Avicanna Signs Wide-Ranging Strategic Manufacturing and IP Licensing Agreement with World-Class Canadian Manufacturer MediPharm Labs

Avicanna Signs Wide-Ranging Strategic Manufacturing and IP Licensing Agreement with World-Class Canadian Manufacturer MediPharm Labs

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 – May 13, 2020 – 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 the Company has entered into a multi-faceted strategic manufacturing agreement with MediPharm Labs Corp., (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm Labs”) involving production for domestic and international distribution and intellectual property licensing. MediPharm Labs is a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative product manufacturing.

Under the agreement, which has an initial three-year term, MediPharm Labs will use the specialized contract manufacturing capabilities resident at its state-of-the-art Canadian production facility to produce Avicanna’s advanced Rho Phyto™ medical cannabis products and Pura Earth™ topicals under license for commercial sales through Medical Cannabis by Shoppers™. The partnership provides Avicanna with a commercial pathway to Canadian and international sales, as well as pharmaceutial manufacturing of its products destined for clinical development with its Canadian clinical partners.

Additionally, Avicanna will grant MediPharm Labs a license to use proprietary Avicanna formulations to develop additional MediPharm Labs and white label branded products for the domestic and international market. MediPharm Labs has proven expertise in product development and will leverage its in-house sensory testing, processing and packaging capabilities to manufacture finished products using these formulations. MediPharm Labs’ pharmaceutical and GMP-certified capabilities and international supply chain expertise will be deployed to produce and deliver the proprietary finished products to partners worldwide.

In commenting on the agreement, Aras Azadian, CEO of Avicanna said: “This best-in-class partnership combines years of our leading R&D, pre-clinical development and intellectual property with MediPharm Labs’ unparalleled quality and pharmaceutical-level manufacturing capacity. This alliance will provide the medical community, and more importantly patients, with the most advanced product offerings backed by scientific rigour, data and world-class quality standards which the cannabis industry has yet to see. Furthermore, this signifies the evolution of the industry whereby leading companies are combining their competitive advantages for synergistic benefit for all stakeholders.”

Avicanna’s initial product offerings under the agreement will include oral drops, sublingual sprays and topicals. Avicanna also has a rich pipeline of formulations for sustained release tablets, transdermal patches, and other drug delivery mechanisms that it has developed over the past four years in collaboration with leading Canadian research institutions.

“This is an important and far-reaching agreement that makes great use of MediPharm Labs advanced pharma capabilities, GMP-certified production and international distribution expertise,” said Pat McCutcheon, CEO of MediPharm Labs. “Since earning our first GMP certification in December to serve the global medical cannabis market, we have made significant strides in developing our business. This partnership with Avicanna, a market leader and proven innovator, is a great example. We intend to deploy our capabilities including our knowledge of consumer and patient categories to ensure this collaboration lives up to its great potential.”

About MediPharm Labs

Founded in 2015, MediPharm Labs specializes in the production of purified, pharmaceutical quality cannabis oil and concentrates and advanced derivative products utilizing a Good Manufacturing Practices certified facility with ISO standard-built clean rooms. MediPharm Labs has invested in an expert, research driven team, state-of-the-art technology, downstream purification methodologies and purpose-built facilities with five primary extraction lines for delivery of pure, trusted and precision-dosed cannabis products for its customers. Through its wholesale and white label platforms, they formulate, consumer-test, process, package and distribute cannabis extracts and advanced cannabinoid-based products to domestic and international markets. As a global leader, MediPharm Labs has completed commercial exports to Australia and is nearing commercialization of its Australian Extraction facility. MediPharm Labs Australia was established in 2017.

About Avicanna Inc.

Avicanna is an Ontario, Canada based corporation focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products through its two main business segments, cultivation and research and development.

Avicanna’s two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia are the base for Avicanna’s cultivation activities. These two companies are licensed to cultivate and process cannabis for the production of cannabis extracts and purified cannabinoids including cannabidiol (CBD) and tetrahydrocannabinol (THC).

Avicanna’s research and development business is primarily conducted out of Canada at its headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto. Avicanna’s scientific team develops products, and Avicanna has also engaged the services of researchers at the Leslie Dan Faculty of Pharmacy at the University of Toronto for the purpose of optimizing and improving upon its products.

Avicanna’s research and development and cultivation activities are focused on the development of its key products, including plant-derived cannabinoid pharmaceuticals, phyto-therapeutics, derma-cosmetics, and Extracts (defined as plant-derived cannabinoid extracts and purified cannabinoids, including distillates and isolates), with a goal of eventually having these products manufactured and distributed through various markets.

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 Avicanna or MediPharm Labs to perform under the agreement, the manufacturing of the products, the shipping and delivery of the products to customers in Canada and worldwide, and the appropriate education and marketing efforts. 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.

