fidelityit, Author at Avicanna

Avicanna Announces Late Filing of Financial Statements and Application for Management Cease Trade Order

Avicanna Announces Initial Listings and Sales for Evidence-Based RHO Phyto™ Products in Canada’s Adult Use Channels Including Ontario, Manitoba, Saskatchewan, and New Brunswick

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS/
TORONTO, March 29, 2021 (GLOBE NEWSWIRE) — Avicanna Inc. (the “Company” or “Avicanna”) (TSX: AVCN) announces that it will miss the deadline (the “Filing Deadline”) of March 31, 2021 to file the following (collectively, the “Documents”):
- the Company’s audited annual financial statements for the years ended December 31, 2020 and 2019, ‎as required by section 4.2 of National Instrument 51-102 – Continuous Disclosure ‎‎Obligations (“NI 51-102”);‎ and
- the Company’s Management Discussion & Analysis for the corresponding years ended December 31, 2020 and 2019, ‎as required by section 5.1(2) of NI 51-102; and
- the CEO and CFO certificates relating to the interim financial report, as required by National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings.
The default is due, in part, to the Company’s auditors requiring additional time to complete their audit and assess the accounting and disclosure contained in the Documents related to certain revenue transactions.
Accordingly, the Company has informed staff of the Ontario Securities Commission about its anticipated delay in filing the Documents and has applied to the Ontario Securities Commission pursuant to Part 4 of National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”) for a Management Cease Trade Order (“MCTO”) pending the filing of the Documents, which MCTO will prohibit the Company’s management from trading in the securities of the Company until such time as the Documents are filed. No decision has yet been made by the Ontario Securities Commission on this application. The Ontario Securities Commission may grant the application and issue the Management Cease Trade Order or it may impose an issuer cease trade order if the Documents are not filed on or before March 31, 2021.
The Company will comply with the alternative information guidelines set out in Section 9 of NP 12-203 and will file bi-weekly default status reports in the form of press releases. The Company anticipates and expects to file the Documents by April 30, 2021.
If a MCTO is issued, during the period of default and until filing of the Documents, the Company intends to satisfy the provisions of the “alternative information guidelines” as set out in NP 12-203, including the requirement to file bi-weekly status reports in the form of news releases containing prescribed updating information. There can be no assurance that a MCTO will be issued.
Until the ‎Company has filed the Documents, members of the Company’s management and other insiders are subject to an insider trading black-out as per its internal Insider Trading and Reporting Policy. The Company confirms that, other than as disclosed in prior press releases and material change reports, there have been no material business developments since the filing on November 11, 2020 of the Company’s latest ‎interim financial reports for the nine month period ended September 30, 2020‎.
The Company is not currently subject to any insolvency proceedings. If the Company provides any information to any of its creditors during the period in which it is in default of filing the Documents, the Company confirms that it will also file material change reports on SEDAR containing such information as is required.
About Avicanna Inc.
Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development, and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.
Avicanna is an established leader in cannabinoid research and development, which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:
- Pura Earth™ or Pura H&W™: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and,
- RHO Phyto™: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all 2 developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.
With ongoing clinical trials on its derma-cosmetic (branded as Pura Earth or Pura H&W), medical cannabis (branded as RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.
Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a range of cannabis and hemp cultivars dominant in CBD, CBG, THC, and other cannabinoids for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June 2020, Avicanna made history with a shipment of hemp seeds to the United States of America by completing the first ever export of hemp seeds from Colombia.
SOURCE Avicanna Inc.
Stay Connected
For more information about Avicanna, visit www.avicanna.com, call 1-647-243-5283, or contact Setu Purohit, President by email at info@avicanna.com.
The Company posts updates through videos from the official Company YouTube channel https://www.youtube.com/channel/UC5yBclNIsNf7VrE34iwt8OA.
Please join the conversation on our Avicanna supporter’s telegram group at https://t.me/Avicannainc.
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 press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the issuance of a Management Cease Trade Order in respect of Avicanna. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits. 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 April 15, 2020 and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com . The statements in this press 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.

Avicanna´s Majority Owned Colombian Subsidiary Attains 2021 THC Production Quota and Completes First Commercial Export of Aureus™ Branded THC Active Pharmaceutical Ingredients to Chile

Avicanna has been granted its 2021 quota from the Colombian government to cultivate and process up to 10,267 kg of dry flower for exports in the form of crude and standardized extracts and final phyto-therapeutic pharmaceutical products and to produce seeds from registered psychoactive varieties for commercial purposes.
This is the first known import of THC Cannabis Extracts into Chile and will be utilized for pharmaceutical drug registration and commercialization.
This marks the first export of psychoactive Cannabis Extract as a part of the Aureus™ branded product offerings which have been successfully exported into 7 other countries.

TORONTO, March 29, 2021 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products is pleased to announce that through its majority owned Colombian subsidiary, Santa Marta Golden Hemp S.A.S. (“SMGH”), the Company has been granted a quota by the Colombian government to cultivate and process up to 10,267 kg of dry flower to manufacture psychoactive (THC) crude and standardized extracts and final phyto-therapeutic pharmaceutical products for export purposes and to produce seeds from registered psychoactive varieties for commercial purposes. The Company also announces that through SMGH it has completed its first commercial export to Chile. SMGH has successfully completed the export of 20.75 kilograms of high THC and high CBD full spectrum psychoactive cannabis resin (the “Cannabis Extracts”) to a leading Chilean homeopathic and naturopathic pharmaceutical company.

Substantial 2021 quota for THC

SMGH has been granted a cultivation manufacturing quota by the Colombian government permitting the company to process up to 10,267 kg of dry flower from its registered and optimized genetics to produce psychoactive derivatives. This substantial sum will be collectively utilized for the exports of crude and standardized extracts and finished phyto-therapeutic pharmaceutical forms. The quotas also allow SMGH to cultivate up to 1,720 cannabis plants to produce seeds from four of SMGH’s registered genetics. These seeds can be utilized to supply other licensed companies either inside Colombia or in foreign markets that permit the import, commercialization, and cultivation of cannabis. This positions the Company to be a supplier of THC-containing active pharmaceutical ingredients and finished products for medical purposes to several markets around the world that are welcoming such imports.

