Avicanna Advances Pharmaceutical Epilepsy Program with Collaboration with The University Health Network and GMP Manufacturing Of Its First Pharmaceutical Preparation

Avicanna Advances Pharmaceutical Epilepsy Program With Collaboration With The University Health Network And Gmp Manufacturing Of Its First Pharmaceutical Preparation


The multi-level cannabinoid-based collaboration with leading epilepsy researcher Dr. Peter Carlen at the world-renowned Krembil Research Institute at UHN is also supported by a Mitacs Accelerate program grant.

UHN scientists will be analyzing Avicanna’s RHO Phyto™ cannabinoid-based products for their efficacy on comorbidities and seizure control in addition to identifying optimized cannabinoid and non-cannabinoid ratios for future drug development.

First fully GMP and ICH compliant manufacturing of Avicanna’s proprietary pharmaceutical preparation to treat epilepsy has been completed by Altea Farmaceutica S.A. in preparation for registration and commercialization in South America.

Toronto, Ontario – January 6, 2021 – 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 the Company has entered into a master services agreement (the “Master Services Agreement”) with the University Health Network (“UHN”) for projects to be performed by Dr. Peter Carlen as the principal investigator related to epilepsy. Additionally, the company has completed the technical transfer and first pharmaceutical pilot production of its epilepsy drug candidate at Altea Farmaceutica S.A. (“Altea”) in Bogota, Colombia, a major step required for the final preparation for its registration and commercialization in South America.

The epilepsy research collaboration is lead by Dr. Peter Carlen, who is a Senior Scientist at the Krembil Research Institute at UHN and a world-renowned researcher in the field of epilepsy. Dr. Carlen’s laboratory will be analyzing Avicanna’s RHO Phyto and pharmaceutical cannabinoid-based products (the “Products”) for their efficacy in the treatment of seizures. The partnership will also co-develop a high throughput electrophysiological testing system for the evaluation of multiple cannabinoid ratios and in combination with standard epileptic drugs. In addition, the system will examine standard anti-seizure drugs for their efficacy in the model and determine the potential synergistic value of adjunctive cannabinoids, and cannabinoids as monotherapy in treating seizures in this in vitro setting.

Dr. Peter Carlen commented: “The Carlen lab is very pleased to research the relationships between the premium medicinal cannabinoid products of Avicanna and their effects on epilepsy. Also, in collaboration with Avicanna, we are developing a high-throughput platform to assess these interactions. We think that medical cannabinoids will have a major impact on brain health, particularly as we gain greater understanding of their effects on brain function in health and disease.”

The services to be performed under the Master Services Agreement will be provided on an exclusive basis and Dr. Carlen’s laboratory has agreed to not conduct testing on any formulations or products similar to the Products for a period of two (2) years. All intellectual property created under the Master Services Agreement will remain the sole property of Avicanna. The research collaboration is further expanded to include electrophysiological studies of medical cannabinoids on 3D human cerebral organoids and neuroglial cultures with the support of a two-year Mitacs Accelerate program grant.

Avicanna also completed its first pharmaceutical level production of its first epilepsy drug candidate under GMP and ICH guidelines which are necessary for sanitary drug registration. The formulation developed by Avicanna includes active pharmaceutical ingredients which are cannabinoids produced by Avicanna’s subsidiary Santa Marta Golden Hemp S.A.S. The final GMP manufacturing took place at Avicanna’s exclusive manufacturing partner’s, Altea’s, facility in Bogota, which is a Health Canada and ANVISA (Brazil) approved GMP facility. The completion of this pharmaceutical production now allows Avicanna to proceed with drug registrations for epilepsy across several markets in South America including Colombia and Brazil.

Aras Azadian, CEO of Avicanna, commented: “We are pleased to demonstrate our dedication to world-class research and to take this stride in our epilepsy research program with a leading Canadian research institute and Dr. Carlen. This multi-level partnership will help to further study our current medical cannabis and pharmaceutical products, and will support the development and increase the depth of our pharmaceutical pipeline. Additionally, the completion of our first pharmaceutical production marks a milestone event in our drug development plans and highlights our capabilities to scale our drug formulations from bench top to industrial manufacturing.”

About the Krembil Research Institute at UHN

The Krembil Research Institute at Toronto Western Hosp​​ital at UHN is home to​ one of the world’s largest and most comprehensive teams of physicians and scientists uniquely working hand-in-hand to prevent and confront problems of the brain and spine. One in three Canadians will experience a brain-related condition such as Parkinson’s, Alzheimer’s or Stroke in their lifetime. Through state-of-the-art patient care and advanced research, we are working relentlessly toward finding new treatments and cures. ​

About Mitacs

Mitacs is a not-for-profit organization that fosters growth and innovation in Canada by solving business challenges with research solutions from academic institutions. Mitacs is funded by the Government of Canada, the Government of Alberta, the Government of British Columbia, Research Manitoba, the Government of New Brunswick, the Government of Newfoundland and Labrador, the Government of Nova Scotia, the Government of Ontario, Innovation PEI, the Government of Quebec, and the Government of Saskatchewan.

About Avicanna Inc.

Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development, and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.

Avicanna is an established leader in cannabinoid research and development, which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:

  • Pura Earth™ or Pura H&W™: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and,
  • RHO Phyto™: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all 2 developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.

With ongoing clinical trials on its derma-cosmetic (branded as Pura Earth or Pura H&W), medical cannabis (branded as RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.

Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a range of cannabis and hemp cultivars dominant in CBD, CBG, THC, and other cannabinoids for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June 2020, Avicanna made history with a shipment of hemp seeds to the United States of America by completing the first ever export of hemp seeds from Colombia.

SOURCE Avicanna Inc.

Stay Connected

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

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the ability of the Company to carry on its obligations with UHN, Mitacs, or Altea, the ability of UHN or its staff to perform the studies referred to in this news release, or the potential outcomes of such studies referred to herein. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.

Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 15, 2020 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 press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Avicanna Announces Exercise And Closing Of Over-Allotment Option

Avicanna Announces Exercise And Closing Of Over-Allotment Option

TORONTO, CANADA – December 31, 2020 – Avicanna Inc. (“Avicanna“, or the “Company“) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) is pleased to announce that further to the closing of its marketed public offering of 5,966,900 units (“Units”) of the Company at a price of $0.85 per Unit which occurred on December 8, 2020 (the “Offering”), the Agents (as defined below) have exercised their over-allotment option (the “Over-Allotment Option“) in full to sell an additional 895,034 Units at a price of $0.85 per Unit, for gross proceeds of approximately $760,780

Including the Units sold pursuant to the Over-Allotment Option, a total of 6,861,934 Units were issued under the Offering for aggregate gross proceeds of approximately $5,832,645. Each Unit is comprised of one common share of the Company (each a “Common Share”) and one-half of one common share purchase warrant of the Company (each full warrant, a “Warrant” and collectively the “Warrants”). Each Warrant is exercisable for one Common Share at a price of $1.20 per share until December 8, 2023.

The Offering was conducted on a “best efforts” basis by a syndicate of agents led by Echelon Wealth Partners Inc., as lead agent and sole-bookrunner, and including Beacon Securities Limited and Canaccord Genuity Corp. (collectively, the “Agents”).

The Company intends to use the net proceeds of the Offering, including those proceeds raised in connection with the exercise of the Over-Allotment Option, for product development, working capital and general corporate purposes, as further described in the Company’s short form prospectus dated November 27, 2020, a copy of which is available under the Company’s profile at www.sedar.com.

The securities described in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (“U.S. Securities Act”) or any state securities laws. Accordingly, the securities may not be offered or sold in the United States (as such term is defined in Regulation S under the U.S. Securities Act) or to, or for the account or benefit of, a U.S.  person (as such term is defined in Regulation S under the U.S. Securities Act) except pursuant to transactions exempt from registration under the U.S. Securities Act and under the securities laws of any applicable state. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States.

About Avicanna Inc.

Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development, and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.

Avicanna is an established leader in cannabinoid research and development, which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:

  • Pura H&W™: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and,
  • RHO Phyto™: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all 2 developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.

With ongoing clinical trials on its derma-cosmetic (Pura H&W), medical cannabis (RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.

Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a range of cannabis and hemp cultivars dominant in CBD, CBG, THC, and other cannabinoids for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June 2020, Avicanna made history with a shipment of hemp seeds to the United States of America by completing the first ever export of hemp seeds from Colombia.

SOURCE: Avicanna Inc.

Stay Connected

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

 

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. The forward-looking information contained in this news release is based on certain key expectations and assumptions made by the Company, including satisfaction of regulatory requirements in various jurisdictions and the use of proceeds from the Offering.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, the delay or failure to receive regulatory approvals, and the risk factors set out in the Company’s annual information form dated April 15, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com.

Avicanna To Expand Access To Its Advanced And Evidence-based Rho Phyto Medical Products Through Provincial Retailers Across Canada

Avicanna To Expand Access To Its Advanced And Evidence-based Rho Phyto Medical Products Through Provincial Retailers Across Canada

  • Expanding from the successful launch in medical-only channels in partnership with Medical Cannabis by Shoppers, Avicanna will now offer RHO Phyto™ nationwide through provincial retailers
  • RHO Phyto products will include its advanced formulary of sublingual sprays, oil drops and topicals through retail sales channels estimated at $3 billion dollars* in Canada

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS/

Toronto, Ontario – December 23, 2020 – 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 that the full formulary of RHO Phyto products will be available through retail channels in early 2021 in Canada.

A successful proof of concept and partnership with Medical Cannabis by Shoppers

During the past four months, the RHO Phyto medical formulary has experienced an incredibly successful launch with overwhelming positive support by the medical community including 300 prescribers and 20 clinics. RHO Phyto sales have increased 100%+ month over month in all product categories. The early results show the product formulary key demographics are 55% women, 47% are 51-75 years of age and 90% of consumers are 30+ years old. Avicanna will remain exclusive to Medical Cannabis by Shoppers for medical/prescription use and intends to increase its current commercial SKU’s from 4 to 10 in 2021.

Expansion to retail sales to provide consumers with low barrier access to the same industry leading formulary of medical cannabis products

It has become evident that many consumers who seek cannabis for medical purposes are not going through medical channels, with nearly 44% purchasing from legal storefronts (adult-use). According to the 2020 Canadian Cannabis Survey, 76% of medical cannabis users do not have a medical document – such as a prescription – from a healthcare professional. The ease of access to store-fronts and systemic barriers to connecting with a health care professional who may provide a medical document have continued to impact medical user numbers year over year, which have remained largely the same around 350,000 active registered medical users in Canada since 2018*.