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. All information in this press release with respect to MediPharm Labs was supplied by MediPharm Labs for inclusion herein.

Avicanna Receives Government Support and Approval for First Ever Export of Hemp Seeds From Colombia

Avicanna Receives Government Support and Approval for First Ever Export of Hemp Seeds 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, May 7, 2020 /CNW/ – 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 cultivation subsidiary Santa Marta Golden Hemp S.A.S. (“SMGH”), it has received the approval from the Colombian government for the industrial export of hemp seeds to the US.

The export, which is expected to be completed in the next two weeks, is the first ever export of cannabis seeds from Colombia and will be accomplished thanks to the support and coordination of the Colombian Institute of Agriculture (the “ICA”), and the Ministries of Agriculture and Justice for Colombia.

“For the Colombian government, under the leadership of the Ministry of Justice and Law and during the COVID-19 sanitary emergency, this is a very important achievement for the medical cannabis industry” said Dumar Cardenas Poveda, Subdirector of Control and Inspection of Narcotic Drugs and Chemical Substances of the Ministry of Justice and Law.

“This is a very important achievement because it can mark the way for an escalation of future exports in this industry. The ICA, considering the framework of Decree 613 of 2017, has given the technical support and reviewed the necessary information to materialize this first exportation. We are opening these new opportunities for this industry, in which there is a significant business expectation” said Deyanira Barrero León, Director General of the Colombian Institute of Agriculture.

“The cannabis industry in Colombia, being a nascent sector, has faced great challenges of establishing its pathways and standardizing its regulatory processes. For this reason, in the particular case of this export, the advice of ICA and the support of the Ministries of Agriculture and Justice have been pivotal factors in allowing us to harvest in the times demanded by the client in the United States.” said Lucas Nosiglia, President of Avicanna’s Latin American operations.

Mr. Nosiglia explained that rather than a single company milestone, this is an achievement for the whole cannabis industry in Colombia as it also adds a novel and less visited business market opportunity of genetics and seeds to the global markets. Mr. Nosiglia emphasized “This export is the faithful proof that the cannabis sector is in a position to support the socio-economic revival that the country requires in the midst of the COVID-19 pandemic. Medical cannabis attracts foreign investment, generates employment, increases the nation’s tax revenues, expands the export matrix and contributes to the development of rural areas.”

About Avicanna Inc.

Avicanna is an Ontario, Canada based corporation focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products through its two main business segments, cultivation and research and development.

Avicanna’s two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia are the base for Avicanna’s cultivation activities. These two companies are licensed to cultivate and process cannabis for the production of cannabis extracts and purified cannabinoids including cannabidiol (CBD) and tetrahydrocannabinol (THC).

Avicanna’s research and development business is primarily conducted out of Canada at its headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto. Avicanna’s scientific team develops products, and Avicanna has also engaged the services of researchers at the Leslie Dan Faculty of Pharmacy at the University of Toronto for the purpose of optimizing and improving upon its products.

Avicanna’s research and development and cultivation activities are focused on the development of its key products, including plant-derived cannabinoid pharmaceuticals, phyto-therapeutics, derma-cosmetics, and Extracts (defined as plant-derived cannabinoid extracts and purified cannabinoids, including distillates and isolates), with a goal of eventually having these products manufactured and distributed through various markets.

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 ability of SMGH to complete an export of hemp seeds to the US. 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, 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.

SOURCE Avicanna Inc.

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Avicanna Closes Non-Brokered Private Placement with Group of Strategic Investors and Announces Warrant Re-Pricing

Avicanna Closes Non-Brokered Private Placement with Group of Strategic Investors and Announces Warrant Re-Pricing

/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, April 21, 2020 /CNW/ – 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 closed a non-brokered private placement (the “Offering“) with a group of strategic investors led by Tasly International Capital Limited, a division of Tasly Holding Group Co., Ltd., a large healthcare and pharmaceutical group in China (“Tasly“).

Non-brokered Private Placement

Aras Azadian, Chief Executive Officer of Avicanna, commented, “We are very happy to have concluded this financing during such challenging market conditions. When we initiated the financing, our stock price was depressed and the COVID-19 pandemic was making it difficult for all companies to raise money. However, we are fortunate to have reached our target raise and to have done so with strategic investors, including our long-term shareholders and new strategic partner, Tasly. Coupled with our reduced expenditure and re-focused business model, the money raised gives us the runway to execute our business plan. We are excited to announce the strategic investment from Tasly, as we believe this investment from the global pharmaceutical company is validation of Avicanna’s pharmaceutical approach and a strategic first step in developing a working relationship which we anticipate will involve their participation in our pharmaceutical pipeline.”

