Acquisition of Medical Cannabis by Shoppers assets leading to the launch of MyMedi.ca.

Record revenue of $6.27M, representing an increase of 90% over Q2, and 713% year-over-year.

Improvements in performance including 46% consolidated gross margins and adjusted EBITDA of ($400k) 

TORONTO, NOVEMBER 14, 2023 (GLOBE NEWSWIRE) – Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the commercialization of proprietary cannabinoid-based products and medical cannabis care platform is pleased to announce the results of Q3 2023.

“We had the boldness to take on the challenge of acquiring the Medical Cannabis by Shoppers business and executed on integrating it into the newly developed MyMedi.ca to with a goal of being able to offer a comprehensive medical cannabis care platform and improve access for Canadian patients. We have remained dedicated and focused on evidence based medical application of cannabinoids and during this quarter we have solidified our business model and our capability to scale the business” stated Aras Azadian, CEO of Avicanna Inc.

Financial highlights:

• Record revenue of $6.27M, representing an increase of 90% over the previous quarter and 713% over the same period last year.
• A 9-month revenue of $10.7M, representing a major milestone in the Company’s history a 269% growth from the same period last year.
• Scalability of the business model was demonstrated with a comparable increase of 23% in SG&A for the nine-month period.
• Best three-month financial performance in the Company’s history with an adjusted EBITDA loss of $473,000 or loss of $0.01 per share during the third quarter.
• Improved consolidated gross margins of 47% through developments in operational efficiencies.

Phil Cardella, CFO added “We are extremely proud to have turned the corner and accomplished the major milestone of an eight-digit revenue figure for the first time in the Company’s history. The substantial increase in high margin revenue, coupled with improvements in our working capital, and balance sheet are a testament to the Company’s innovation and commercial platforms delivering a great portfolio of products and services. We look forward to our own going efforts towards sustainable growth, profitability, and self-reliance.”

Launch of MyMedi.ca medical cannabis care platform: Launch of MyMedi.ca saw over 96% of active patients from Medical Cannabis by Shoppers business transitioned to the Company’s new medical cannabis care platform and has since increased its new medical patient base by approximately 10%. The Company developed infrastructure to offer insurance reimbursement services for patients through several private insurance providers and public institutions including eight provincial worker safety boards which combined account for over 60% of the platform’s revenue.

The integration of MyMedi.ca’s platform and patient support programs, improved access and enhanced education have resulted an 40% increase of the Company’s product sales on the platform when compared to the previous quarter.

Canadian commercial advancements: The launch of new proprietary formulations totalling 27 commercially active SKUs in Canada across 131 listings in medical and adult use channel. Access to the Company’s proprietary medical products improved for patients with availability on new medical platforms such as Canna Farms and Spectrum Therapeutics.

About Avicanna Inc.

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

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

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

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

Click to watch Avicanna’s Corporate Video 2022

SOURCE Avicanna Inc.

Stay Connected

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

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

Cautionary Note Regarding Forward-Looking Information and Statements

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

TORONTO, NOVEMBER 13, 2023 (GLOBE NEWSWIRE) – Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the commercialization of proprietary cannabinoid-based products and a medical cannabis care platform is pleased to announce the appointment of Paul Fornazzari to the board of directors.

Paul Fornazzari is a business executive, securities lawyer, and board director with over twenty-five years of experience with growth-stage and established Canadian and international companies. Mr. Fornazzari is also a Partner focusing on Securities and Corporate Finance with Fasken Martineau DuMoulin (“Fasken”) one of Canada’s largest law firms with a well recognized domestic and international practice.  In addition to English, Mr. Fornazzari is a fluent Spanish speaker from Latin America. 

“I am excited to be joining the Board of Directors” said Paul Fornazzari, and further said “as a long-time shareholder, I believe in the Company’s management and in the Company’s business model, I have been excited over the Company’s recent developments, and I look forward to contributing towards the Company’s future as the Avicanna team aims and works to grow the business.”

