TORONTO, Oct. 31, 2022 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a commercial stage, international biopharmaceutical company focused on the commercialization of evidence-based, cannabinoid based products, announces that it has entered into a extension agreement (the “Extension Agreement”) in connection with its senior secured term loan previously announced on August 19, 2021 (the “Term Loan”). In accordance with the Extension Agreement, the maturity date of the Term Loan was extended by five months, from October 19, 2022 to March 19, 2023 (the “New Maturity Date”).

Pursuant to the Extension Agreement, the Company will continue to make interest payments as required by the original loan agreement in respect of the Term Loan, and will also make monthly repayments of principal beginning in November, 2022 and ending in February, 2023, following which the outstanding principal on the Term Loan will come due on the New Maturity Date. The Term Loan continues to bear interest at 5% per annum, calculated monthly.

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: Marketed under the RHO Phyto™ brand these medical and wellness products are a line of pharmaceutical-grade cannabinoid products containing varying ratios of cannabidiol (“CBD”) and tetrahydrocannabinol (“THC”). The product portfolio contains a full formulary of products including oral, sublingual, topical, and transdermal deliveries that have controlled dosing, enhanced absorption and stability studies supported by pre-clinical data. The formulary is marketed with consumer, patient and medical-community education and training.

Pharmaceutical Pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has created 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.

Click to watch Avicanna’s Corporate Video 2022

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.

If you are a Healthcare Professional and would like to learn more about using medical cannabis in your practice, please visit Avicenna Academy.

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

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified 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 with respect to the debt obligations and future payments on the Term Loan. 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, 2022, 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.

Recent in-vivo studies conducted in partnership with the University of Toronto confirm Formulation Candidate’s anti-seizure properties allowing for formalization of the patent application

TORONTO, October 20, 2022 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a commercial stage, international biopharmaceutical company focused on the commercialization of evidence-based, cannabinoid-based products, is pleased to announce that it has formalized its provisional patent application, entitled “Methods for Reducing or Eliminating Incidence of Seizures and Sudden Unexpected Death in Epilepsy”, for the use of a novel cannabinoid formulation (the “Formulation Candidate”) after completion of in-vivo animal studies.

The formal application is filed with WIPO by claiming the priority date of US provisional application filed in September 2022 using the Patent Co-operation Treaty (PCT) system.

The research findings originated from Avicanna’s ongoing multi-level collaboration with leading epilepsy researcher Dr. Peter Carlen from the world-renowned Krembil Research Institute at the University Health Network (“UHN”). Preliminary electrophysiological studies on seizure-induced cortical slices taken from wildtype mouse determined that treatment with the Formulation Candidate produced significant anti-convulsant effects compared to treatment with cannabidiol (“CBD”) or tetrahydrocannabinol (“THC”) alone. These results, obtained in a well-established in vitro model, suggest that, in addition to anti-convulsant properties, the Formulation Candidate demonstrates strong potential to treat patients diagnosed with intractable forms of epilepsies and those at risk of seizure-induced Sudden Unexpected Death in Epilepsy (“SUDEP”). Studies on the mechanism of action of those cannabinoids in the Formulation Candidate confirmed that the cannabinoids acted as selective 5-HT1A receptor agonists similar to established 5-HT1A receptor agonists in seizure-like events.

The formulation candidate was tested further in the maximal electroshock (MES) in vivo animal models to confirm the anti-seizure effects in comparison to CBD alone. The research was carried out by Dr. Mac Burnham’s team at the University of Toronto. The Formulation Candidate further demonstrated strong anti-convulsant properties and therapeutic index value as compared to CBD alone. These results further substantiated the patent claims on the use of formulation candidate for reducing seizures and sudden unexpected death in epilepsy patients. Avicanna intends to advance this Formulation Candidate through its drug delivery platform and progress it through pre-clinical studies with a view towards potential future clinical studies.