Pursuant to the Offering, the Company has issued an aggregate of 3,200,000 units (the “Units“) at a price of CAD$0.80 per Unit, for gross proceeds of CAD$2.56 million. Each Unit is comprised of one (1) common share in the capital of the Company (each, a “Common Share“) and one-quarter (1/4) of one 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$1.20 per Warrant Share until April 20, 2022, subject to the Company’s right to accelerate the expiry date of the Warrants upon no less than thirty (30) days’ notice in the event that the volume weighted average trading price of the Common Shares exceeds CAD$2.00 for any ten (10) consecutive trading days on the Toronto Stock Exchange.

The Company intends to use the proceeds from the Offering for commercialization, corporate development and 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 of issuance. 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 (the “TSX“).

The issuance and sale of 93,750 Units pursuant to the Offering to certain directors of the Company constituted related party transactions within the meaning of Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1) (a) of MI 61-101, on the basis that the fair market value of the participation in the Offering by the insiders does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the Offering, which the Company deems reasonable in the circumstances so as to be able to avail itself of the proceeds of the Offering in an expeditious manner.

Warrant Re-Pricing

The Company further announces that it is proposing to amend the exercise price of 411,360 warrants (the “Outstanding Warrants“) effective as at the close of business on May 5, 2020.

The Outstanding Warrants were originally issued by the Company pursuant to a CAD$2.06 million non-brokered private placement financing of units on January 24, 2020. Each Outstanding Warrant entitles the holder thereof to purchase one (1) common share in the capital of the Company on or before January 24, 2023 at an exercise price of CAD$3.00 per common share. None of the Outstanding Warrants are held by insiders of the Company.

The exercise price of the Outstanding Warrants is proposed to be amended to CAD$1.40 per common share, which is at a premium to the five (5) day volume weighted average price of the common shares as of the date of this press release (the “Warrant Amendment“). Except for the Warrant Amendment, no other amendments to the Outstanding Warrants are proposed to be made by the Company and the Outstanding Warrants shall otherwise remain outstanding on identical terms and conditions. The Warrant Amendment is subject to the approval of the TSX.

About Avicanna Inc.

Avicanna is an Ontario, Canada based corporation focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products through its two main business segments, cultivation and research and development.

Avicanna’s two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia are the base for Avicanna’s cultivation activities. These two companies are licensed to cultivate and process cannabis for the production of cannabis extracts and purified cannabinoids including cannabidiol (CBD) and tetrahydrocannabinol (THC).

Avicanna’s research and development business is primarily conducted out of Canada at its headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto. Avicanna’s scientific team develops products, and Avicanna has also engaged the services of researchers at the Leslie Dan Faculty of Pharmacy at the University of Toronto for the purpose of optimizing and improving upon its products.

Avicanna’s research and development and cultivation activities are focused on the development of its key products, including plant-derived cannabinoid pharmaceuticals, phyto-therapeutics, derma-cosmetics, and Extracts (defined as plant-derived cannabinoid extracts and purified cannabinoids, including distillates and isolates), with a goal of eventually having these products manufactured and distributed through various markets.

About Tasly International Capital Limited

Tasly International Capital Limited is a division of Tasly Holding Group Co., Ltd. and is the international investment arm of the Tasly Holding Group.

About Tasly Holding Group Co., Ltd.

Tasly Holding Group Co., Ltd. operates biological medicine research and production businesses. Tasly produces traditional Chinese medicines, chemical drugs, biological pharmaceuticals and other healthcare products. Tasly Holding Group also conducts medical service businesses domestically and internationally.

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 and the approval of the Warrant Amendment by the TSX. 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, 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.

SOURCE Avicanna Inc.

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Avicanna Reports Fourth Quarter 2019 Financial Results and Provides Corporate Update

Avicanna Reports Fourth Quarter 2019 Financial Results and Provides Corporate Update

/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, April 15, 2020 /CNW/ – 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 results for the fourth quarter ended December 31, 2019.

Aras Azadian, Chief Executive Officer of Avicanna, commented “This was a transformational quarter for Avicanna as we evolved from years of R&D and build-out of our infrastructure into a revenue generating company. During this period we launched two separate business units into the global market, raised efficiencies across all platforms, completed our agricultural infrastructure, fortified our leadership position on cannabinoid R&D and clinical development and have validated our vision of being a vertically integrated and data driven biopharmaceutical enterprise positioned to set the standards in the medical cannabis industry.”

Fourth Quarter Operational Highlights

  • Executed strategy of becoming vertically integrated and executing on commercial initiatives. This included the completion of approximately 480,000 square feet of cultivation space, achieving full extraction and analytical capabilities, manufacturing finished products for commercial distribution, and continued advancements in research and development initiatives.