Aras Azadian, Avicanna’s Chief Executive Officer, stated: “The existing stigma around medical cannabis and the barriers to obtain a medical document make it particularly challenging for some patients to access medical cannabis through the appropriate channels with the support of a health care practitioner. We believe that by expanding the RHO Phyto portfolio into retail sales channels we will provide consumers with easier and low barrier access to standardized medical products they seek. For a biopharmaceutical company like Avicanna, this expansion of our medical products into retail channels is in many ways similar to accessing over-the-counter medical products.” Aras Azadian, the companies Chief Executive Officer.

RHO Phyto product attributes and retail sales strategy  

The advanced and standardized products are offered in various doses of CBD, THC and THC-Free formulations to provide consumers with a range of inhalation-free cannabinoids-based solutions. The advanced formulations are developed and optimized by Avicanna to provide enhanced absorption versus basic MCT (medium-chain triglyceride) oil formulations while providing a consistent experience with a pleasant taste and smell. The RHO Phyto products are delivered with accurate dosing which also allows for easy titration and dosing by consumers.

Avicanna’s RHO Phyto strategy to leverage retail sales channels is consistent with the company’s vision to provide education and safe delivery of its products through evidenced-based training and education to the consumers, retailers and the medical community. Avicanna aims to establish RHO Phyto as the doctor recommended brand within the cannabis industry and has initiated several pre-clinical and real-world evidence clinical trials on the products with leading Canadian medical institutions.

*source: Statistics Canada

About Avicanna Inc.

Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development, and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.

Avicanna is an established leader in cannabinoid research and development, which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:

  • Pura Earth™ or Pura H&W™: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and,
  • RHO Phyto™: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all 2 developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.

With ongoing clinical trials on its derma-cosmetic (branded as Pura Earth or Pura H&W), medical cannabis (branded as RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.

Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a range of cannabis and hemp cultivars dominant in CBD, CBG, THC, and other cannabinoids for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June 2020, Avicanna made history with a shipment of hemp seeds to the United States of America by completing the first ever export of hemp seeds from Colombia.

SOURCE Avicanna Inc.

Stay Connected

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

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the ability of the Company to manufacture any of the products, and the ability of the Company to sell any of the products in retail channels in Canada. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.

Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 15, 2020 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 press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Avicanna Expands Distribution Network In South America Through Commercial Partnerships In Ecuador And Commercial Export Of Feminized Seeds To Uruguay

Avicanna Expands Distribution Network In South America Through Commercial Partnerships In Ecuador And Commercial Export Of Feminized Seeds To Uruguay

Partnership with Alliancepharma Technologies S.A., one of Ecuador’s largest pharmaceutical companies, will take advantage of the upcoming cannabis regulations to allow for the registration and distribution of several of Avicanna’s consumer and pharmaceutical products across Ecuador

Distribution agreement with Spenta S.A., an Ecuadorian cosmetic distributor, for the distribution of its derma-cosmetic product line branded as Pura EarthTM

Successful registration and export of CBD and CBG dominant feminized seeds to Uruguay from Colombia

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS/

Toronto, Ontario – December 17, 2020 – 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 an importation and distribution agreement with Alliancepharma Technologies S.A. (“Alliancepharma”) for the distribution of Avicanna’s advanced and clinically supported medical and pharmaceutical formulations in Ecuador. Avicanna has also entered into an agreement with Spenta S.A. (“Spenta”), an Ecuadorian cosmetic distributor, for the distribution of its Pura Earth branded derma-cosmetic product line nationwide. As part of its commercial expansion plans, Avicanna has also completed an export of feminized seeds to Uruguay from its majority-owned cultivation subsidiary, Santa Marta Golden Hemp S.A.S. (“SMGH’) in Santa Marta, Colombia.

Avicanna’s exclusive agreement with Alliancepharma will take advantage of the upcoming Ecuadorian regulations of cannabis-based products and allow for the registration and commercialization of Avicanna’s advanced cannabinoid-based consumer and pharmaceutical products in the Ecuadorian market. The product offerings include Avicanna’s deep tissue topical formulations marketed as consumer products in addition to several pharmaceutical products that are intended to be registered as indication specific drugs and natural medicines. Alliancepharma, a part of the Naturex group and one of the largest pharmaceutical companies in Ecuador, is expected to leverage its in-house distributionand commercialization capabilities as well as its network of nation-wide pharmacies to bring Avicanna’s products to consumers all over the country upon the regulations in Ecuador coming into effect.

“We are very excited to enter the Ecuadorian market with the first cannabinoid-based pharmaceutical products with the support of a world class partner such as Avicanna Inc. This partnership strengthens our commitment as pioneers and leaders in the pharmaceutical industry, offering innovative phyto-therapeutic solutions to continue improving the quality of life of our patients.” Stated Diego Vega, International Business Development Director of Alliancepharma.

Avicanna’s Pura Earth branded derma-cosmetic products are expected to enter the Ecuadorian market through Spenta’s distribution nationwide network of pharmacies, beauty retailers and e-commerce platforms. The agreement with Spenta coincides with an initial purchase order of several SKU’s which is expected to be exported from Colombia in Q1-2021. This will become the second South American market after Colombia in which the Pura Earth branded derma-cosmetic products will be available for sale. The derma-cosmetic formulations, which synergistically combine natural ingredients with hemp-derived CBD, have been developed through a rigorous scientific and evidence-based approach that includes positive results from the completion of 3 cosmetic human clinical studies.