“We are thrilled to add Mr. Fornazzari to our board of directors, where his expertise and experience with successful entrepreneurial projects will support the further growth of the Company,” stated Aras Azadian, CEO.

About Avicanna Inc.

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

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

Click to watch Avicanna’s Corporate Video 2022

SOURCE Avicanna Inc.

Stay Connected

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

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

Cautionary Note Regarding Forward-Looking Information and Statements

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

TORONTO, Nov. 01, 2023 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products, invites interested parties to participate in a conference call with Aras Azadian, Chief Executive Officer, and also Phil Cardella, Chief Financial Officer where Mr. Azadian and Mr. Cardella will discuss the Company’s Third Quarter 2023 financial results. The Company will file Third Quarter 2023 financial results after the close of market on November 14, 2023 and will host an earnings call at 8:30 am ET on November 15, 2023. Interested parties may join the earnings call by logging onto the following link: https://www.bigmarker.com/avicanna/Earnings-Call.

About Avicanna Inc.

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

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

SOURCE Avicanna Inc.

Stay Connected

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

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified 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. Forward-looking information contained in this news release includes, without limitation, statements related to the Offering, including the use of proceeds, the receipt of all approvals of the Toronto Stock Exchange in connection with the Offering, statements with respect to the Company’s future business operations, the opinions or beliefs of management and future business goals. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated March 31, 2023 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 news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

TORONTO, October 10, 2023 (GLOBE NEWSWIRE) – Avicanna Inc. (“Avicanna” or “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 provide an update on the progress of its new cannabis care platform MyMedi.ca since its’ successful launch nationwide in Canada on August 1, 2023. 

“We are thrilled with the launch of our new medical cannabis care platform which allowed us to successfully transition the patients from Medical Cannabis by Shoppers. In a short period of time, MyMedi.ca has been established as a comprehensive medical cannabis platform with a robust patient support program backed by privacy standards that meet the highest requirements by insurers for insurance coverage for patients” said Aras Azadian, CEO. Azadian further stated, “Our ongoing commitment to patients and dedication to improving the patient journey remains our core focus and we will continue to work toward raising standards so Canadians may look towards having a patient-first medical cannabis care platform.”

The Company update on the progress of its new medical cannabis care platform, MyMedi.ca, includes:
• Transition of over 96% of active patients from Medical Cannabis by Shoppers to MyMedi.ca and an increase of approximately 10% of net new medical patients since launch.
• Developed infrastructure to offer insurance reimbursement services for patients through several private insurance providers and public institutions including six provincial worker safety boards.
• Offer ongoing specialty care services for distinct patient groups and the opportunity to serve thousands of our Canada’s veterans with a dedicated program including robust adjudication services.
• An established network of over 50 specialized clinics and medical institutions representing more than 1,500 healthcare providers.
• Offer training, medical education, products and services, and resources to facilitate the incorporation of medical cannabis into health care regimens including the Company’s own Avicenna Academy and the Canadian Consortium for the Investigation of Cannabinoid Syllabus.
• An opening portfolio of 200 products across 35 brands, expanding to 45 brands with more than 200 SKUs supplied by 15 Canadian licensed producers.
• Since launch, an increase in the Company’s SKUs resulting in a proportional increase of 40% in sales realized through improved access, and inventory management efficiencies.
• Facilitation of transfer and advancement of the Company’s previously announced real world evidence clinical studies, including the epidermolysis bullosa study in collaboration with the Hospital for Sick Children and musculoskeletal pain and inflammation study with Sante Cannabis, to MyMedi.ca
• Enhanced operational efficiencies in reducing response time and expanding pharmacist-led, bilingual patient care services.

About Avicanna Inc.

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

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

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

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

SOURCE Avicanna Inc.

