on June 28^th at 12 p.m. ET.

Click Here to Register for Avicanna’s Corporate Update Webinar

About Avicanna Inc.

Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of evidence-based cannabinoid-based products for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development that has led to the commercialization of more than thirty products across various market segments:

TORONTO, June 26th, 2023 (GLOBE NEWSWIRE) – Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialisation of plant-derived cannabinoid-based products is pleased to announce the extension of its existing strategic manufacturing agreement with Medipharm Labs Inc. (“MediPharm”) for the commercialization of Avicanna’s proprietary cannabinoid-based Self-Emulsifying Drug Delivery Systems (“SEDDS”) technology capsules for the Canadian and international markets. 

“We are happy to be advancing our proprietary SEDDs technology capsules to the market with MediPharm, who have demonstrated focus, alignment and the necessary capabilities to manufacture and deliver these products across a number of markets and channels. We are excited about the potential of our proprietary single-dose formulations in both medical and pharmaceutical cannabinoid segments” stated Aras Azadian, CEO of Avicanna.

Canadian commercialization under Good Production Practices (“GPP”)

Under the expanded Strategic Manufacturing Agreement, Avicanna intends to commercialize its proprietary SEDDS technology capsules, under the RHO Phyto brand, across domestic nation-wide medical channels including the Avicanna’s MyMedi.ca online cannabis care platform and MediPharm’s Canna farms platform.  Additionally, MediPharm intends to commercialize the capsules across adult use wellness channels under its MediPharm Labs brand.

International and pharmaceutical potential under Good Manufacturing Practices (“GMP”)

MediPharm intends to manufacture these proprietary capsules in accordance with GMP standards to fulfill domestic and international pharmaceutical standards. The expanded Strategic Manufacturing Agreement provides that each of Avicanna and MediPharm may take steps towards offering these products internationally through existing internal infrastructure and externally with parties under contract.

About the SEDDS capsules

Due to the highly lipophilic nature and poor water-solubility of cannabinoids, the formulations currently available in the Canadian market have been generally described as having poor absorption and high variability of onset. SEDDS oral delivery systems offer an effective route for non-invasive and non-inhalation administration of cannabinoids^1-4. Avicanna’s proprietary SEDDS technology demonstrated shelf-life stability with more than 90% of the total cannabinoid(s) remaining after 6 months in accelerated conditions. The formulation’s CBD and THC dissolution profiles were also tested in biorelevant media which mimic human intestinal fluid and demonstrated more than 90% dispersion within one hour with continued stabilization of the emulsion. The company plans to advance specific formulations into pre-clinical and clinical development.

About Avicanna Inc.

Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of evidence-based cannabinoid-based products for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development that has led to the commercialization of more than thirty products across various market segments:

• Medical Cannabis & Wellness Products (RHO Phyto™):The formulary offers a diverse range of proprietary formulations including oral, sublingual, topical, and transdermal deliveries with varying ratios of cannabinoids and is supported with ongoing patient, and medical community education. RHO Phyto has been established as a leading medical brand in Canada and is currently available nationwide to patients across several medical channels and continues to expand into new international markets.
• Pharmaceutical Preparations and Pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has developed an extensive a pipeline of patent-pending drug candidates that are indication-specific and in various stages of clinical development and commercialization. These cannabinoid-based drug candidates look to address unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders. Avicanna’s first pharmaceutical preparation (Trunerox™) is in the drug registration stage in South America.
• MyMedi.ca Medical Cannabis Care Portal: MyMedi.ca is Avicanna’s medical cannabis care platform that is formed with the aim to better serve medical cannabis patients’ needs and enhance the patient journey. MyMedi.ca is expected to launch during August 2023 and will feature diverse and scientifically curated products from leading Canadian licensed producers in addition to pharmacist led patient support programs and educational resources to facilitate the incorporation of medical cannabis into health care regimens. MyMedi.ca also provides specialty services to distinct patient groups such as veterans and collaborating with public and private providers for adjudication and reimbursement.

Click to watch Avicanna’s Corporate Video 2022

SOURCE Avicanna Inc.

Stay Connected

For more information about Avicanna, visit our website, contact Ivana Maric by email at info@avicanna.com or follow us on social media on LinkedIn, Twitter, Facebook, or Instagram.

The Company posts updates through videos from the Company YouTube channel.