“The exceptional collaborative research conducted by our R&D team with Dr. Carlen’s and Dr. Burnham’s teams and the resulting patent submission will be a major driver for long-term drug and clinical development plans. It is also a validation of the potential our scientific platform and drug pipeline have. Validating the anti-convulsant properties of our proprietary formulation in seizure disorders is important particularly since this combination drug has potential to reduce the likelihood of seizure-induced sudden death in epilepsy patients” commented Dr. Frantz Le Devedec, Executive Vice President of Research and Product Development

About Avicanna Inc.

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

Medical Cannabis & Wellness Products: Marketed under the RHO Phyto™ brand these medical and wellness products are a line of pharmaceutical-grade cannabinoid products containing varying ratios of cannabidiol (“CBD”) and tetrahydrocannabinol (“THC”). The product portfolio contains a full formulary of products including oral, sublingual, topical, and transdermal deliveries that have controlled dosing, enhanced absorption and stability studies supported by pre-clinical data. The formulary is marketed with consumer, patient and medical-community education and training.

Pharmaceutical Pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has created 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.

Click to watch Avicanna’s Corporate Video 2022

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.

If you are a Healthcare Professional and would like to learn more about using medical cannabis in your practice, please visit Avicenna Academy.

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

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified 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 with respect to the Company’s future business operations, potential collaborations, 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, 2022, 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.

The education portal provides modules, case studies and other resources related to medical cannabis for Health Care Professionals

Established with the support of experts in the fields of pain management, neurology, and dermatology, the portal is designed to address potential gaps in knowledge and training related to the potential use of cannabis in a medical context.

TORONTO, October 18, 2022 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a commercial stage, international biopharmaceutical company focused on the commercialization of evidence-based, cannabinoid-based products, is pleased to announce that it has launched its medical cannabis education portal, ”Avicenna Academy”, a no-cost resource and medical education portal for Health Care Professionals (“HCPs”). The medical education portal is designed to support HCPs through education and practical information with respect to the potential use of medical cannabis, with a view towards expanding access as well as measuring patient outcomes.

Avicenna Academy https://avicenna-academy.teachable.com

The Avicenna Academy is designed to address the potential gaps in understanding cannabinoid-based products while making available resources and information which may be tools for the medical community. Towards that goal, Avicanna’s medical team has combined its research and development expertise with cannabinoid formulations utilizing advanced drug delivery systems. Practical experience in delivering RHO Phyto^TM medical cannabis products through established medical portals, pharmacies, major hospitals both in Canada and international markets has allowed Avicanna to develop various of educational resources such as downloadable guides, online modules, and access to discussions with key opinion leaders across a range of medical specialities.

The portal currently includes a range of resources including HCP guidelines and supporting information regarding medical authorization documentation for patients in Canada.

The preliminary set of modules cover a range of topics including:

• The history of medical cannabis use
• The endocannabinoid system
• Potential therapeutic targets
• The current state of evidence
• Dosing and titration overview
• Case studies and practical use

The Avicenna Academy looks towards expanding offerings in the portal that are reflective of on-going research in the field. Access to the Avicenna Academy will be offered at no cost for HCPs to support necessary education and training. The company is actively collaborating with the medical community to improve this current initiative and is also working toward building indication-specific modules in collaboration with Canadian and international key opinion leaders and experts in their respective fields.

“We are excited. about the launch of this Platform as a resource that facilitates information and education to potentially improve patient outcomes and foster further collaboration with the medical community” stated Aras Azadian, CEO, Avicanna Inc.

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: Marketed under the RHO Phyto™ brand these medical and wellness products are a line of pharmaceutical-grade cannabinoid products containing varying ratios of cannabidiol (“CBD”) and tetrahydrocannabinol (“THC”). The product portfolio contains a full formulary of products including oral, sublingual, topical, and transdermal deliveries that have controlled dosing, enhanced absorption and stability studies supported by pre-clinical data. The formulary is marketed with consumer, patient and medical-community education and training.

Pharmaceutical Pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has created 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.

Click to watch Avicanna’s Corporate Video 2022

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.

If you are a Healthcare Professional and would like to learn more about using medical cannabis in your practice, please visit Avicenna Academy.

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

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified 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 with respect to the Company’s future business operations, potential collaborations, 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, 2022, 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.