TORONTO, May 29, 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 the execution of the definitive Asset Purchase Agreement (“Agreement”) between Shoppers Drug Mart® (“Shoppers”) and Avicanna for Avicanna’s acquisition of assets of the Medical Cannabis by Shoppers business (“Business”) with a final closing date set for July 31, 2023. 

“Since the initial announcement in March 2023, we have worked diligently and collaboratively to develop and execute a seamless process for transitioning patients, and address various patient, product and operations matters through the buildout of MyMedi.ca. We wish to express our thanks to everyone involved, and in particular to the Shoppers Drug Mart team, for getting us to this exciting milestone,” stated Aras Azadian, CEO of Avicanna Inc.

As part of the Agreement’s terms, Avicanna will acquire specific assets of the Business, including inventory and equipment, for approximately $2.6M and will pay Shoppers an earn out, based on net revenues, for a period of two years. During the transition period, patients of Medical Cannabis by Shoppers are still able to purchase products on the Medical Cannabis by Shoppers platform until the closing of the transaction at the end of July. The MyMedi.ca platform will be launched on the closing date of the transaction, at which point, patients may make purchases through MyMedi.ca.

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 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 is also providing 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.

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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 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 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, 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.

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 17, 2023 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a commercial stage, international biopharmaceutical company focused on the development ‎advancement, and commercialization of evidence-based, cannabinoid-based products‎, is pleased to announce that all of management’s nominees listed in the Company’s management information circular dated April 14, 2023 (the “Circular”) were elected as directors of the Company at Avicanna’s annual general and special meeting of shareholders held on May 17, 2023 (the “Meeting”).
The detailed results of the vote for the election of directors held at the Meeting are set out below.

At the Meeting, the Company’s shareholders also approved:

(i) fixing the number of directors for the ensuing year at five and empowering the board of directors of the Company to adjust such number between shareholder meetings by way of resolution in accordance with the Company’s constating documents;

(ii) the reappointment of Kingston Ross Pasnak LLP as the Company’s auditors for the ensuing year and authorized the board of directors to fix the auditors’ remuneration;

(iii) on a disinterested basis, the amendment of 136,250 common share purchase warrants held by ThreeD Capital Inc. (the “Insider Warrants”) to reprice the Insider Warrants from the previous exercise price of $1.10 per Common Share to $0.55 per Common Share, and extend the expiry date of the Insider Warrants from January 28, 2025 to January 28, 2026;

(iv) the name change of the Company to such name as the board of directors, in its discretion, may resolve and as may be acceptable to regulatory authorities, if required; and

(v) on a disinterested basis, the Company’s proposed early warrant exercise incentive program and participation of certain insiders of the Company therein, as more particularly described in the Circular (the “Incentive Program”).

Early Warrant Exercise Incentive Program

The Incentive Program is applicable to all of the issued and outstanding common share purchase warrants having an exercise price of $0.40 (the ‎‎“Warrants”). The Incentive Program is designed to encourage the early exercise of the Warrants during ‎a 7-day period (the “Program Period”) which will commence on May 18, 2023.‎

Under the Incentive Program, holders of the Warrants (the “Warrantholders”) will be entitled to receive ‎one-half (0.5) of one new warrant (each whole warrant, an “Incentive Warrant”) upon the exercise of ‎each Warrant during the Incentive Period. Each Incentive Warrant will be exercisable into one common ‎share of Avicanna at a price of $0.50 per share for a period of three years from the date of issuance.‎

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

The Company anticipates that certain Warrantholders who are insiders of the Company may wish to ‎participate in the Incentive Program. Pursuant to the policies of the Toronto Stock Exchange, ‎disinterested shareholder approval was required for insiders to participate in the Incentive Program. The ‎board of directors of Avicanna approved the terms of the Incentive Program and the disinterested shareholders of the Company approved the Incentive Program and participation of insiders therein at the Meeting. The Incentive Program is subject to the receipt of all ‎required regulatory approvals and consents, including approval of the Toronto Stock Exchange.

Avicanna has determined that while the Incentive Program may be a related party transaction pursuant to ‎Multilateral Instrument 61-101 – Special Transactions (“MI 61-101”), Avicanna is not required to obtain a ‎formal valuation under subsection 5.4(1) of MI 61-101 or minority approval under subsection 5.7(1)(a) of ‎MI 61-101 because pursuant to the exemptions set forth in MI 61-101, neither the fair market value nor ‎the fair market value of the consideration paid for the Warrants exceeds 25% of the Company’s market ‎capitalization.‎

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 related to the Incentive Program, including the timing and commencement thereof, the participation of insiders therein, the use of proceeds of the Incentive Program, the receipt of all approvals of the Toronto Stock Exchange in connection with the Incentive Program, 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, May 16, 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 the filing of interim financial statements for the three-month period ending March 31, 2023 (“Q1 2023”).