As part of the Company’s commercial expansion plans, Avicanna’s majority owned subsidiary, SMGH, has completed the registration of its CBD and CBG dominant genetics in Uruguay and a commercial export of feminized non-psychoactive cannabis seeds to Uruguay. This marks three countries in which Avicanna’s seeds are currently commercially sold including the United States and Colombia. As a global cannabis and hemp cultivation industry begins to emerge, Avicanna’s industry leading genetics program seeds business unit is well positioned to be a reliable supplier of high quality seeds.

Lucas Nosiglia, President of Avicanna LATAM, commented: “We continue to demonstrate leadership across the LATAM markets and validate our diverse business model which is dedicated to quality cannabinoid products across the full value chain. We are optimistic about the opportunity in LATAM markets as we continue to see the regulations and business opportunities evolve and believe our medical and scientific superiority combined with our sustainable and economical costs positions us at the forefront of this emerging sector.”

To the knowledge of the Company, it is in compliance with all applicable laws in the jurisdictions in which it operates.

About Avicanna Inc.

Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development, and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.

Avicanna is an established leader in cannabinoid research and development, which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:

  • Pura Earth™ or Pura H&W™: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and,
  • RHO Phyto™: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all 2 developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.

With ongoing clinical trials on its derma-cosmetic (branded as Pura Earth or Pura H&W), medical cannabis (branded as RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.

Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a range of cannabis and hemp cultivars dominant in CBD, CBG, THC, and other cannabinoids for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June 2020, Avicanna made history with a shipment of hemp seeds to the United States of America by completing the first ever export of hemp seeds from Colombia.

SOURCE Avicanna Inc.

 

Stay Connected

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

 

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the ability of the Company to manufacture any of the products, the ability of the Company to export any of the products, the ability of Alliancepharma or Spenta to distribute the products, the regulations coming into full force and effect in Ecuador, and the ability of SMGH to continue to complete exporting cannabis seeds to Uruguay. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.

Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 15, 2020 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 press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Avicanna Launches Medical Cannabis Program With Its Rho Phyto™ Formulary Nationwide In Colombia

Avicanna Launches Medical Cannabis Program With Its Rho Phyto™ Formulary Nationwide In Colombia

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS/

  • Leveraging the successful launch of the Company’s RHO Phyto™ branded advanced medical cannabis product line in Canada, the portfolio of preparations, including oil drops, sublingual sprays, capsules and topicals, are now available nationwide in Colombia through physician prescription under the Magisterial model
  • The medical program includes Avicanna’s 3 pillars aimed at setting the gold standard for medical cannabis in Colombia and other Latin American markets, including Medical community education, Advanced pharmaceutical-grade cannabinoid preparations and a Comprehensive patient support program
  • Coinciding with the launch of the medical program, Avicanna is hosting its second Colombian symposium Magisterial Formulas: Advances in Cannabinoid Research, Product Offering and Patient Access

Toronto, Ontario – December 10, 2020 – 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 the launch of its medical cannabis program in Colombia, under compound pharmacy legislation “Formulaciones Magistrales”, in which Avicanna will provide its standardized, industry-leading cannabinoid formulary to patients and the medical community. Additionally, this program includes the education and training of the medical community and a comprehensive patient support program.

Aras Azadian, CEO of Avicanna Inc., commented: “After 2 years of preparation, we are proud to be launching this complete program in a market that is very significant to us and to be doing so with a medical community that we have been working closely with for close to 3 years. We believe that this medical program will set the gold standard for advanced cannabinoid-based medicine in Colombia and will act as a proof of concept for planned expansions into other Latin American markets.”

The pharmaceutical cannabinoid preparations, which require physician prescription, will be commercialized through a range of business models including direct sales to patients, delivery to national pharmacies and delivery to third party medical institutions across Colombia. This comprehensive medical cannabis program is the first of its kind in Colombia to be educating and training third party health care practitioners on the efficacy of advanced cannabinoid-based medicine across various clinical indications and comorbidities and providing appropriate cannabinoid solutions. The target therapeutic areas include neurological disorders such as epilepsy, Parkinson’s disease, multiple sclerosis, psychiatric indications such as PTSD, anxiety, depression as well as chronic pain.

This first complete portfolio of advanced cannabinoid preparations comprises the same scientifically developed formulations as Avicanna’s Canadian RHO Phyto branded dosage forms including topicals, oil drops, sublingual sprays, and capsules in range of CBD only and CBD-THC ratios. The products are subjected to typical pharmaceutical drug development, including stability studies and preclinical analysis where they have demonstrated superior stability and bioavailability in comparison to basic MCT oil formulations. Avicanna continues to advance these formulations through real world evidence trials and further preclinical studies with leading Canadian institutions and clinicians. In addition to its R&D efforts, the Company continues to optimize its current formulas and expand its pipeline of products to include alternative delivery mechanisms. The active pharmaceutical ingredients for this program are sourced from Avicanna’s majority owned subsidiary Santa Marta Golden Hemp S.A.S., where the cannabinoids are extracted from organic and sustainably cultivated plants. The final preparation of these products is completed through Avicanna’s own Good Production Practices (GPP) certified pharmacy lab in Bogota through its wholly owned subsidiary Avicanna LATAM S.A.S. (“Avicanna LATAM”), which is believed to be the first of its kind to be certified for cannabinoid preparations. The education and patient support programs are also managed and operated by Avicanna’s medical team to ensure the services meet Avicanna’s quality standards and complete the full vertical integration.