Stay Connected

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

Cautionary Note Regarding Forward-Looking Information and Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified 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. Forward-looking information contained in this news release includes, without limitation, statements related to the Offering, including the use of proceeds, the receipt of all approvals of the Toronto Stock Exchange in connection with the Offering, statements with respect to the Company’s future business operations, the opinions or beliefs of management and future business goals. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated March 31, 2023 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 news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

TORONTO, Sept. 01, 2023 (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 announces today that Chandra Panchal, PhD is retiring as Chairman of the Board of Directors and that it will initiate a search for a new director. 

“We wish to express our deepest thanks to Dr. Panchal for all his time and all of his efforts during these past seven years that he has served as a member of the Board of Directors of the Company. During his tenure with Avicanna, Dr. Panchal witnessed our evolution from a pre-commercial R&D-stage company into an international biopharmaceutical company and assisted management with various external challenges and internal growing pains along the way,” stated Aras Azadian, CEO.

“It was an honor to have served as Chairman of the Board these past years. With the Company recently closing a transformational acquisition, launching MyMedi.ca, and reporting record revenues, I am proud of the Company’s management and employees who have developed Avicanna from a fledgling start-up to an international player in a short period of time. I believe now is the right time for me to retire from active board service at the Company,” stated Chandra Panchal, PhD.

About Avicanna Inc.

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

Medical Cannabis & Wellness Products (RHO Phyto™): The formulary offers a diverse range of proprietary formulations including oral, sublingual, topical, and transdermal deliveries with varying ratios of cannabinoids and is supported with ongoing patient, and medical community education. RHO Phyto has been established as a leading medical brand in Canada and is currently available nationwide to patients across several medical channels and continues to expand into new international markets.
Pharmaceutical Preparations and Pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has developed an extensive a pipeline of patent-pending drug candidates that are indication-specific and in various stages of clinical development and commercialization. These cannabinoid-based drug candidates look to address unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders. Avicanna’s first pharmaceutical preparation (Trunerox™) is in the drug registration stage in South America.
Medical Cannabis Care Platform (MyMedi.ca): MyMedi.ca is Avicanna’s medical cannabis care platform that is formed with the aim to better serve medical cannabis patients’ needs and enhance the patient journey. MyMedi.ca features diverse and scientifically curated products from leading Canadian licensed producers in addition to pharmacist led patient support programs and educational resources to facilitate the incorporation of medical cannabis into health care regimens. MyMedi.ca also provides specialty services to distinct patient groups such as veterans and collaborating with public and private providers for adjudication and reimbursement.
Click to watch Avicanna’s Corporate Video 2022

SOURCE Avicanna Inc.

Stay Connected

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

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

Cautionary Note Regarding Forward-Looking Information and Statements

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

TORONTO, Aug. 15, 2023 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or “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 announce the filing of interim financial statements for the three-month period ending June 30, 2023 (“Q2 2023”).  

Aras Azadian, CEO stated, “We are pleased to present the results of the second quarter and report the progress of our operations, which includes the increase in revenues and improvements in margins. During the quarter we worked towards the closing of the acquisition of the Medical Cannabis by Shoppers business and prepared for the launch of the new medical cannabis care platform, MyMedi.ca, and continued to make advancements in our Canadian operations with a focus on our proprietary medical products.”

Q2-2023 highlights:

• Financial highlights: Q2 2023 revenue of $3.3 million, an increase of 183% over Q1 2023 and 200% over the comparable quarter which was mainly attributed to the takeover of certain operational responsibilities and sales-revenue rights related to acquisition of the Medical Cannabis by Shoppers business. General and administrative expenses increased by 6% over the same period resulting in a 26% improvement in adjusted EBITDA over the comparable quarter of the prior year and an improvement of 18% over the first quarter of 2023.
• Canadian commercial advancements: 26 commercial SKUs and 118 total commercial listings that resulted in a 120% growth in listings and 70% growth in finished goods sold compared to the comparable quarter 2022, with43% gross margins in its North American operations compared to 20% gross margins in the comparable quarter 2022.
• Medical Cannabis By Shoppers: On May 29, 2023, the Company announced that the definitive Asset Purchase Agreement with Shoppers Drug Mart Inc. for Avicanna to acquire the Medical Cannabis By Shoppers business was fully executed. On May 4, 2023, Avicanna announced the execution of the definitive Master Service Agreement with Northern Green Canada (“NGC”). NGC is a Canadian licensed producer that is tasked with providing logistics and fulfilment services for Avicanna’s cannabis care platform, MyMedi.ca. On May 29, 2023, NGC and Avicanna successfully acquired the inventory for Medical Cannabis by Shoppers and transitioned inventory and fulfilment services to NGC.
• Proprietary SEDDS Capsules: On June 25, 2023, Avicanna announced the expansion of the Strategic Manufacturing Agreement (“SMA”) with MediPharm Labs Corp. (“MediPharm”), adding the manufacturing and commercialization of Company’s proprietary SEDDS capsules to the SMA. Avicanna’s proprietary SEDDS capsules are to be manufactured by MediPharm to GPP and GMP standards to meet product channel requirements in Canadian and international markets. The capsules are expected to be launched under the RHO Phyto™ brand in Canadian medical cannabis channels during the second half of 2023.
• New Medical Cannabis Education and Training Campaign and sponsorship of Canadian Consortium for the Investigation of Cannabinoids (“CCIC”). Through a Sponsorship Agreement, CCIC’s Canadian Cannabis Syllabus (“CCS”) will be made available to the medical community. The CCS provides foundational information for healthcare professionals interested in learning more about cannabis and cannabinoid products in clinical practice.
• Research Collaboration with Langara College and NSERC Grant. Through a Research Collaboration led by Dr. Jessica Kalra and Dr. Kalra’s research team, research will be conducted focusing on characterization of Avicanna’s proprietary products and drug pipeline formulations through in vitro and in vivo models. This Research Collaboration was awarded a two-year grant by the Natural Sciences and Engineering Research Council of Canada.

Other highlights subsequent to June 30, 2023

• Launch of MyMedi.ca. MyMedi.ca is Avicanna’s medical cannabis care platform to serve the needs of medical cannabis patients. MyMedi.ca features diverse and scientifically curated products from leading Canadian licensed producers in addition to pharmacist-led patient support programs and educational resources to support the incorporation of medical cannabis into health care regimens. MyMedi.ca also provides specialty services to distinct patient groups such as veterans, and collaborating with public and private providers for adjudication and reimbursement. The platform is now available nationwide in Canada to tens of thousands of patients who have obtained medical cannabis authorization from healthcare providers with an initial product portfolio including 35 brands and over 200 SKUs selected from various Canadian licensed producers
• Closed acquisition of Medical Cannabis by Shoppers Drug Mart business. Avicanna acquired specific assets of the Medical Cannabis by Shoppers Drug Mart business, including inventory and equipment, for approximately $2.6M and will pay Shoppers Drug Mart an earnout, based on net revenues, for a period of two years. First launched in Ontario in January 2019, Medical Cannabis by Shoppers provided patients access to medical cannabis products from more than 30 licensed cannabis brands. Over the past four years, the legacy Medical Cannabis by Shoppers business supported tens of thousands of patients and worked with patient groups to facilitate access to medical cannabis.

About Avicanna Inc.

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

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

SOURCE Avicanna Inc.

Stay Connected

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

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified 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. Forward-looking information contained in this news release includes, without limitation, statements related to the Offering, including the use of proceeds, the receipt of all approvals of the Toronto Stock Exchange in connection with the Offering, statements with respect to the Company’s future business operations, the opinions or beliefs of management and future business goals. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated March 31, 2023 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 news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

TORONTO, August 1, 2023 (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  it has closed of the previously announced acquisition of the Medical Cannabis by Shopper’s Business (“Business”) from Shoppers Drug Mart® and pleased to announce the launch of an all-new medical cannabis care platform, MyMedi.ca. 

Today, MyMedi.ca, a medical cannabis care platform, has officially launched nationwide in Canada. The platform’s features include:  

• Medical Cannabis Marketplace: A diverse medical cannabis marketplace featuring approximately 200 unique products supplied by a network of 35 brands from various leading Canadian licensed producers.