Commercial export into Chile

The Cannabis Extracts will be utilized for the manufacturing of cannabinoid-based pharmaceutical products which are currently in the final stages of clinical development and registration before being commercialized in South America.

The Cannabis Extracts branded as Aureus™ are cultivated, extracted, and manufactured by SMGH. SMGH also supplies pharmaceutical and cosmetics companies with cannabinoids including CBD, THC and rare cannabinoids such as CBG in addition to supplying global cultivation companies with standardized and feminized seeds.

Lucas Nosiglia, President of Avicanna LATAM commented: “We continue to set the standards, pioneer and establish our footprint in South America across our different business units. This milestone acts as Avicanna’s first commercial export of standardized psychoactive extracts into South America and evidence that the industry is evolving towards the need for quality standards and full traceability of input materials for cannabinoid-based pharmaceutical products. We are pleased to see legislation and opportunities related to cannabinoids-based cosmetics, medical and pharmaceutical products evolve at a rapid rate and believe we are in a great position to fortify our leadership position in the region.”

To the knowledge of the Company, it carries out its operations in compliance with all applicable laws in the jurisdictions in which it operates.

About Avicanna

Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.

Avicanna is an established leader in cannabinoid research and development, which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:

Pura H&W™: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and,
RHO Phyto™: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.

With ongoing clinical trials on its derma-cosmetic (Pura H&W), medical cannabis (RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.

Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a range of cannabis and hemp cultivars dominant in CBD, CBG, THC, and other cannabinoids for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June 2020, Avicanna made history with a shipment of hemp seeds to the United States of America by completing the first ever export of hemp seeds from Colombia.

SOURCE Avicanna Inc.

Stay Connected

For more information about Avicanna, visit www.avicanna.com, call 1-647-243-5283, or contact Setu Purohit, President by email at info@avicanna.com.

The company posts updates through videos from the official company YouTube channel https://www.youtube.com/channel/UC5yBclNIsNf7VrE34iwt8OA.

Please join the conversation on our Avicanna supporter’s telegram group at https://t.me/Avicannainc.

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 press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the ability of SMGH to produce seeds from registered psychoactive varieties for commercial purposes, the ability of SMGH to cultivate and process up to 10,267kg of psychoactive flower, the ability of SMGH to produce psychoactive derivatives, the ability of SMGH to cultivate up to 1,720 cannabis plants to produce seeds. The ability of the Company to supply other licensed companies in Colombia or globally with cannabis seeds, the Company being positioned to be a supplier of THC-containing active pharmaceutical ingredients and finished products for medical purposes around the world, the ability of the Company to export crude extracts and finished phyto-therapeutic pharmaceutical products, the ability of SMGH to complete additional exports of Cannabis Extracts to Chile, the ability of SMGH to continue to cultivate, extract, and manufacture the Cannabis Extracts, the ability of Avicanna to use the Cannabis Extracts for the production and manufacture of finished products, and the ability of SMGH to supply pharmaceutical and cosmetic companies with cannabinoids (including rare cannabinoids) in addition to supplying global cultivation companies with standardized and feminized seeds. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.

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 April 15, 2020, and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com.

The statements in this press 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.

Avicanna to Participate in Benzinga Biotech Small Cap Conference and the Virtual Life Sciences Investor Forum both taking place on Thursday March 25th

TORONTO, Mar. 25, 2021(GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products is pleased to announce that Avicanna’s Chief Executive Officer, Aras Azadian has been invited to present at the Benzinga Biotech Small Cap Conference (the “Benzinga Conference”) and the Virtual Life Sciences Investor Forum (the “Life Sciences Investor Forum”).

Mr. Azadian will be presenting at the Benzinga Conference on March 25, 2021 at 10:40AM EST and will be participating in the panel discussion entitled “The Natural Solutions: Cannabis & Cannabinoids”. The Benzinga Conference is focussed on highlighting companies in the biotech space who are helping to bring the world back to normalcy in the wake of the COVID-19 pandemic. To register and learn more about the Benzinga Conference visit https://www.benzinga.com/events/small-cap/biotech/.

Mr. Azadian will be presenting at the Life Sciences Investor Forum on March 25, 2021 at 2:00PM EST. The Life Sciences Investor Forum is the largest online investor conference series dedicated to the life sciences industry and features presentations from top executives and experts with live Q&A. To register and learn more about the Life Sciences Investor Forum visit https://www.lifesciencesinvestorforum.com/events/event-details/agenda.

About Avicanna

Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.

Avicanna is an established leader in cannabinoid research and development, which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:

Pura H&W™: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and,
RHO Phyto™: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.

With ongoing clinical trials on its derma-cosmetic (Pura H&W), medical cannabis (RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.

Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a range of cannabis and hemp cultivars dominant in CBD, CBG, THC, and other cannabinoids for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June 2020, Avicanna made history with a shipment of hemp seeds to the United States of America by completing the first ever export of hemp seeds from Colombia.

SOURCE Avicanna Inc.

Stay Connected

For more information about Avicanna, visit www.avicanna.com, call 1-647-243-5283, or contact Setu Purohit, President by email at info@avicanna.com.

The company posts updates through videos from the official company YouTube channel https://www.youtube.com/channel/UC5yBclNIsNf7VrE34iwt8OA.

Please join the conversation on our Avicanna supporter’s telegram group at https://t.me/Avicannainc.

Avicanna Closes Non-Brokered Private Placement Raising $5.6 Million.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS

Toronto, Ontario – Mar 4, 2021 – Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of organic and sustainable plant-derived cannabinoid-based products, is pleased to announce that it has closed a non-brokered private placement (the “Offering”). Under the Offering, the Company has issued an aggregate of 4,480,000 units (the “Units”) at a price of CAD$1.25 per Unit for aggregate gross proceeds of approximately CAD$5.6 million.

