Avicanna Announces TSX Listing Date
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TORONTO , July 16, 2019 /CNW/ – Avicanna Inc. (“Avicanna” or the “Company“) a company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products, is pleased to announce that its common shares (“Common Shares“) are expected to commence trading on the Toronto Stock Exchange (the “TSX“) on Thursday, July 18, 2019 under the symbol “AVCN”. The listing represents the first direct listing on the TSX by a company with Colombian-based cannabis cultivation assets. In connection with its first day of trading, Avicanna will be participating in market open ceremonies at the TSX, which will be broadcast live on the Business News Network morning show and live streamed on YouTube.
In connection with listing on the TSX, shareholders holding an aggregate of 10,523,077 Common Shares have entered into lock-up agreements pursuant to which they have agreed not to sell, transfer or pledge any securities of the Company for a period of 39 months following the listing date where 10% of such securities will be released on the date that is three months following the listing date with the remaining securities released in six equal tranches of 15% every six months following the first release. In addition, shareholders holding an aggregate of 1,495,022 Common Shares have entered into lock-up agreements pursuant to which each such shareholder has agreed not to sell, transfer or pledge any securities of the Company held by such shareholder, for a period of 4 months following the listing date where 20% of such securities will be released immediately prior to the listing date with the remaining securities released in four equal tranches of 20% every month thereafter.
Avicanna is an Ontario corporation focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products through its two main business segments: (i) cultivation and (ii) research and development. The Company’s business is focused on the development, manufacturing, and commercialization of 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).
Research and Development Activities
Avicanna’s research and development is headquartered in the Johnson & Johnson Innovation Centre, JLABS @ Toronto . The Company is focused on commencing and completing clinical trials for its pharmaceutical products, completing testing to support its phyto-therapeutic products under the Pura Elements™ brand, commencing the manufacture and distribution of its derma-cosmetic products under the Pura Earth™ brand, and commencing clinical trials on three of its derma-cosmetic products to demonstrate their effectiveness with specific cosmetic endpoints, such as reduction of fine lines or increased skin moisture levels.
In connection with its research and development activities, Avicanna has a team of more than 20 scientists and clinicians working out of four laboratories including: (i) the University of Toronto Faculty of Pharmacy; (ii) JLABS @ Toronto which is located in the MaRS Discovery District; (iii) the facilities of the Company’s subsidiaries in Santa Marta , Colombia ; and (iv) the facilities of Avicanna’s manufacturing partner, Altea Farmaceutica S.A. (“Altea“). Through its various operations, Avicanna’s team of scientists and clinicians are enhancing product optimization through the completion of animal pharmacokinetics and toxicology studies and pre-clinical studies, including both in vitro and in vivo studies to demonstrate the safety and efficacy of Avicanna’s product offering.