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified using words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated March 31, 2023 filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

References:

1. Maji, et al.,, Solid self emulsifying drug delivery system: Superior mode for oral delivery of hydrophobic cargos. Journal of Controlled Release, 337, 2021;646-660.
2. Salawi A. Self-emulsifying drug delivery systems: a novel approach to deliver drugs. Drug Deliv. 2022 Dec;29(1):1811-1823.
3. Khaled, A.; Ayat, A. A.; Mahmoud, E.-B., Self-Emulsifying Drug Delivery Systems: Easy to Prepare Multifunctional Vectors for Efficient Oral Delivery. In Current and Future Aspects of Nanomedicine, Islam Ahmed Hamed, K., Ed. IntechOpen: Rijeka, 2019; p Ch. 4
4. Pathak, Ashish Kumar et al. “Recent advances in self emulsifying drug delivery system – A review.” Drug Invention Today (2010): 123-129.

TORONTO, June 22, 2023 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a commercial stage, international biopharmaceutical company focused on the commercialization of evidence-based, cannabinoid-based products, is pleased to announce that it has entered into a sponsorship agreement with the Canadian Consortium for the Investigation of Cannabinoids (“CCIC”) to sponsor CICC in making available and providing access to the Canadian Cannabis Syllabus (“CCS”), continuing education course accredited by the University of Calgary’s Office of Continuing Medical Education and Professional Development, available to the Canadian medical community. 

“We are proud to be sponsoring CCIC who have championed the advancement of evidence-based research and education on the endocannabinoid system in Canada. In line with the launch of MyMedi.ca and our commitment to advance medical cannabis access, we believe that the CCS can be an effective tool to provide education for healthcare providers and provide information to support the adoption of medical cannabis by the medical community,” stated Dr. Karolina Urban, EVP of Medical Affairs at Avicanna Inc.

“The CCIC is excited to develop this relationship with Avicanna as it will help to ensure the dissemination of accurate, scientifically valid and vetted information regarding the biology of cannabis and how it impacts the human body, potential therapeutic approaches that cannabis and cannabinoid products could be leveraged for with respect to specific disease states and putative health risks associated with cannabis use and the development of cannabis use disorder,” stated Dr. Matthew Hill, CCIC Executive Director

Through the sponsorship agreement the CCS will be offered to healthcare providers interested in learning more about medical cannabis as a part of their practice. The CCS provides foundational knowledge and considerations for all healthcare professionals interested in learning more about cannabis and cannabinoid products in clinical practice. The course consists of 9 modules including:

• Introduction to the Endocannabinoid System
• Cannabis Basics
• Long-term Health Issues Associated with Cannabis
• Clinical Use of Cannabis and Cannabinoids in Pain (3 modules)
• Clinical Use of Cannabis in Non-pain Conditions
• Considerations when Authorizing Cannabis
• Acute Adverse Effects, Drug Interactions and Contraindications of Cannabis
• Cannabis Use Disorder
• Cannabis Policy in Canada

About the CCIC
The CCIC is a federally registered Canadian not-for-profit corporation of basic and clinical researchers, health care professionals and educators that promotes research and evidence-based education concerning the endocannabinoid system, the therapeutic applications of cannabinoids, the potential harms associated with cannabis use and the health and societal impacts of non-medical cannabis use. For more information, please visit https://ccic.net.

About Avicanna Inc.

Avicanna is a Canadian commercial-stage biopharmaceutical company focused on research, development, and commercialization of evidence-based cannabinoid products for medical and pharmaceutical market segments. Avicanna has an established scientific platform and intellectual property portfolio that has contributed to the international commercialization of over thirty products across various market segments:

• Medical Cannabis & Wellness Products (RHO Phyto™): The formulary offers a diverse range of proprietary formulations including oral, sublingual, topical, and transdermal deliveries with varying ratios of cannabinoids and is supported with ongoing patient, and medical community education. RHO Phyto has been established as a leading medical brand in Canada and is currently available nationwide to patients across several medical channels and continues to expand into new international markets.
• Pharmaceutical Preparations and Pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has developed an extensive pipeline of patent-pending drug candidates that are indication-specific and in various stages of clinical development and commercialization. These cannabinoid-based drug candidates look to address unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders. Avicanna’s first pharmaceutical preparation (Trunerox™) is in the drug registration stage in South America.
• MyMedi.ca Medical Cannabis Care Portal: MyMedi.ca is Avicanna’s medical cannabis care platform that is formed with the aim to better serve medical cannabis patients’ needs and enhance the patient journey. MyMedi.ca is expected to launch during August 2023 and will feature diverse and scientifically curated products from leading Canadian licensed producers in addition to pharmacist led patient support programs and educational resources to facilitate the incorporation of medical cannabis into health care regimens. MyMedi.ca also provides specialty services to distinct patient groups such as veterans and collaborating with public and private providers for adjudication and reimbursement.

Click to watch Avicanna’s Corporate Video 2022

SOURCE Avicanna Inc.