Aras Azadian, CEO of Avicanna commented “We are pleased to have strengthened our balance sheet and to have done so in a private setting with existing shareholders and new strategic and long-term investors. We are at an excellent position now to execute our business plan and expand commercial and marketing efforts in our priority markets in North America and South America.”

Each Unit is comprised of one (1) common share in the capital of the Company (each, a “Common Share”) and one (1) common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant is exercisable into one common share in the capital of the Company (each, a “Warrant Share”) at a price of CAD$1.75 per Warrant Share until March 4, 2024.

The Company intends to use the proceeds from the Offering for general working capital purposes.

All securities issued under the Offering, including securities issuable on exercise thereof, are subject to a hold period expiring four months and one day from the date hereof. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

About Avicanna
Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.

Avicanna is an established leader in cannabinoid research and development, which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:

• Pura H&W: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and,

• RHO Phyto: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.

With ongoing clinical trials on its derma-cosmetic (Pura H&W), medical cannabis (RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.

Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a range of cannabis and hemp cultivars dominant in CBD, CBG, THC, and other cannabinoids for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June 2020, Avicanna made history with a shipment of hemp seeds to the United States of America by completing the first ever export of hemp seeds from Colombia.

SOURCE Avicanna Inc.

Stay Connected

For more information about Avicanna, visit www.avicanna.com, call 1-647-243-5283, or contact Setu Purohit, President by email info@avicanna.com.

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 press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the use of proceeds of the Offering. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.

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 April 15, 2020 and short form prospectus dated November 27, 2020 filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com.
The statements in this press 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.

Avicanna Launches RHO Phyto™ Topical Gels in Canada and Initiates Clinical Studies

RHO Phyto Deep Tissue Gels will be initially available on the Medical Cannabis by Shoppers Drug Mart™ online platform and expanded into specific consumer retail channels in February 2021.
Initiation of osteoarthritis preclinical trials in Canada in addition to the enrollment of the products into the UHN MC-RWE study to evaluate the effectiveness on pain, sleep, anxiety, and depression.

TORONTO, Jan. 28, 2021 (GLOBE NEWSWIRE) – Avicanna Inc. (“Avicanna” or the “Company“) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products is pleased to announce the launch of the RHO Phyto™ Deep Tissue Gels (the “RHO Phyto Deep Tissue Gels”) through Medical Cannabis by Shoppers Drug Mart as well as through additional adult use channels. The Company is also pleased to announce the initiation of pre-clinical osteoarthritis evaluations after successful in vitro studies and the enrollment of the Deep Tissue Gels in the Medical Cannabis Real World Evidence (“MC-RWE”) study. The MC-RWE study is led by the University Health Network (“UHN”) with the goal to evaluate the effectiveness of medical cannabis on pain, sleep and other related comorbidities.

About the RHO Phyto Deep Tissue Gels

The RHO Phyto Deep Tissue Gels synergistically combine natural clove oil and menthol with cannabinoids and natural polyphenols in advanced emulsions which are optimized for faster absorption and deeper delivery. The RHO Phyto Deep Tissue Gel formulations are also designed for long term cannabinoid shelf-life stability and accurate dosing with cooling sensation, and pleasant mint aroma. The deep tissue technology has been developed and optimized by Avicanna’s research and development team. Over the last 3 years, the RHO Phyto Deep Tissue Gel formulations have been validated by a series of preclinical studies where both stability and enhanced absorption into the deeper layers of the skin were shown.

The Cannabis and Pharmaceutical Market Opportunity

The launch of the RHO Phyto Deep Tissue Gels comes at a time when patients and consumers are seeking cannabinoid-based topical products and, despite the regulatory changes in October 2018 (“Cannabis 2.0”), there has been a limited number of topical products available in the projected $3B Canadian cannabis market. In a 2018 Cannabis Report by Deloitte, 53% of users suggested they would try topical products in view of the new regulations. Additionally, 79% of these new users would like to use a topical product for potential pain relief.

Additionally, further clinical development of the RHO Phyto Deep Tissue Gel formulations is progressing with the goal of eventual registration as over-the-counter (“OTC”) drugs in legally permissible markets for relief of local pain associated with inflammation. The RHO Phyto Deep Tissue Gel product line is designed to compete with the current “gold standard” products such as Voltaren™.

Avicanna’s CEO, Aras Azadian commented: “With the launch of our topicals in Canada, we continue to validate our scientific capabilities of developing, optimizing and commercializing industry leading products and are extremely optimistic about their potential in the Canadian market. Additionally, we continue to demonstrate our commitment to our evidence-based approach with our recent results and initiation of further trials. As a cannabinoid-based biopharmaceutical company we are in a truly unique place to be able to commercialize these products through cannabis channels while we continue to make progress in their clinical development towards pharmaceutical drugs in parallel.”

Clinical Development

Expanding on existing evidence^1,2, the RHO Phyto Deep Tissue Gels are formulated to deliver a synergistic combination of cannabinoid and other active ingredients including Beta Caryophyllene in a topical formulation to address joint and muscle pain related to inflammation. To demonstrate potential efficacy, the products have been enrolled in Canadian preclinical studies to their efficacy in addressing localized pain and inflammation caused by osteoarthritis. The studies also seek to compare the efficacy of the RHO Phyto Deep Tissue Gels, with varying cannabinoid ratios, to Voltaren.

In addition, the RHO Phyto Deep Tissue Gel will be available in the MC-RWE studies led by UHN. This observational trial will evaluate the effectiveness of medical cannabis products on chronic pain, sleep, anxiety and depression through the completion of validated questionnaires over a 24 week period.

[1] Hammell DC, Zhang LP, Ma F, Abshire SM, McIlwrath SL, Stinchcomb AL, Westlund KN. Transdermal cannabidiol reduces inflammation and pain-related behaviours in a rat model of arthritis. Eur J Pain 2016;20: 936–48.