“At Avicanna, our focus has always been on patients, and today, with the launch of our medical program, patients in Colombia will have access to therapeutic alternatives that may contribute to the control of their comorbidities, improving their quality of life and solving possible unmet medical needs altogether. With that, we have established ourselves as a significant contributor to the health system in Colombia, where we intend to also introduce novel pharmaceutical forms and provide optimal care.” stated Dr. Carlos Maldonado, Senior Vice President, Clinical Development at Avicanna LATAM.

Avicanna’s educational program includes health care practitioner (“HCP”) training packages, educational modules, certifications, medical symposia and real-world evidence trials. The goal of this educational program is to contribute to scientific progress through evidence generation and to equip HCPs to provide patients with optimal care. A timely component of the Company’s educational program, its upcoming event titled Magisterial Formulas: Advances in Cannabinoid Research, Product Offering and Patient Access” on December 10, 2020 at 10am EST, will officially kick off the nation program.

To register for the symposium please visit https://www.bigmarker.com/avicanna-latam-s-a-s/Simposio-de-Avicanna-Colombia-Cannabis-Medicinal

For more information regarding the Magisterial Preparations contact fm@avicanna.com.

About Avicanna Inc.

Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development, and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.

Avicanna is an established leader in cannabinoid research and development, which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:

  • Pura H&W™: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and,
  • RHO Phyto™: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all 2 developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.

With ongoing clinical trials on its derma-cosmetic (Pura H&W), medical cannabis (RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.

Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a range of cannabis and hemp cultivars dominant in CBD, CBG, THC, and other cannabinoids for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June 2020, Avicanna made history with a shipment of hemp seeds to the United States of America by completing the first ever export of hemp seeds from Colombia.

SOURCE Avicanna Inc.

Stay Connected

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

 

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the ability of the Company to provide the Colombian population with standardized and advanced medical solutions, the ability of the Company and Avicanna LATAM to manufacture its line of advanced cannabinoid formulations to service individual prescriptions issued by qualified medical professionals, the Company’s ability to set the standard in Colombia and other Latin American countries by offering products with years of extensive research and development manufactured with world-class quality standards, the ability of the unique formulations to  maintain the stability of the cannabinoids over the course of treatment, the ability of the Company to source the cannabinoids for the manufacture of the medical cannabis products from Santa Marta Golden Hemp S.A.S., the ability of the product formulations to address specific medical conditions, and the ability of Santa Marta Golden Hemp S.A.S. to continue to cultivate cannabis. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.

Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 15, 2020 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 press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Avicanna Announces Closing of Public Offering of Units

Avicanna Announces Closing of Public Offering of Units

/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, ON, Dec. 8, 2020 /CNW/ – Avicanna Inc. (“Avicanna”, or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) is pleased to announce the closing of its previously announced marketed public offering of 5,966,900 units (the “Units”) of the Company at a price of $0.85 per Unit, for gross proceeds of $5,071,865 (the “Offering”). Each Unit is comprised of one common share of the Company (each a “Common Share”) and one-half of one common share purchase warrant of the Company (each full warrant, a “Warrant” and collectively the “Warrants”). Each Warrant is exercisable for one Common Share at a price of $1.20 per share at any time for a period of 36 months following closing of the Offering.

The Offering was conducted on a “best efforts” basis by a syndicate of agents led by Echelon Wealth Partners Inc., as lead agent and sole-bookrunner, and including Beacon Securities Limited and Canaccord Genuity Corp. (collectively, the “Agents”).

Aras Azadian, CEO of Avicanna, commented: “The completion of our first prospectus offering and substantial capital raise since our IPO is a confirmation of the on-going support from our existing and new shareholders during a difficult time in the market. This also coincides with further cost reductions and with the launch of our medical products and several other commercial initiatives across several markets where we intend to use the use the proceeds of this raise to pave the way to sustainability and profitability.”

The Company has granted the Agents an option, exercisable in whole or in part, at the sole discretion of the Agents, at any time for a period of 30 days from and including the closing of the Offering, to purchase from the Company up to an additional 15% of the Units sold under the Offering, on the same terms and conditions of the Offering to cover over-allotments, if any, and for market stabilization purposes (the “Over-Allotment Option”). The Over-Allotment Option may be exercised by the Agents to purchase additional Units, Common Shares, Warrants or any combination thereof.

The Company intends to use the net proceeds of the Offering for product development, working capital and general corporate purposes.

The securities described in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (“U.S. Securities Act”) or any state securities laws. Accordingly, the securities may not be offered or sold in the United States (as such term is defined in Regulation S under the U.S. Securities Act) or to, or for the account or benefit of, a U.S. person (as such term is defined in Regulation S under the U.S. Securities Act) except pursuant to transactions exempt from registration under the U.S. Securities Act and under the securities laws of any applicable state. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States.

About Avicanna Inc.

Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development, and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.

Avicanna is an established leader in cannabinoid research and development, which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:

  • Pura H&W™: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and,
  • RHO Phyto™: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all 2 developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.

With ongoing clinical trials on its derma-cosmetic (Pura H&W), medical cannabis (RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.

Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a range of cannabis and hemp cultivars dominant in CBD, CBG, THC, and other cannabinoids for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June 2020, Avicanna made history with a shipment of hemp seeds to the United States of America by completing the first ever export of hemp seeds from Colombia.