  • Increase of capacity to approximately 31,000 kilograms of dried flower annually, which increased from the third quarter estimates that by year end our capacity would be approximately 29,000 kilograms of dried flower annually. Extraction capacity is 300kg of biomass per day.

  • Commenced revenue generation for two major business lines including CBD-based derma-cosmetic product line, Pura Earth™, through 59 retail locations across Colombia and the launch of Aureus B-B brand of raw material cannabinoids (API) with sales in Colombia, South Africa and the United Kingdom and, subsequent to December 31, 2019, Argentina.

  • Advanced discussions with Health Canada with respect to the pharmaceutical Phase II clinical trial to test Avicanna’s dermatological product on the effect on a severe and rare genetic dermatological condition, Epidermolysis Bullosa, in partnership with Toronto’s Hospital for Sick Children, with an expectation of receiving approval to commence the trial in Q3 2020.

  • Further solidified its global leadership position as an organic and sustainable source of cannabinoids with the receipt by Santa Marta Golden Hemp S.A.S. (“SMGH”) of the first Colombian USDA National Organic Program certification of the cultivation processes of its hemp (CBD dominant) genetic strain, and ranked highest amongst global cannabis companies on the SAM Corporate Sustainability Assessment by S&P Global, results of which were received subsequent to December 31, 2019.

  • The launch of Avicanna’s Rho Phyto™ brand in the State of California through a licensing agreement with LC2019 Inc. (“LC2019”). In keeping with its obligations as a TSX issuer, Avicanna does not receive any compensation from the agreement with LC2019; however, Avicanna has an option to acquire LC2019 upon certain events occurring, such as cannabis becoming federally legal in the US. The launch of products manufactured using Avicanna IP and sold under Avicanna’s brand is a further validation of Avicanna’s R&D and commercialization strength and serves as a model for global expansion.

  • As at December 31, 2019, the Company had approximately 1.075 kilograms of dried flower on hand, and 117 kilograms of active pharmaceutical ingredients (“API”) on hand and available for sale. The build up of inventory is expected to support anticipated global sales in future periods.

  • Commenced trading on the OTCQX Best Market in the United States under the symbol “AVCNF” and on the Frankfurt Stock Exchange under the symbol “0NN”.

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Avicanna to Supply Australian Market with Cannabis-Based Medicinal Products Through Distribution Agreement with Cannvalate

Avicanna to Supply Australian Market with Cannabis-Based Medicinal Products Through Distribution Agreement with Cannvalate

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TORONTO, Feb. 24, 2020 /CNW/ – 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 the Company has entered into an importation and distribution agreement (the “Agreement“) with Cannvalate Pty Ltd. (“Cannvalate“), to supply its Rho Phyto™ advanced medical cannabis products (the “Rho Products“) to provide to patients under the Australian Therapeutic Goods Administration Special Access Scheme, as well cannabis active pharmaceutical ingredients (the “APIs“). Avicanna has also agreed to supply Cannvalate with a line of advanced cannabinoid phyto-therapeutic products that Avicanna has chosen to offer on a white-labelled basis (the “White-Label Products“, collectively with the Rho Products and APIs, the “Products“).

“After significant due diligence into the Australian market and its operators we are pleased to be able to introduce Cannvalate as our partners in the region. Our two companies are aligned on a strictly medical approach backed by sustainable processes, data driven R&D and clinical development which will be to the benefit of the Australian patients and medical community at large.”  stated Aras Azadian, Chief Executive Officer of Avicanna.

“We are delighted to assist Avicanna with market entry to Australia which is one of the fastest growing pureplay medicinal cannabis markets globally. We have been particularly impressed by their attention to quality processes and firm stance on providing validated clinical research. We look forward to assisting Avicanna with meeting the stringent Office of Drug Control testing requirements and designing TGA-compliant physician education/ detailing campaigns.” stated Sud Agarwal, Chief Executive Officer of Cannvalate.

Under the Agreement, Avicanna has appointed Cannvalate as an exclusive distributor for the Rho Products in Australia, subject to Cannvalate meeting minimum purchase requirements. It is expected that the Products which have been developed optimized and clinically developed in Canada will be manufactured in Colombia using Avicanna’s proprietary processes and formulations, using cannabis extracts from Santa Marta Golden Hemp S.A.S., a subsidiary of Avicanna, and manufactured at the facilities of Avicanna’s exclusive Colombian manufacturer, Altea Farmaceutica S.A. which follows Good Manufacturing Practices (GMP).

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 Cannvalate

Cannvalate is Australia’s largest business-to-business end-to-end solution provider company helping Licensed Producers of medicinal cannabis fast track their growth into the Australian market. Their three key services include (i) Australian Cannabis Market Access; (ii) Medicinal Cannabis Research Collaboration; and (iii) Expert Consulting.