[2] Lowin T, Schneider M, Pongratz G. Joints for joints: cannabinoids in the treatment of rheumatoid arthritis. Curr Opin Rheumatol 2019;31:271–8.

About Avicanna Inc.

Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development, and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.

Avicanna is an established leader in cannabinoid research and development, which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:

Pura Earth™ or Pura H&W™: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and,
RHO Phyto™: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all 2 developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.

With ongoing clinical trials on its derma-cosmetic (branded as Pura Earth or Pura H&W), medical cannabis (branded as RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.

Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a range of cannabis and hemp cultivars dominant in CBD, CBG, THC, and other cannabinoids for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June 2020, Avicanna made history with a shipment of hemp seeds to the United States of America by completing the first ever export of hemp seeds from Colombia.

SOURCE Avicanna Inc.

Stay Connected

For more information about Avicanna, visit www.avicanna.com, call 1-647-243-5283, or contact Setu Purohit, President by email at info@avicanna.com.

The company posts updates through videos from the official company YouTube channel https://www.youtube.com/channel/UC5yBclNIsNf7VrE34iwt8OA.

Please join the conversation on our Avicanna supporter’s telegram group at https://t.me/Avicannainc.

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 press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the availability of the Deep Tissue Gels in the adult use markets in February 2021, the synergistic combination of the ingredients of the Deep Tissue Gels, the ability of the combination of the ingredients of the Deep Tissue Gels contributing the faster absorption and deeper delivery of cannabinoids, to the effectiveness and stability of the Deep Tissue Gels, the ability of the Company to register the Deep Tissue Gels as OTC products. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.

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 April 15, 2020 and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com .

The statements in this press 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.

Avicanna Initiates Pre-Clinical and Behavioural Studies on its RHO Phyto™ Formulary with University of Guelph and Provides Research and Management Team Updates

TORONTO, Jan. 21, 2021 (GLOBE NEWSWIRE) – Avicanna Inc. (“Avicanna” or the “Company“) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products has updated and amended its collaboration with Dr. Jibran Khokhar, Assistant Professor at the University of Guelph, and initiated prioritized pre-clinical studies on the RHO Phyto formulations that are commercialized in Canada and Colombia. Additionally, the Company provides an update on research projects with the University of Toronto and Thompson Rivers University as well as a change to its management team.

Initiation of pre-clinical studies on RHO Phyto in collaboration with University of Guelph

Further to Avicanna’s previous announcement regarding Dr. Khokhar’s research team at the University of Guelph being awarded a Natural Sciences and Engineering Research Council of Canada (“NSERC”) Alliance grant focused on the neurobiological underpinnings of cannabis toxicosis with the aim to evaluate Avicanna’s formulations in the treatment of cannabis-induced toxicosis, the project is now being expanded. The expansion of the project includes pharmacokinetic and behavioural testing of Avicanna’s RHO Phyto™ formulations as well as studying their efficacy in alleviating neuropathic pain and addiction. The data generated from the research will help guide Avicanna’s clinical development, including the pharmaceutical and real-world evidence studies related to the RHO Phyto formulations, and will provide additional information to health care practitioners who are recommending and prescribing the products in several markets.

COVID-19 drug candidate project update

The research collaboration with the University of Toronto on the development of a drug candidate to treat lung inflammation caused by COVID-19, with funding support from an NSERC Alliance grant and a MITACS Alliance grant, is complete. The peer-reviewed grants were focused on the development of a cannabinoid formulation to be used for further research on COVID-19. The physical and chemical characterization of the optimized cannabinoid formulation is complete, which included its stability and drug release properties in relevant conditions.

COVID-19 and anti-inflammatory related research collaboration with TRU with non-dilutive funding

In partnership with Avicanna, Dr. Kingsley Donkor and collaborators from Thompson Rivers University (“TRU”), will be evaluating naturally derived cannabinoids and candidate formulations for their efficacy to modulate the receiving receptor of COVID-19 (angiotensin-converting ACE2 gene expression). This project will focus on elucidating the mechanism of action of novel prophylactic nasal and oral cannabinoid products for humans that target ACE2 viral gateways. Candidate formulations, once identified, will be evaluated for anti-inflammatory effects in human-derived lung tissue models. The research with TRU is supported by an NSERC grant and a MITACS Internship.

Management change

Avicanna further announces the resignation of Dr. Amza Ali from his role of Chief Medical Officer so that he may focus more on his medical, academic, and other research pursuits and to dedicate more time to his family. Dr. Ali’s resignation will be effective January 28, 2021. Dr. Ali will continue to advise on the Company’s neurology-related projects including the recently announced epilepsy collaboration with UHN. Avicanna’s extensive medical and R&D team continues advancing the Company’s clinical projects and will maintain its scientific leadership position within the cannabinoid industry.

Aras Azadian, CEO of Avicanna, commented: “I want to thank Dr. Ali for his contributions during his tenure with Avicanna. He has been instrumental in establishing our medical guidelines and enhancing our clinical plans and we look forward to continuing to build on the medical and scientific platforms and best practices we have established. We also look forward to his continuous guidance on our neurological projects, including the very important epilepsy research we have recently embarked on.”

About Avicanna Inc.

Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development, and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.

Avicanna is an established leader in cannabinoid research and development, which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:

Pura Earth™ or Pura H&W™: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and,
RHO Phyto™: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all 2 developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.

With ongoing clinical trials on its derma-cosmetic (branded as Pura Earth or Pura H&W), medical cannabis (branded as RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.

Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a range of cannabis and hemp cultivars dominant in CBD, CBG, THC, and other cannabinoids for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June 2020, Avicanna made history with a shipment of hemp seeds to the United States of America by completing the first ever export of hemp seeds from Colombia.

SOURCE Avicanna Inc.