Stay Connected

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

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. The forward-looking information contained in this news release is based on certain key expectations and assumptions made by the Company, including satisfaction of regulatory requirements in various jurisdictions, exercise of the Over-Allotment Option and the use of proceeds from the Offering.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, the delay or failure to receive regulatory approvals, and the risk factors set out in the Company’s annual information form dated April 15, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com.

SOURCE Avicanna Inc.

Avicanna Announces Overnight Marketed Public Offering of Units

Avicanna Announces Overnight Marketed Public Offering of Units

/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, Nov. 12, 2020 /CNW/ – Avicanna Inc. (“Avicanna“, or the “Company“) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) is pleased to announce that it has filed and has been receipted for a preliminary short form prospectus with the securities commissions in Alberta, British Columbia, Manitoba, Ontario and Saskatchewan (the “Canadian Jurisdictions“) in connection with a marketed public offering (the “Offering“) of units (the “Units“) of the Company.

Each Unit will consist of one common share of the Company (each a “Common Share“) and one-half of one common share purchase warrant (each full warrant, a “Warrant” and collectively the “Warrants“). Each Warrant will be exercisable for one Common Share (each a “Warrant Share“) at any time for a period of 24 months following closing of the Offering. Final pricing of the Units, the Warrant exercise price and the determination of the number of Units to be sold pursuant to the Offering will be determined in the context of the market prior to the filing of the final short form prospectus in respect of the Offering. The Offering will be conducted on a “best efforts” basis by a syndicate of agents led by Echelon Wealth Partners Inc., as lead agent and sole-bookrunner, and including Beacon Securities Limited and Canaccord Genuity Corp. (collectively, the “Agents“).

The Company has granted the Agents an option, exercisable in whole or in part, at the sole discretion of the Agents, at any time for a period of 30 days from and including the closing of the Offering, to purchase from the Company up to an additional 15% of the Units sold under the Offering, on the same terms and conditions of the Offering to cover over-allotments, if any, and for market stabilization purposes (the “Over-Allotment Option“). The Over-Allotment Option may be exercised by the Agents to purchase additional Units, Common Shares, Warrants or any combination thereof.

The Offering will be completed (i) by way of a short form prospectus to be filed in the Canadian Jurisdictions (ii) on a private placement basis to “accredited investors” meeting ‎one or more ‎of the ‎criteria in Rule 501(a) of ‎Regulation D (“Regulation D“) ‎under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) pursuant to Rule 506(b) ‎of Regulation D and/or ‎Section ‎‎‎4(a)(2) thereof and similar exemptions under ‎applicable state securities ‎‎laws, ‎Qualified Institutional ‎Buyers in the United States pursuant to the registration exemptions provided by Rule 144A of the US ‎Securities Act, and (iii) outside Canada and the United States on a basis which does not require the qualification or registration of any of the Company’s securities under domestic or foreign securities laws.

The Offering is expected to close on or about December 3, 2020, or such other date as the Company and the Agents may agree. Closing of the Offering is subject to customary closing conditions, including, but not limited to, the execution of an agency agreement and the receipt of all necessary regulatory approvals, including the approval of the securities regulatory authorities and the Toronto Stock Exchange.

The Company intends to use the net proceeds of the Offering for product development, working capital and general corporate purposes.

The preliminary short form prospectus is available on SEDAR at www.sedar.com.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Avicanna Inc.

Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development, and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.

Avicanna is an established leader in cannabinoid research and development, which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:

  • Pura H&W™: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and,
  • RHO Phyto™: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all 2 developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.

With ongoing clinical trials on its derma-cosmetic (Pura H&W), medical cannabis (RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.

Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a range of cannabis and hemp cultivars dominant in CBD, CBG, THC, and other cannabinoids for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June 2020, Avicanna made history with a shipment of hemp seeds to the United States of America by completing the first ever export of hemp seeds from Colombia.

Stay Connected

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

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. The forward-looking information contained in this news release is based on certain key expectations and assumptions made by the Company, including expectations and assumptions regarding the terms, timing and potential completion of the Offering, satisfaction of regulatory requirements in various jurisdictions and the use of proceeds from the Offering.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, the delay or failure to receive regulatory approvals, and the risk factors set out in the Company’s annual information form dated April 15, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com.

SOURCE Avicanna Inc.

Avicanna Reports Third Quarter 2020 Financial Results and Provides Corporate Update

Avicanna Reports Third Quarter 2020 Financial Results and Provides Corporate Update

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS/

Another double-digit increase in revenue quarter over quarter as the company continues to execute on its business plan to commercialize its brands in different geographic markets and product segments.

Successful launch of the RHO Phyto line of advanced medical cannabis products nationwide in Canada in partnership with Medical Cannabis by Shoppers Drug Mart Inc.

Good Preparation Practices certification and authorization by the National Institute for Drug and Food Surveillance (“INVIMA”) for the sale of compounded pharmaceutical products to service medical prescriptions of individual patients in Colombia.

TORONTO, Nov. 12, 2020 /CNW/ – Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products announces results for the third quarter ended September 30, 2020.

AVCN Third Quarter Highlights (CNW Group/Avicanna Inc.)

Aras Azadian, Chief Executive Officer of Avicanna, commented “We are thrilled to report the tremendous progress our team continues to make in our commercialization and research efforts. During the third quarter, we were able to demonstrate the superiority of our technologies and products with several strategic commercial partnerships but also with an incredibly successful launch of our medical products in the Canadian market.”