About Avicanna

Avicanna is an Ontario corporation focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products through its two main business segments, cultivation and research and development.

Avicanna’s two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia are the base for Avicanna’s cultivation activities. These two companies are licensed to cultivate and process cannabis for the production of cannabis extracts and purified cannabinoids including cannabidiol (CBD) and tetrahydrocannabinol (THC).

Avicanna’s research and development business is primarily conducted out of Canada at its headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto. Avicanna’s scientific team develops products, and Avicanna has also engaged the services of researchers at the Leslie Dan Faculty of Pharmacy at the University of Toronto for the purpose of optimizing and improving upon its products.

Avicanna’s research and development and cultivation activities are focused on the development of its key products, including plant-derived cannabinoid pharmaceuticals, phyto-therapeutics, derma-cosmetics and Extracts (defined as plant-derived cannabinoid extracts and purified cannabinoids, including distillates and isolates), with a goal of eventually having these products manufactured and distributed through various markets.

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

Certain information in this press release contains forward-looking statements. Such statements include but are not limited to the source of extracts to be included in the Products, the manufacturer of the Products, the ability of Cannvalate to import the Products, and the ability of Avicanna to generate revenue from the Agreement. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict, including the risk factors set out under the heading “Risk Factors” in the Company’s long form final prospectus dated July 8, 2019. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless and until required by securities laws applicable to the Company.

SOURCE Avicanna Inc.

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Avicanna Ranks Highest Amongst Global Cannabis Companies in the SAM Corporate Sustainability Assessment (CSA)

Avicanna Ranks Highest Amongst Global Cannabis Companies in the SAM Corporate Sustainability Assessment (CSA)

/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, Feb. 6, 2020 /CNW/ – 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 been rated the highest amongst global cannabis companies participating in the SAM Corporate Sustainability Assessment (CSA).

The SAM Corporate Sustainability Assessment (CSA), established by RobecoSAM, is now issued by S&P Global. RobecoSAM, an asset manager focused entirely on sustainable investing, established the CSA in 1999. The CSA has become the basis for numerous S&P ESG Indices over the last two decades attracting billions of dollars in assets. This sustainability index family is among the most prestigious benchmarks for investors who recognize sustainability as the key engine of business models to generate long-term shareholder value and have a positive impact on their investments.

The 2020 Sustainability Yearbook that was published on January 30th by S&P Global, showcases the sustainability performance of some of the world’s largest companies. As an emerging segment, there were only a handful of companies assessed from the cannabis sector, however, Avicanna obtained the highest score out of all cannabis companies evaluated. With this achievement, Avicanna is proving its commitment to corporate governance, sustainable and responsible practices in the cannabinoid space.

“This year’s score will serve as a baseline for Avicanna as we intend to fulfill our vision of being a responsible and sustainable global company. In addition, we believe our score further validates our leadership position on that vision in the industry,” stated Aras Azadian, Avicanna’s Chief Executive Officer.

About Avicanna

Avicanna is an Ontario corporation focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products through its two main business segments, cultivation and research and development.

Avicanna’s two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia are the base for Avicanna’s cultivation activities. These two companies are licensed to cultivate and process cannabis for the production of cannabis extracts and purified cannabinoids including cannabidiol (CBD) and tetrahydrocannabinol (THC).

Avicanna’s research and development business is primarily conducted out of Canada at its headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto. Avicanna’s scientific team develops products, and Avicanna has also engaged the services of researchers at the Leslie Dan Faculty of Pharmacy at the University of Toronto for the purpose of optimizing and improving upon its products.

Avicanna’s research and development and cultivation activities are focused on the development of its key products, including plant-derived cannabinoid pharmaceuticals, phyto-therapeutics, derma-cosmetics and Extracts (defined as plant-derived cannabinoid extracts and purified cannabinoids, including distillates and isolates), with a goal of eventually having these products manufactured and distributed through various markets.

Stay Connected

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

SOURCE Avicanna Inc.

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Avicanna Closes First Tranche of Private Placement

Avicanna Closes First Tranche of Private Placement

/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, Jan. 24, 2020 /CNW/ – 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 the first tranche of an up to CAD$9,000,000 non-brokered private placement (the “Offering“). Under the first tranche of the Offering, the Company has issued an aggregate of 822,721 Units (the “Units“) at a price of CAD$2.50 per Unit, for aggregate gross proceeds of approximately CAD$2.06 million. The Company has also received additional subscription agreements for an additional CAD$4 million, which it expects to close on in one or more further tranches on the same terms.