Stay Connected

For more information about Avicanna, visit www.avicanna.com, call 1-647-243-5283, or contact Setu Purohit, President, by email at info@avicanna.com.

The company posts updates through videos from the official company YouTube channel https://www.youtube.com/channel/UC5yBclNIsNf7VrE34iwt8OA.

Please join the conversation on our Avicanna supporter’s telegram group at https://t.me/Avicannainc.

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 press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the Company’s ability to complete the various studies, the Company’s and the research institutions’ abilities to maintain any and all required licenses or authorizations to perform the studies, and the Company’s ability to market and/or publish any data resulting from the studies. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.

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 April 15, 2020 and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com.

The statements in this press 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.

Avicanna Advances Pharmaceutical Epilepsy Program with Collaboration with The University Health Network and GMP Manufacturing Of Its First Pharmaceutical Preparation

Avicanna Advances Pharmaceutical Epilepsy Program With Collaboration With The University Health Network And Gmp Manufacturing Of Its First Pharmaceutical Preparation

The multi-level cannabinoid-based collaboration with leading epilepsy researcher Dr. Peter Carlen at the world-renowned Krembil Research Institute at UHN is also supported by a Mitacs Accelerate program grant.

UHN scientists will be analyzing Avicanna’s RHO Phyto™ cannabinoid-based products for their efficacy on comorbidities and seizure control in addition to identifying optimized cannabinoid and non-cannabinoid ratios for future drug development.

First fully GMP and ICH compliant manufacturing of Avicanna’s proprietary pharmaceutical preparation to treat epilepsy has been completed by Altea Farmaceutica S.A. in preparation for registration and commercialization in South America.

Toronto, Ontario – January 6, 2021 – Avicanna Inc. (“Avicanna” or the “Company“) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products, is pleased to announce that the Company has entered into a master services agreement (the “Master Services Agreement”) with the University Health Network (“UHN”) for projects to be performed by Dr. Peter Carlen as the principal investigator related to epilepsy. Additionally, the company has completed the technical transfer and first pharmaceutical pilot production of its epilepsy drug candidate at Altea Farmaceutica S.A. (“Altea”) in Bogota, Colombia, a major step required for the final preparation for its registration and commercialization in South America.

The epilepsy research collaboration is lead by Dr. Peter Carlen, who is a Senior Scientist at the Krembil Research Institute at UHN and a world-renowned researcher in the field of epilepsy. Dr. Carlen’s laboratory will be analyzing Avicanna’s RHO Phyto and pharmaceutical cannabinoid-based products (the “Products”) for their efficacy in the treatment of seizures. The partnership will also co-develop a high throughput electrophysiological testing system for the evaluation of multiple cannabinoid ratios and in combination with standard epileptic drugs. In addition, the system will examine standard anti-seizure drugs for their efficacy in the model and determine the potential synergistic value of adjunctive cannabinoids, and cannabinoids as monotherapy in treating seizures in this in vitro setting.

Dr. Peter Carlen commented: “The Carlen lab is very pleased to research the relationships between the premium medicinal cannabinoid products of Avicanna and their effects on epilepsy. Also, in collaboration with Avicanna, we are developing a high-throughput platform to assess these interactions. We think that medical cannabinoids will have a major impact on brain health, particularly as we gain greater understanding of their effects on brain function in health and disease.”

The services to be performed under the Master Services Agreement will be provided on an exclusive basis and Dr. Carlen’s laboratory has agreed to not conduct testing on any formulations or products similar to the Products for a period of two (2) years. All intellectual property created under the Master Services Agreement will remain the sole property of Avicanna. The research collaboration is further expanded to include electrophysiological studies of medical cannabinoids on 3D human cerebral organoids and neuroglial cultures with the support of a two-year Mitacs Accelerate program grant.

Avicanna also completed its first pharmaceutical level production of its first epilepsy drug candidate under GMP and ICH guidelines which are necessary for sanitary drug registration. The formulation developed by Avicanna includes active pharmaceutical ingredients which are cannabinoids produced by Avicanna’s subsidiary Santa Marta Golden Hemp S.A.S. The final GMP manufacturing took place at Avicanna’s exclusive manufacturing partner’s, Altea’s, facility in Bogota, which is a Health Canada and ANVISA (Brazil) approved GMP facility. The completion of this pharmaceutical production now allows Avicanna to proceed with drug registrations for epilepsy across several markets in South America including Colombia and Brazil.

Aras Azadian, CEO of Avicanna, commented: “We are pleased to demonstrate our dedication to world-class research and to take this stride in our epilepsy research program with a leading Canadian research institute and Dr. Carlen. This multi-level partnership will help to further study our current medical cannabis and pharmaceutical products, and will support the development and increase the depth of our pharmaceutical pipeline. Additionally, the completion of our first pharmaceutical production marks a milestone event in our drug development plans and highlights our capabilities to scale our drug formulations from bench top to industrial manufacturing.”

About the Krembil Research Institute at UHN

The Krembil Research Institute at Toronto Western Hospital at UHN is home to one of the world’s largest and most comprehensive teams of physicians and scientists uniquely working hand-in-hand to prevent and confront problems of the brain and spine. One in three Canadians will experience a brain-related condition such as Parkinson’s, Alzheimer’s or Stroke in their lifetime. Through state-of-the-art patient care and advanced research, we are working relentlessly toward finding new treatments and cures.

About Mitacs

Mitacs is a not-for-profit organization that fosters growth and innovation in Canada by solving business challenges with research solutions from academic institutions. Mitacs is funded by the Government of Canada, the Government of Alberta, the Government of British Columbia, Research Manitoba, the Government of New Brunswick, the Government of Newfoundland and Labrador, the Government of Nova Scotia, the Government of Ontario, Innovation PEI, the Government of Quebec, and the Government of Saskatchewan.

About Avicanna Inc.

Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development, and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.

Avicanna is an established leader in cannabinoid research and development, which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:

Pura Earth™ or Pura H&W™: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and,
RHO Phyto™: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all 2 developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.