Third Quarter Highlights
The Company continued to make strides in its strategic commercial initiatives, leading to an increase in revenue of approximately 24% from Q2-2020, continuing the trend of double-digit growth, quarter over quarter from Q4-2019. In addition, the Company was able to reach a major milestone with the launch of certain products from its RHO Phyto product line in Canada and further diversified its revenue streams. Below is a summary of the revenue trend over the last four quarters.

Avicanna launched the first product of its RHO Phyto branded line of medical cannabis products on the Medical Cannabis by Shoppers™ (“Shoppers”) platform on August 12, 2020. As of the date of this MD&A, Avicanna has launched its oil drops and sublingual sprays, for a total of four SKUs, through the Shoppers online platform, which offers nationwide service to Canadians.

Certain of the RHO Phyto products are participating in the Medical Cannabis Real-World Evidence study (“MC-RWE study”) at the University Health Network (“UHN”). This first-of-its-kind Canadian study is led by Dr. Hance Clarke, Director of Pain Services at Toronto General Hospital, and will examine the efficacy of a select group of medical cannabis products including Avicanna’s RHO Phyto line of products on patient reported outcomes of pain, sleep and anxiety. This specific study is aligned and in parallel with Avicanna’s comprehensive clinical program of other real-world evidence studies involving the RHO Phyto products and clinical trials on its pharmaceutical pipeline with world-class, Toronto-based medical institutions.

The Company hosted its third annual symposium, “Medical Cannabis 2.0”, through a virtual format on July 21, 2020. The presentations focused on the evolution of medical cannabis including the Avicanna led advancements in R&D for novel cannabinoid delivery forms and formulations. Presenters including Dr. Ruth Ross (Professor and Chair, Department of Pharmacology & Toxicology, Faculty of Medicine, University of Toronto, Senior Scientist, Campbell Family Mental Health Research Institute, Centre for Addiction and Mental Health) and Dr. Hance Clarke (Staff Anesthesiologist, Director Pain Services, Director Good Hope Ehlers Danlos Clinic, Medical Director of The Pain Research Unit, Department of Anesthesia and Pain Management, Toronto General Hospital, University Health Network, Associate Professor, Department of Anesthesia, University of Toronto). Over 1,000 participants attended the symposium.

The Company announced on September 14, 2020 that through Avicanna LATAM S.A.S., the Company’s pharmacy in Bogota has been certified with Good Preparation Practices and authorized by INVIMA for the sale of compounded pharmaceutical products to service medical prescriptions of individual patients in Colombia. This is the final step in the Company’s fully integrated seed to patient business model in Colombia, which includes cultivation, extraction and manufacturing of pharmaceutical products for the emerging medical market of 50 million people.

Avicanna announced on July 24, 2020 that its research collaborators had received two independent peer-reviewed grants from the Natural Sciences and Engineering Research Council of Canada (“NSERC”). In addition to a recent MITACS award, Dr. Christine Allen, a Professor at the University of Toronto, was awarded an NSERC grant for development of cannabinoid-based pharmaceutical formulations for the treatment of COVID-19 induced lung inflammation. Avicanna further expanded its existing neurobiological research collaboration with Dr. Jibran Khokhar, a Professor at the University of Guelph, with a 2-year NSERC grant to investigate the neural basis of cannabis-induced toxicosis. The NSERC grants are being used to expand the investigators’ collaborative research with Avicanna at little to no additional cost to the Company.

Avicanna and Red White & Bloom Brands Inc. (“RWB”) entered into a distribution agreement (the “Distribution Agreement”) on August 11, 2020, for the exclusive distribution of Avicanna’s hemp-based CBD derma-cosmetic and topical products, branded as Pura H&W™, by RWB in the United States and certain other markets. Under the Distribution Agreement, which has an initial five-year term, RWB will exclusively distribute the Pura H&W™ brand and certain other white label brands at RWB’s direction. In exchange for this exclusivity, RWB is required to pay Avicanna an upfront exclusivity fee in the amount of CAD$250,000 in cash, along with minimum purchase requirements for the rights to be the exclusive distributor of Avicanna’s Pura H&W branded cosmetic products in the US. Under the Distribution Agreement, RWB also has the right to purchase Avicanna’s cosmetic products for distribution into the United States and certain other territories under brands of RWB’s choosing. The initial product offerings under the Distribution Agreement includes body and face lotions, cosmetic creams, gels and serums, as well as soaps and bath bombs.

The Company issued an aggregate of 1,952,410 units (the “August Units”) at a price of $1.40 per August Unit, for aggregate gross proceeds of approximately $2.7 million on August 18, 2020. Each August Unit was comprised of one Common Share and one-half of one Common Share purchase warrant, each whole warrant exercisable into one Common Share at a price of $2.00 per share until August 18, 2022, subject to acceleration rights.

The Company announced on August 24, 2020 that it completed exports of CBG and CBD isolates into the USA and CBD isolate into Germany. The Company also commenced a pilot tracking system for the export of its active pharmaceutical ingredient products in partnership with TruTrace Technologies Inc.

The Company announced on September 4, 2020 that it completed further exports of CBD water soluble formula into the USA and CBD-based cosmetics into the United Kingdom. The Colombian Ministry of Health also granted SMGH a commercial and industrial fabrication quota to produce psychoactive THC derivatives.