Each Unit was comprised of one (1) common share in the capital of the Company (each, a “Common Share“) and one-half of one (1/2) 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$3.00 per Warrant Share until January 24, 2023, subject to the Company’s right to accelerate the expiry date of the Warrants upon thirty (30) days’ notice in the event that the ten (10) day volume weighted average trading price of the Common Shares (subject to the average trading volume per day being at least 30,000 Common Shares) is equal to or exceeds CAD$4.00 on the Toronto Stock Exchange.

The Company intends to use the proceeds from the Offering for corporate development and general working capital purposes. In addition, Avicanna has an unused USD$5 million credit facility available to draw upon.

All securities issued under the first tranche of 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 an Ontario corporation focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products through its two main business segments, cultivation and research and development.

Avicanna’s two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia are the base for Avicanna’s cultivation activities. These two companies are licensed to cultivate and process cannabis for the production of cannabis extracts and purified cannabinoids including cannabidiol (CBD) and tetrahydrocannabinol (THC).

Avicanna’s research and development business is primarily conducted out of Canada at its headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto. Avicanna’s scientific team develops products, and Avicanna has also engaged the services of researchers at the Leslie Dan Faculty of Pharmacy at the University of Toronto for the purpose of optimizing and improving upon its products.

Avicanna’s research and development and cultivation activities are focused on the development of its key products, including plant-derived cannabinoid pharmaceuticals, phyto-therapeutics, derma-cosmetics and Extracts (defined as plant-derived cannabinoid extracts and purified cannabinoids, including distillates and isolates), with a goal of eventually having these products manufactured and distributed through various markets.

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

Certain information in this press release contains forward-looking statements. Such statements include but are not limited to the expected size and completion of one or more future tranches of the Offering. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict, including the risk factors set out under the heading “Risk Factors” in the Company’s long form final prospectus dated July 8, 2019. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless and until required by securities laws applicable to the Company.

SOURCE Avicanna Inc.

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Avicanna Announces Appointment of Benjamin Leavenworth as Independent Director

Avicanna Announces Appointment of Benjamin Leavenworth as Independent Director

/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, Jan. 21, 2020 /CNW/ – 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 the appointment of Benjamin Leavenworth to the Company’s board of directors, effective immediately.

Mr. Leavenworth has more than 20 years’ experience in international business, with a focus on Latin America. Mr. Leavenworth is currently the Chief Strategy Officer of Afina International LLC (“Afina”), a specialist advisory and finance firm, and also serves as Honorary Consul of Chile for Pennsylvania, Delaware, and southern New Jersey. Prior to co-founding Afina in 2011, Mr. Leavenworth founded and ran the Chispa Group, an international consultancy with a focus on mining, energy, agriculture, and government projects across Latin America. He also serves as president of the board of Pata Foods, a leading organic baby food producer, and as a director on the boards of the Chilean & American Chamber of Commerce, Global Independence Center, Pan America Associations, and the Consular Corps Association of Philadelphia.

Mr. Leavenworth commented “I am delighted to be joining the Avicanna board. The business opportunities in the development of cannabinoid products are manifold and I believe the science centered discipline of the Avicanna team will ensure both commercial success and a positive impact on human health and wellbeing.”

“We are very pleased to welcome Benjamin to the board. His extensive experience in international business, including Latin America, will undoubtedly add tremendous value to our company as we continue to execute on our international commercialization strategy,” stated Setu Purohit, President of Avicanna.

About Avicanna

Avicanna is an Ontario corporation focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products through its two main business segments, cultivation and research and development.

Avicanna’s two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia are the base for Avicanna’s cultivation activities. These two companies are licensed to cultivate and process cannabis for the production of cannabis extracts and purified cannabinoids including cannabidiol (CBD) and tetrahydrocannabinol (THC).

Avicanna’s research and development business is primarily conducted out of Canada at its headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto. Avicanna’s scientific team develops products, and Avicanna has also engaged the services of researchers at the Leslie Dan Faculty of Pharmacy at the University of Toronto for the purpose of optimizing and improving upon its products.

Avicanna’s research and development and cultivation activities are focused on the development of its key products, including plant-derived cannabinoid pharmaceuticals, phyto-therapeutics, derma-cosmetics and Extracts (defined as plant-derived cannabinoid extracts and purified cannabinoids, including distillates and isolates), with a goal of eventually having these products manufactured and distributed through various markets.

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

Certain information in this press release contains forward-looking statements. Such statements include but are not limited to the expected benefits to be realized by the Company and the opportunities to be realized in the development of cannabinoid products. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict, including the risk factors set out under the heading “Risk Factors” in the Company’s long form final prospectus dated July 8, 2019. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless and until required by securities laws applicable to the Company.

SOURCE Avicanna Inc.