With ongoing clinical trials on its derma-cosmetic (branded as Pura Earth or Pura H&W), medical cannabis (branded as RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.

Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a range of cannabis and hemp cultivars dominant in CBD, CBG, THC, and other cannabinoids for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June 2020, Avicanna made history with a shipment of hemp seeds to the United States of America by completing the first ever export of hemp seeds from Colombia.

SOURCE Avicanna Inc.

Stay Connected

For more information about Avicanna, visit www.avicanna.com, call 1-647-243-5283, or contact Setu Purohit, President by email at info@avicanna.com.

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 press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the ability of the Company to carry on its obligations with UHN, Mitacs, or Altea, the ability of UHN or its staff to perform the studies referred to in this news release, or the potential outcomes of such studies referred to herein. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.

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 April 15, 2020 and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com.

The statements in this press 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.

Avicanna Announces Exercise And Closing Of Over-Allotment Option

TORONTO, CANADA – December 31, 2020 – Avicanna Inc. (“Avicanna“, or the “Company“) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) is pleased to announce that further to the closing of its marketed public offering of 5,966,900 units (“Units”) of the Company at a price of $0.85 per Unit which occurred on December 8, 2020 (the “Offering”), the Agents (as defined below) have exercised their over-allotment option (the “Over-Allotment Option“) in full to sell an additional 895,034 Units at a price of $0.85 per Unit, for gross proceeds of approximately $760,780

Including the Units sold pursuant to the Over-Allotment Option, a total of 6,861,934 Units were issued under the Offering for aggregate gross proceeds of approximately $5,832,645. Each Unit is comprised of one common share of the Company (each a “Common Share”) and one-half of one common share purchase warrant of the Company (each full warrant, a “Warrant” and collectively the “Warrants”). Each Warrant is exercisable for one Common Share at a price of $1.20 per share until December 8, 2023.

The Offering was conducted on a “best efforts” basis by a syndicate of agents led by Echelon Wealth Partners Inc., as lead agent and sole-bookrunner, and including Beacon Securities Limited and Canaccord Genuity Corp. (collectively, the “Agents”).

The Company intends to use the net proceeds of the Offering, including those proceeds raised in connection with the exercise of the Over-Allotment Option, for product development, working capital and general corporate purposes, as further described in the Company’s short form prospectus dated November 27, 2020, a copy of which is available under the Company’s profile at www.sedar.com.

The securities described in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (“U.S. Securities Act”) or any state securities laws. Accordingly, the securities may not be offered or sold in the United States (as such term is defined in Regulation S under the U.S. Securities Act) or to, or for the account or benefit of, a U.S. person (as such term is defined in Regulation S under the U.S. Securities Act) except pursuant to transactions exempt from registration under the U.S. Securities Act and under the securities laws of any applicable state. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States.

About Avicanna Inc.

Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development, and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.

Avicanna is an established leader in cannabinoid research and development, which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:

Pura H&W™: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and,
RHO Phyto™: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all 2 developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.

With ongoing clinical trials on its derma-cosmetic (Pura H&W), medical cannabis (RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.

Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a range of cannabis and hemp cultivars dominant in CBD, CBG, THC, and other cannabinoids for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June 2020, Avicanna made history with a shipment of hemp seeds to the United States of America by completing the first ever export of hemp seeds from Colombia.

SOURCE: Avicanna Inc.

Stay Connected

For more information about Avicanna, visit www.avicanna.com, call 1-647-243-5283, or contact Setu Purohit, President by email at info@avicanna.com.

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 press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. The forward-looking information contained in this news release is based on certain key expectations and assumptions made by the Company, including satisfaction of regulatory requirements in various jurisdictions and the use of proceeds from the Offering.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits. 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, the delay or failure to receive regulatory approvals, and the risk factors set out in the Company’s annual information form dated April 15, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com.

Avicanna Expands Distribution Network In South America Through Commercial Partnerships In Ecuador And Commercial Export Of Feminized Seeds To Uruguay

Partnership with Alliancepharma Technologies S.A., one of Ecuador’s largest pharmaceutical companies, will take advantage of the upcoming cannabis regulations to allow for the registration and distribution of several of Avicanna’s consumer and pharmaceutical products across Ecuador

Distribution agreement with Spenta S.A., an Ecuadorian cosmetic distributor, for the distribution of its derma-cosmetic product line branded as Pura Earth^TM

Successful registration and export of CBD and CBG dominant feminized seeds to Uruguay from Colombia

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS/

Toronto, Ontario – December 17, 2020 – Avicanna Inc. (“Avicanna” or the “Company“) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products, is pleased to announce that it has entered into an importation and distribution agreement with Alliancepharma Technologies S.A. (“Alliancepharma”) for the distribution of Avicanna’s advanced and clinically supported medical and pharmaceutical formulations in Ecuador. Avicanna has also entered into an agreement with Spenta S.A. (“Spenta”), an Ecuadorian cosmetic distributor, for the distribution of its Pura Earth branded derma-cosmetic product line nationwide. As part of its commercial expansion plans, Avicanna has also completed an export of feminized seeds to Uruguay from its majority-owned cultivation subsidiary, Santa Marta Golden Hemp S.A.S. (“SMGH’) in Santa Marta, Colombia.

Avicanna’s exclusive agreement with Alliancepharma will take advantage of the upcoming Ecuadorian regulations of cannabis-based products and allow for the registration and commercialization of Avicanna’s advanced cannabinoid-based consumer and pharmaceutical products in the Ecuadorian market. The product offerings include Avicanna’s deep tissue topical formulations marketed as consumer products in addition to several pharmaceutical products that are intended to be registered as indication specific drugs and natural medicines. Alliancepharma, a part of the Naturex group and one of the largest pharmaceutical companies in Ecuador, is expected to leverage its in-house distributionand commercialization capabilities as well as its network of nation-wide pharmacies to bring Avicanna’s products to consumers all over the country upon the regulations in Ecuador coming into effect.