Aras Azadian, CEO, stated, “We are pleased to report on our continued progress related to our optimization of operations in addition to Canadian commercialization during the first quarter of 2023. We have achieved operational efficiencies that enable us to now focus on scaling our revenues, which we expect to be growing during 2023 through our Canadian and international efforts.” 

Q1 2023 highlights:

• Shoppers Drug Mart partnership to transition Medical Cannabis by Shoppers to Avicanna. On March 28, 2023, Shoppers Drug Mart and the Company announced that Shoppers Drug Mart will transition the Medical Cannabis by Shoppers business to Avicanna. As part of the transition, Avicanna will introduce MyMedi.ca, a new medical cannabis care platform.
• Financial highlights: Revenue of $1.2 million, an increase of 13% over the first quarter of 2022. On-going cost saving initiatives resulted in a 13% decrease in general and administrative expenses. These improvements resulted in a 22% improvement in adjusted EBITDA over the last quarter.
• Progress in Canadian commercialization efforts. The Company continued its expansion efforts related Canadian product offerings that now includes 25 commercial SKUs and furthering 117 commercial listings across medical and provincial channels in Canada.

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.

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, the use of the proceeds of the Offering, the receipt of all approvals of the Toronto Stock Exchange in connection with the Offering[NTD: Include any forward looking statement that may be contained in the corporate update.], 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, 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.

TORONTO, May 4, 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 that it has entered into a Master Service Agreement (“MSA”) with Northern Green Canada (“NGC”) a federally-licensed EU GMP-certified cannabis producer to operationalize MyMedi.ca medical cannabis care platform’s logistics and fulfilment infrastructure.

Through the MSA, NGC will provide the MyMedi.ca medical cannabis care platform with regulatory support and access to appropriate Health Canada licenses in addition to services related to inventory management and quality assurance. NGC will also contribute to the MyMedi.ca medical cannabis care platform’s formulary of products with its own EU GMP-certified proprietary genetics and finished products.

“We look forward to working with NGC to support patients in their journey and grow our medical cannabis care platform,” said Aras Azadian, CEO, Avicanna. “NGC’s established infrastructure and quality assurance expertise gives us confidence that they are the right choice as we aim to build upon the foundation initially developed by the Medical Cannabis by Shoppers team and further establish confidence in medical cannabis solutions by providing education, expanding coverage, and striving towards increased consistency in services.” 

“NGC has established a solid international footprint into the medicinal cannabis space, and we are thrilled to partner with Avicanna to expand our domestic business to reach more patients in Canada,” said Lisa McCormack, Northern Green Canada’s President, and CEO.

Shoppers Drug Mart^® (“Shoppers”) has partnered with Avicanna, to transition its Medical Cannabis by Shoppers business and provide its patients access to a complete medical cannabis platform through MyMedi.ca. With the support of NGC, Avicanna is establishing MyMedi.ca as a comprehensive resource to support the medical community and the tens of thousands of patients currently authorized to access the Medical Cannabis by Shoppers platform.

Since the initial announcement between Shoppers and Avicanna, the Company has been coordinating with all stakeholders including the medical community, specialty clinics and leading Canadian licensed producers to ensure continuation of care for existing patients as they transition to MyMedi.ca. Additionally, Shoppers and Avicanna have collaborated to develop a seamless process related to the patient consent and transfer that will minimize effort required by patients and their healthcare providers.

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

About 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 will feature scientifically curated products, patient support programs and educational resources to support the incorporation of medical cannabis into health care regimens.

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.
• MyMedi.ca Medical Cannabis Care Portal: An online platform designed to provide access to medical cannabis and enhance the patient journey through focus on patient education in areas such as harm reduction, providing specialty services to distinct patient groups such as veterans and reimbursement services for public and private providers.  MyMedi.ca has pharmacist-led patient support programs and comprehensive training programs for the medical community along with a scientifically curated and diverse formulary of products with competitive pricing in collaboration with Canadian licensed producers.

Click to watch Avicanna’s Corporate Video 2022

SOURCE Avicanna Inc.

About Northern Green Canada Inc.

Northern Green Canada Inc. is a leading Canadian cannabis company supplying premium quality products to international and domestic markets. A federally licensed and EU GMP-certified producer of medical cannabis, the company operates out of a world-class facility focused on growing high quality cannabis and providing pharmaceutical-grade medications for a better quality of life.  Northern Green currently ships a carefully curated portfolio of therapeutic cannabis products to more than 20 global partners while concurrently servicing our domestic patient base. Our product development team, along with our global partners, is developing pharmaceutical products that make it easier for patients to benefit from the use of medical cannabis. Through education, research, and development, we advance the cultivation and science of medical cannabis. NGC is committed to a positive future by producing its products with minimal waste and environmental impact. Find more information on our website www.northerngreencanada.com or contact Mary Mill by email at mmill@northerngreencanada.com

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 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 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, 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.