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Avicanna Announces the Successful Completion of its Clinical Study Evaluating the Effect of an Emollient Cream Containing 0.5% Cannabidiol on Skin Hydration

Avicanna Announces the Successful Completion of its Clinical Study Evaluating the Effect of an Emollient Cream Containing 0.5% Cannabidiol on Skin Hydration

– – –
Expects to present additional data from this study at future medical conferences and publications
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This completed study is the first known completed derma-cosmetic study on cannabinoids
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Plans to announce data from additional clinical studies of two other proprietary formulas used for Pura Earth products in Q1 2020

/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, Jan. 13, 2020 /CNW/ – 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, announced today its results from its first cosmetic clinical study, an open-label, randomized, passive-control study examining the impact of its Pura Earth™ topical cream containing 0.5% cannabidiol and 1% hemp oil on skin hydration.

“We are pleased to announce the successful completion of the first of three clinical studies we’ve conducted for select products in our Pura Earth derma-cosmetics line of CBD products. The investments that we’ve made in the research and development of the Pura Earth products is validated by these positive clinical results and further elevates the brand in the CBD derma-cosmetics market. As a result, we are setting a new industry standard that will help us earn the trust of retailers and customers as we expand the retail launch of Pura Earth across additional geographies in 2020,” stated Aras Azadian, Chief Executive Officer of Avicanna. “We’ve developed our products through our leading cannabinoid research labs in Canada with the goal of offering over-the-counter products backed by evidence. In addition, we have established strict quality controls across our vertically integrated operations that allow us to offer a consistent, quality product to our customers.”

As stated by Dr. Daniel Sauder (Chair of Avicanna’s Dermatology Expert Committee), “The results of this study demonstrated the safety and efficacy of the Pura Earth cannabidiol cream. In particular, we achieved the primary end point of enhanced skin hydration. The new data builds upon the R&D data generated for our Pura Earth product line, and further supports our belief that this particular formulation of cannabidiol has potential efficacy in the treatment of cutaneous diseases.”

Of the total 61 subjects enrolled, 49 healthy adults with modified Kligman test >0 (i.e., dry skin) successfully completed the study (details of the study can be found at clinicaltrials.gov (https://clinicaltrials.gov/ct2/show/NCT04045314?term=avicanna&draw=2&rank=1). No adverse effects that required medical intervention or discontinuation were reported during the period of the study.

The Pura Earth products were produced with Avicanna’s proprietary formulations using cannabidiol (“CBD“) isolate extracted by the Company’s majority owned subsidiary, Santa Marta Golden Hemp S.A.S. (“SMGH“), from cannabis grown and cultivated by SMGH in Santa Marta, Colombia. SMGH’s CBD isolate is derived from its USDA organic certified hemp (non-psychoactive cannabis).

This study was conducted by CAIMED S.A.S. Medical Care and Research Center in Bogota, Colombia.  Avicanna plans to present additional detailed data from the study at upcoming medical conferences and in peer-reviewed publications.

In addition, CAIMED has completed two additional studies for Avicanna: a study evaluating the effect of a facial cream containing 0.5% cannabidiol and 1% hemp oil on skin hydration and characteristics associated with acne-prone skin; and, a study evaluating the effect of a topical serum preparation containing 1% cannabidiol and apple stem cells on skin characteristics associated with aging. The Company plans on announcing top-line results from both studies once the data is compiled.

About Pura EarthTM

Pura Earth is Avicanna’s derma-cosmetic line which utilizes a combination of purified cannabidiol (CBD) and other synergistic botanical ingredients designed to naturally regulate and nourish the skin. The Pura Earth product line was designed by Avicanna and optimized in partnership with the University of Toronto using Avicanna’s proprietary formulations.

About Avicanna

Avicanna is an Ontario corporation focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products through its two main business segments, cultivation and research and development.

Avicanna’s two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia are the base for Avicanna’s cultivation activities. These two companies are licensed to cultivate and process cannabis for the production of cannabis extracts and purified cannabinoids including cannabidiol (CBD) and tetrahydrocannabinol (THC).

Avicanna’s research and development business is primarily conducted out of Canada at its headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto. Avicanna’s scientific team develops products, and Avicanna has also engaged the services of researchers at the Leslie Dan Faculty of Pharmacy at the University of Toronto for the purpose of optimizing and improving upon its products.

Avicanna’s research and development and cultivation activities are focused on the development of its key products, including plant-derived cannabinoid pharmaceuticals, phyto-therapeutics, derma-cosmetics and Extracts (defined as plant-derived cannabinoid extracts and purified cannabinoids, including distillates and isolates), with a goal of eventually having these products manufactured and distributed through various markets.

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

Certain information in this press release contains forward-looking statements. Such statements include but are not limited to the global expansion of the Pura Earth product line and the expected announcement of results from additional studies. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict, including the risk factors set out under the heading “Risk Factors” in the Company’s long form final prospectus dated July 8, 2019. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless and until required by securities laws applicable to the Company.