“We are very excited to enter the Ecuadorian market with the first cannabinoid-based pharmaceutical products with the support of a world class partner such as Avicanna Inc. This partnership strengthens our commitment as pioneers and leaders in the pharmaceutical industry, offering innovative phyto-therapeutic solutions to continue improving the quality of life of our patients.” Stated Diego Vega, International Business Development Director of Alliancepharma.

Avicanna’s Pura Earth branded derma-cosmetic products are expected to enter the Ecuadorian market through Spenta’s distribution nationwide network of pharmacies, beauty retailers and e-commerce platforms. The agreement with Spenta coincides with an initial purchase order of several SKU’s which is expected to be exported from Colombia in Q1-2021. This will become the second South American market after Colombia in which the Pura Earth branded derma-cosmetic products will be available for sale. The derma-cosmetic formulations, which synergistically combine natural ingredients with hemp-derived CBD, have been developed through a rigorous scientific and evidence-based approach that includes positive results from the completion of 3 cosmetic human clinical studies.

As part of the Company’s commercial expansion plans, Avicanna’s majority owned subsidiary, SMGH, has completed the registration of its CBD and CBG dominant genetics in Uruguay and a commercial export of feminized non-psychoactive cannabis seeds to Uruguay. This marks three countries in which Avicanna’s seeds are currently commercially sold including the United States and Colombia. As a global cannabis and hemp cultivation industry begins to emerge, Avicanna’s industry leading genetics program seeds business unit is well positioned to be a reliable supplier of high quality seeds.

Lucas Nosiglia, President of Avicanna LATAM, commented: “We continue to demonstrate leadership across the LATAM markets and validate our diverse business model which is dedicated to quality cannabinoid products across the full value chain. We are optimistic about the opportunity in LATAM markets as we continue to see the regulations and business opportunities evolve and believe our medical and scientific superiority combined with our sustainable and economical costs positions us at the forefront of this emerging sector.”

To the knowledge of the Company, it is in compliance with all applicable laws in the jurisdictions in which it operates.

About Avicanna Inc.

Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development, and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.

Avicanna is an established leader in cannabinoid research and development, which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:

Pura Earth™ or Pura H&W™: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and,
RHO Phyto™: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all 2 developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.

With ongoing clinical trials on its derma-cosmetic (branded as Pura Earth or Pura H&W), medical cannabis (branded as RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.

Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a range of cannabis and hemp cultivars dominant in CBD, CBG, THC, and other cannabinoids for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June 2020, Avicanna made history with a shipment of hemp seeds to the United States of America by completing the first ever export of hemp seeds from Colombia.

SOURCE Avicanna Inc.

Stay Connected

For more information about Avicanna, visit www.avicanna.com, call 1-647-243-5283, or contact Setu Purohit, President by email at info@avicanna.com.

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 press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the ability of the Company to manufacture any of the products, the ability of the Company to export any of the products, the ability of Alliancepharma or Spenta to distribute the products, the regulations coming into full force and effect in Ecuador, and the ability of SMGH to continue to complete exporting cannabis seeds to Uruguay. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.

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 April 15, 2020 and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com.

The statements in this press 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.

Avicanna Launches Medical Cannabis Program With Its Rho Phyto™ Formulary Nationwide In Colombia

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS/

Leveraging the successful launch of the Company’s RHO Phyto™ branded advanced medical cannabis product line in Canada, the portfolio of preparations, including oil drops, sublingual sprays, capsules and topicals, are now available nationwide in Colombia through physician prescription under the Magisterial model
The medical program includes Avicanna’s 3 pillars aimed at setting the gold standard for medical cannabis in Colombia and other Latin American markets, including Medical community education, Advanced pharmaceutical-grade cannabinoid preparations and a Comprehensive patient support program
Coinciding with the launch of the medical program, Avicanna is hosting its second Colombian symposium Magisterial Formulas: Advances in Cannabinoid Research, Product Offering and Patient Access

Toronto, Ontario – December 10, 2020 – Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products announces the launch of its medical cannabis program in Colombia, under compound pharmacy legislation “Formulaciones Magistrales”, in which Avicanna will provide its standardized, industry-leading cannabinoid formulary to patients and the medical community. Additionally, this program includes the education and training of the medical community and a comprehensive patient support program.

Aras Azadian, CEO of Avicanna Inc., commented: “After 2 years of preparation, we are proud to be launching this complete program in a market that is very significant to us and to be doing so with a medical community that we have been working closely with for close to 3 years. We believe that this medical program will set the gold standard for advanced cannabinoid-based medicine in Colombia and will act as a proof of concept for planned expansions into other Latin American markets.”

The pharmaceutical cannabinoid preparations, which require physician prescription, will be commercialized through a range of business models including direct sales to patients, delivery to national pharmacies and delivery to third party medical institutions across Colombia. This comprehensive medical cannabis program is the first of its kind in Colombia to be educating and training third party health care practitioners on the efficacy of advanced cannabinoid-based medicine across various clinical indications and comorbidities and providing appropriate cannabinoid solutions. The target therapeutic areas include neurological disorders such as epilepsy, Parkinson’s disease, multiple sclerosis, psychiatric indications such as PTSD, anxiety, depression as well as chronic pain.

This first complete portfolio of advanced cannabinoid preparations comprises the same scientifically developed formulations as Avicanna’s Canadian RHO Phyto branded dosage forms including topicals, oil drops, sublingual sprays, and capsules in range of CBD only and CBD-THC ratios. The products are subjected to typical pharmaceutical drug development, including stability studies and preclinical analysis where they have demonstrated superior stability and bioavailability in comparison to basic MCT oil formulations. Avicanna continues to advance these formulations through real world evidence trials and further preclinical studies with leading Canadian institutions and clinicians. In addition to its R&D efforts, the Company continues to optimize its current formulas and expand its pipeline of products to include alternative delivery mechanisms. The active pharmaceutical ingredients for this program are sourced from Avicanna’s majority owned subsidiary Santa Marta Golden Hemp S.A.S., where the cannabinoids are extracted from organic and sustainably cultivated plants. The final preparation of these products is completed through Avicanna’s own Good Production Practices (GPP) certified pharmacy lab in Bogota through its wholly owned subsidiary Avicanna LATAM S.A.S. (“Avicanna LATAM”), which is believed to be the first of its kind to be certified for cannabinoid preparations. The education and patient support programs are also managed and operated by Avicanna’s medical team to ensure the services meet Avicanna’s quality standards and complete the full vertical integration.