• Pharmacist-Led Patient Care Services: Pharmacist-led fully bilingual (English and French) patient care service programs including pharmacovigilance, compassionate pricing, and insurance adjudication in compliance with standards established by private and public payers.

• Patient Education: Patient education programs and informational resources, including harm reduction strategies and risk mitigation.

• Education for Healthcare Professionals: Medical education, training, and resources available to health care practitioners, hospitals, clinics, and institutions, along with potential collaboration opportunities, through the Company’s Medical Affairs department

“We are pleased to have closed the acquisition of the Business from Shoppers Drug Mart® and recognize this as a transformational milestone in the life of our Company. We would like to express our gratitude to the incredible network of collaborators who came together to ensure a smooth transition for the patients and deliver this medical platform that is adhering to required standards of patient privacy and care. We are motivated to meet the needs of our new patients through MyMedi.ca and welcome the thousands of patients that have transitioned over from the Medical Cannabis by Shoppers platform” stated Aras Azadian, CEO of Avicanna.  

About Avicanna Inc.

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

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

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

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

Click to watch Avicanna’s Corporate Video 2022

SOURCE Avicanna Inc.

Stay Connected

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

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

Cautionary Note Regarding Forward-Looking Information and Statements

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

TORONTO, July 28^th, 2023 (GLOBE NEWSWIRE) – Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialisation of plant-derived cannabinoid-based products is pleased to announce its initial portfolio offering and network in anticipation of the MyMedi.ca platform’s launch in early August.

In line with the Company’s commitment to provide continuity of care to Canadian patients serviced by Medical Cannabis by Shoppers and to make available a new cannabis care platform that will offer patients a broad and diverse portfolio of products, the Company is pleased to announce the initial network of  brands available on MyMedi.ca

“We are pleased by the level of commitment towards patients that we have seen and the concrete support of this distinct group of Canadian licensed producers that have worked towards the timely launch of the new cannabis care platform, MyMedi.ca. We look forward to continuing to work collaborratively towards the goals of establishing MyMedi.ca as a leading cannabis care platform and towards taking steps to enhance the patient journey” stated Aras Azadian, CEO of Avicanna.

The featured brands that will available for purchase on MyMedi.ca include the list below, with more to come.

TORONTO, July 17, 2023 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialisation of plant-derived cannabinoid-based products is pleased to announce that through its majority owned subsididery Santa Marta Golden Hemp the Company has completed the commercial export of aureus branded products into Paraguay.

The commercial export included Aureus branded purified Cannabidiol (CBD) and Cannabigerol (CBG) which is a part of the company’s portfolio of cannabinoid active pharmaceutical ingredients). This transaction also marks the 17^th international market for Aureus branded products and 20^th market for all Avicanna products which further demonstrates the company’s capabilities in navigating complex regulatory processes for its commercialization efforts internationally.

About Aureus™

Avicanna’s supply chain business unit is based in Santa Marta, Colombia and provides a consistent source of cannabinoid raw materials for the global marketplace with GACP and USDA organic ceritications. These include active pharmaceutical ingredients and feminized seeds, for Avicanna’s cosmetic, medical, and pharmaceutical products, in addition to supplying the company’s partners around the world.

Aureus-branded products are cultivated, extracted, and manufactured by Avicanna’s subsidiaries in Colombia where they leverage optimal environmental conditions to produce cannabinoid active pharmaceutical ingredients economically and sustainably and include a range of extracts of CBD, THC and rare cannabinoids such as CBG.

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

About Avicanna Inc.

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

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

Click to watch Avicanna’s Corporate Video 2022

SOURCE Avicanna Inc.

Stay Connected

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

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

Cautionary Note Regarding Forward-Looking Information and Statements

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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f28e7282-ef7e-4002-8da7-c61b15887c11

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

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

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

Click Here to Register for Avicanna’s Corporate Update Webinar

About Avicanna Inc.

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