SOURCE Avicanna Inc.

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Avicanna Announces Agreement with Medical Cannabis by Shoppers, a Subsidiary of Shoppers Drug Mart Inc., to Distribute Avicanna’s Advanced and Evidence-based Medical Cannabis and Derma-Cosmetic Products Across Canada

Avicanna Announces Agreement with Medical Cannabis by Shoppers, a Subsidiary of Shoppers Drug Mart Inc., to Distribute Avicanna’s Advanced and Evidence-based Medical Cannabis and Derma-Cosmetic Products Across Canada

/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, Jan. 10, 2020 /CNW/ – 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, announced today that Medical Cannabis by Shoppers will be the exclusive Canadian distributor of the Rho PhytoTM medical cannabis and Pura EarthTM CBD derma-cosmetic product lines.  Medical license holders in Canada will be able to purchase a consistent supply of Avicanna’s advanced and evidence-based products starting in early-2020, including the Rho Phyto line, which includes sublingual sprays, oil drops, gels, creams, tablets and capsules.

“As a Canadian company, we are proud to be partnering with one of the country’s largest and most trusted brands to bring our products to medical patients and consumers, who will benefit from our years of research and development in collaboration with some of Canada’s leading scientific and clinical institutions,” stated Aras Azadian, Chief Executive Officer of Avicanna. “We believe this partnership represents the future of the medical segment of the cannabis industry and what can be perceived as ‘medical cannabis 2.0’ due to its emphasis on the controlled dosing, data, quality, consistency and wide range of deliveries and cannabinoid ratios.”

In an effort to support the patient community, Avicanna and Medical Cannabis by Shoppers plan to collaborate to provide the Canadian medical community and patients with education, training and on-going support.

About Rho PhytoTM

Rho Phyto is Avicanna’s line of phyto-therapeutic medical cannabis products. The Rho Phyto products consist of cannabis plant extracts designed for medical use, but are not pharmaceuticals or drugs. There are a wide range of targeted delivery mechanisms for the Rho Phyto products, including tablets, sublingual sprays, oil drops, capsules, creams and gels, which will be supported by bioavailability and pharmacokinetic data.

About Pura EarthTM

Pura Earth is Avicanna’s derma-cosmetic line which utilizes a combination of purified cannabidiol (CBD) and other synergistic botanical ingredients designed to naturally regulate and nourish the skin. The Pura Earth product line was designed by Avicanna and optimized in partnership with the University of Toronto using Avicanna’s proprietary formulations.

About Avicanna

Avicanna is an Ontario corporation focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products through its two main business segments, cultivation and research and development.

Avicanna’s two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia are the base for Avicanna’s cultivation activities. These two companies are licensed to cultivate and process cannabis for the production of cannabis extracts and purified cannabinoids including cannabidiol (CBD) and tetrahydrocannabinol (THC).

Avicanna’s research and development business is primarily conducted out of Canada at its headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto. Avicanna’s scientific team develops products, and Avicanna has also engaged the services of researchers at the Leslie Dan Faculty of Pharmacy at the University of Toronto for the purpose of optimizing and improving upon its products.

Avicanna’s research and development and cultivation activities are focused on the development of its key products, including plant-derived cannabinoid pharmaceuticals, phyto-therapeutics, derma-cosmetics and Extracts (defined as plant-derived cannabinoid extracts and purified cannabinoids, including distillates and isolates), with a goal of eventually having these products manufactured and distributed through various markets.

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.

For more information about Medical Cannabis by Shoppers™ visit http://cannabis.shoppersdrugmart.ca, or call 1-844-633-2627.

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. These forward-looking statements include, but are not limited to, statements relating to: the ability of medical license holders to obtain a consistent supply of product, Medical Cannabis by Shoppers maintaining its exclusivity with respect to Canadian distribution, the timing related to the expected availability of the products and the intention to collaborate on medical education, training and support.

Risks, uncertainties and other factors involved with forward-looking information that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information include: the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary regulatory approvals; the ability of the parties to satisfy, in a timely manner, the other conditions of the agreement; the ability of the Company to agree to terms with an acceptable manufacturer; changes to rules related to sale and distribution of cannabis products; and such other risks contained in the Company’s long-form prospectus dated July 8, 2019 available on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive.

In respect of the forward-looking statements and information concerning the anticipated benefits of the transaction and the anticipated timing for completion of the transaction, the Company has provided such statements and information in reliance on certain assumptions that they believe are reasonable at this time. Although the Company believes that the assumptions and factors used in preparing the forward-looking information or forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information or forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. Actual results could differ materially from those currently anticipated due to a number of factors and risks.

SOURCE Avicanna Inc.

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