“At Avicanna, our focus has always been on patients, and today, with the launch of our medical program, patients in Colombia will have access to therapeutic alternatives that may contribute to the control of their comorbidities, improving their quality of life and solving possible unmet medical needs altogether. With that, we have established ourselves as a significant contributor to the health system in Colombia, where we intend to also introduce novel pharmaceutical forms and provide optimal care.” stated Dr. Carlos Maldonado, Senior Vice President, Clinical Development at Avicanna LATAM.

Avicanna’s educational program includes health care practitioner (“HCP”) training packages, educational modules, certifications, medical symposia and real-world evidence trials. The goal of this educational program is to contribute to scientific progress through evidence generation and to equip HCPs to provide patients with optimal care. A timely component of the Company’s educational program, its upcoming event titled Magisterial Formulas: Advances in Cannabinoid Research, Product Offering and Patient Access” on December 10, 2020 at 10am EST, will officially kick off the nation program.

To register for the symposium please visit https://www.bigmarker.com/avicanna-latam-s-a-s/Simposio-de-Avicanna-Colombia-Cannabis-Medicinal

For more information regarding the Magisterial Preparations contact fm@avicanna.com.

About Avicanna Inc.

Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development, and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.

Avicanna is an established leader in cannabinoid research and development, which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:

Pura H&W™: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and,
RHO Phyto™: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all 2 developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.

With ongoing clinical trials on its derma-cosmetic (Pura H&W), medical cannabis (RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.

Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a range of cannabis and hemp cultivars dominant in CBD, CBG, THC, and other cannabinoids for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June 2020, Avicanna made history with a shipment of hemp seeds to the United States of America by completing the first ever export of hemp seeds from Colombia.

SOURCE Avicanna Inc.

Stay Connected

For more information about Avicanna, visit www.avicanna.com, call 1-647-243-5283, or contact Setu Purohit, President by email at info@avicanna.com.

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 press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the ability of the Company to provide the Colombian population with standardized and advanced medical solutions, the ability of the Company and Avicanna LATAM to manufacture its line of advanced cannabinoid formulations to service individual prescriptions issued by qualified medical professionals, the Company’s ability to set the standard in Colombia and other Latin American countries by offering products with years of extensive research and development manufactured with world-class quality standards, the ability of the unique formulations to maintain the stability of the cannabinoids over the course of treatment, the ability of the Company to source the cannabinoids for the manufacture of the medical cannabis products from Santa Marta Golden Hemp S.A.S., the ability of the product formulations to address specific medical conditions, and the ability of Santa Marta Golden Hemp S.A.S. to continue to cultivate cannabis. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.

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 April 15, 2020 and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com.

The statements in this press 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.

Avicanna Announces Late Filing of Financial Statements and Application for Management Cease Trade Order

Avicanna Announces Initial Listings and Sales for Evidence-Based RHO Phyto™ Products in Canada’s Adult Use Channels Including Ontario, Manitoba, Saskatchewan, and New Brunswick

Avicanna´s Majority Owned Colombian Subsidiary Attains 2021 THC Production Quota and Completes First Commercial Export of Aureus™ Branded THC Active Pharmaceutical Ingredients to Chile

Avicanna´s Majority Owned Colombian Subsidiary Attains 2021 THC Production Quota and Completes First Commercial Export of Aureus™ Branded THC Active Pharmaceutical Ingredients to Chile

Avicanna to Participate in Benzinga Biotech Small Cap Conference and the Virtual Life Sciences Investor Forum both taking place on Thursday March 25th

Avicanna to Participate in Benzinga Biotech Small Cap Conference and the Virtual Life Sciences Investor Forum both taking place on Thursday March 25th

Avicanna Closes Non-Brokered Private Placement Raising $5.6 Million.

Avicanna Closes Non-Brokered Private Placement Raising $5.6 Million.

Avicanna Launches RHO Phyto™ Topical Gels in Canada and Initiates Clinical Studies

Avicanna Launches RHO Phyto™ Topical Gels in Canada and Initiates Clinical Studies

Avicanna Initiates Pre-Clinical and Behavioural Studies on its RHO Phyto™ Formulary with University of Guelph and Provides Research and Management Team Updates

Avicanna Initiates Pre-Clinical and Behavioural Studies on its RHO Phyto™ Formulary with University of Guelph and Provides Research and Management Team Updates

Avicanna Advances Pharmaceutical Epilepsy Program with Collaboration with The University Health Network and GMP Manufacturing Of Its First Pharmaceutical Preparation

Avicanna Advances Pharmaceutical Epilepsy Program With Collaboration With The University Health Network And Gmp Manufacturing Of Its First Pharmaceutical Preparation

Avicanna Announces Exercise And Closing Of Over-Allotment Option

Avicanna Announces Exercise And Closing Of Over-Allotment Option

Avicanna Expands Distribution Network In South America Through Commercial Partnerships In Ecuador And Commercial Export Of Feminized Seeds To Uruguay

Avicanna Expands Distribution Network In South America Through Commercial Partnerships In Ecuador And Commercial Export Of Feminized Seeds To Uruguay

Avicanna Launches Medical Cannabis Program With Its Rho Phyto™ Formulary Nationwide In Colombia

Avicanna Launches Medical Cannabis Program With Its Rho Phyto™ Formulary Nationwide In Colombia

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