Stay Connected

For more information about Avicanna, visit our website, contact Ivana Maric by email at info@avicanna.com or follow us on social media on LinkedIn, Twitter, Facebook, or Instagram.

The Company posts updates through videos from the official Company YouTube channel.

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified using words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated March 31, 2023 filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ea2b5dd1-34f6-478a-966c-ca51003b81df

TORONTO, June 13, 2023 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a commercial stage, international biopharmaceutical company focused on the commercialization of evidence-based, cannabinoid-based products, is pleased to announce that it has entered a research collaboration with the Applied Research Centre at Langara College that will focus on Avicanna’s proprietary formulations and pharmaceutical pipeline. This research collaboration has been awarded a peer-reviewed grant from the Natural Sciences and Engineering Research Council of Canada Applied Research and Development Grant for a period of two years starting Q2 2023. 

Dr. Jessica Kalra’s group at the Applied Research Centre at Langara College will be collaborating with Avicanna’s R&D team to perform expand in vitro and in vivo research of the company’s drug delivery systems and commercial formulations including under the RHO Phyto™ brand. The outcomes of the research collaboration would look to gaining a better understanding of the absorption, pharmacokinetic and pharmacodynamic properties of the formulations, which may contribute towards product pipeline developments.

“We are thrilled to be collaborating with Dr. Kalra’s group and look forward to create a deeper understanding of our proprietary cannabinoid formulations which may yield advancements in our drug candidates.” Dr. Frantz Le Devedec, EVP of R&D at Avicanna.

“It is a very exciting time to be researching non-psychoactive pharmaceutically relevant cannabinoids, their impact on the body and how they can be best formulated to provide optimal therapeutic activity. Our team is delighted to have this opportunity to work with Avicanna to support the translation of cannabinoids from bench to bedside.” stated Dr. Kalra.

Dr. Kalra, is a Research Scientist in the Applied Research Centre at Langara College, an Assistant Professor of Teaching in the Faculty of Pharmaceutical at the University of British Columbia, and a Staff Scientist in the department of Experimental Therapeutics at the British Columbia Cancer Research Centre. Dr. Kalra’s has over 20 years of experience in drug discovery, cell and molecular research including evaluating drug efficacy in various in vitro and in vivo models and developing novel nanoparticle formulations to address challenges to drug delivery that stems from heterogeneity of disease and/or solubility and lipophilicity of drug entities. The research team has expertise in formulation science and cell and tissue culture that supports the analysis of novel drug entities from a chemical and in vitro biology perspective.

About Langara College
Located in beautiful Vancouver, B.C., Canada, snəw̓eyəɬ leləm̓ Langara College provides university-level education to more than 19,000 students annually. With more than 1,700 courses and 130 programs, Langara’s expansive academic breadth and depth allows students of all ages, backgrounds, and life stages to choose their own educational path. Langara is also known as snəw̓eyəɬ leləm, ‘house of teachings’, a name given to it by Musqueam, on whose unceded traditional territory the College is located.

About Avicanna Inc.
Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of evidence-based cannabinoid-based products for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development that has led to the commercialization of more than thirty products across various market segments:

• Medical Cannabis & Wellness Products (RHO Phyto™): The formulary offers a diverse range of proprietary formulations including oral, sublingual, topical, and transdermal deliveries with varying ratios of cannabinoids and is supported with ongoing patient, and medical community education. RHO Phyto has been established as a leading medical brand in Canada and is currently available nationwide to patients across several medical channels and continues to expand into new international markets.

• Pharmaceutical Preparations and Pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has developed an extensive a pipeline of patent-pending drug candidates that are indication-specific and in various stages of clinical development and commercialization. These cannabinoid-based drug candidates look to address unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders. Avicanna’s first pharmaceutical preparation (Trunerox™) is in the drug registration stage in South America.

• MyMedi.ca Medical Cannabis Care Portal: MyMedi.ca is Avicanna’s medical cannabis care platform that is formed with the aim to better serve medical cannabis patients’ needs and enhance the patient journey. MyMedi.ca is expected to launch during August 2023 and will feature diverse and scientifically curated products from leading Canadian licensed producers in addition to pharmacist led patient support programs and educational resources to facilitate the incorporation of medical cannabis into health care regimens. MyMedi.ca also provides specialty services to distinct patient groups such as veterans and collaborating with public and private providers for adjudication and reimbursement.

Click to watch Avicanna’s Corporate Video 2022

SOURCE Avicanna Inc.

Stay Connected
For more information about Avicanna, visit our website, contact Ivana Maric by email at info@avicanna.com or follow us on social media on LinkedIn, Twitter, Facebook, or Instagram.

The Company posts updates through videos from the official Company YouTube channel.

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified using words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated March 31, 2023 filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.