The Company announced that it entered into an agreement with a US distributor partner on September 29, 2020, whereby the Company plans to develop certain hemp-derived cannabinoid-based products, including sublingual and sustained release tablets intended for the sleep market for such US distributor. Under the agreement, the Company is developing the intellectual property that forms the basis of the products for a development fee. The Company will receive an ongoing royalty payment based on the gross revenue of the products, and the Company will have the opportunity to supply cannabinoid for the manufacture of the products.

During the quarter, the Company incurred general and administrative (G&A”) expenses that total $2,954,438. While the Company’s G&A expenses did marginally increase from the previous quarter, there were several expenses incurred that were one time in nature. Below is a summary of the adjusted EBITDA of the Company over the last four quarters, indicating its continued improvement.

 

Q1 2020

Q2 2020

Q3 2020

Revenue

260,903

709,468

881,956

Adjusted EBITDA*

(3,063,524)

(3,641,496)

(2,608,063)

  • Subsequent to quarter end, on November 2, 2020, the Company closed a non-brokered convertible debenture financing, pursuant to which it issued convertible debentures (the “Debentures”) with an aggregate Face Principal Amount (as defined below) of $1,100,000 (the “Debenture Financing”). The Debentures bear interest at 8.0% per annum and will mature on the date that is 12 months from the ‎date of issuance, with the first year of interest payable in advance on the date of ‎issuance and capitalized and added into the principal amount (such aggregate amount being, ‎the “Face Principal Amount”). With these funds the Company was able to strengthen its balance sheet and provide the necessary working capital to make a large commercial push in the first quarter of 2021.

Source

Avicanna Announces Results of Annual General and Special Meeting

Avicanna Announces Results of Annual General and Special Meeting

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS/

Toronto, Ontario – October 20, 2020 – Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of cannabinoid-based products, is pleased to announce that all of management’s nominees listed in the Company’s management information circular dated September 22, 2020 were elected as directors of the Company at Avicanna’s annual general and special meeting of shareholders held on October 20, 2020 (the “Meeting”). The detailed results of the vote for the election of directors held at the Meeting are set out below.

Name of NomineeVotes cast FOR% votes cast FORVotes WITHHELD% votes WITHHELD
Aras Azadian11,304,32199.94%7,3500.06%
Setu Purohit11,304,32199.94%7,3500.06%
Giancarlo Davila Char11,304,21599.93%7,4560.07%
Dr. Chandrakant Panchal11,304,32199.94%7,3500.06%
David Allan White11,304,72199.94%6,9500.06%
Janet Giesselman11,304,72199.94%6,9500.06%
Benjamin Leavenworth11,304,41599.94%7,2560.06%

At the Meeting, the Company’s shareholders also approved the appointment of MNP LLP as the Company’s auditors for the ensuing year, authorized the board of directors to fix the auditors’ remuneration and approved cancellation and re-issuance of certain stock options previously granted to, among others, certain insiders of the Company.

About Avicanna

Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development, and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.

Avicanna is an established leader in cannabinoid research and development, which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:

• Pura H&W™: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and,

• RHO Phyto™: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.

With ongoing clinical trials on its derma-cosmetic (Pura H&W), medical cannabis (RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.

Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a range of cannabis and hemp cultivars dominant in CBD, CBG, THC, and other cannabinoids for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June 2020, Avicanna made history with a shipment of hemp seeds to the United States of America by completing the first ever export of hemp seeds from Colombia.

SOURCE Avicanna Inc.

Stay Connected

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

Avicanna Enters Agreement to Develop and License Cannabinoid Tablet Formulations for US Distributor Partner

Avicanna Enters Agreement to Develop and License Cannabinoid Tablet Formulations for US Distributor Partner

/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, Sept 29, 2020 /CNW/ – Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of organic and sustainable plant-derived cannabinoid-based products, is pleased to announce that it has entered into an agreement (the “Agreement”) whereby Avicanna will develop certain hemp-derived cannabinoid-based products including sublingual and sustained released tablets intended for the sleep market ( the “Development Products”) for a US distributor (“USCo”).

Under the Agreement, Avicanna will develop the intellectual property (the “Development IP”) that forms the basis of the Development Products for a development fee. Based on the Development IP, USCo will manufacture, distribute and market the Development Products and will pay Avicanna an ongoing royalty payment based on the gross revenue of the Development Products. Avicanna will also have the opportunity to supply the cannabinoids for the manufacture of the Development Products.

Aras Azadian, CEO of Avicanna, commented: “We continue to demonstrate our advanced capabilities in formulation development, optimization and drug delivery for the cannabinoid industry which has utilities across CPG, adult use, medical and pharmaceutical applications. We also take pride in being selected by world class partners to provide our technology and intellectual property which in turn provides additional sources of revenue in the form of royalties.”

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

About Avicanna

Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development, and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.

Avicanna is an established leader in cannabinoid research and development, which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:

Pura H&W™: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and, RHO Phyto™: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.

With ongoing clinical trials on its derma-cosmetic (Pura H&W), medical cannabis (RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.

Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a range of cannabis and hemp cultivars dominant in CBD, CBG, THC, and other cannabinoids for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June 2020, Avicanna made history with a shipment of hemp seeds to the United States of America by completing the first ever export of hemp seeds from Colombia.

Stay Connected

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

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the ability of Avicanna or USCo to perform under the Agreement, the ability of the Company to develop the Development IP to form the basis of the Development Products, the ability of USCo to manufacture and distribute the Development Products, and the ability of the Company to supply the cannabinoids to be used in the manufacture of the Development Products. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.

Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, the delay or failure to receive regulatory approvals, and the risk factors set out in the Company’s annual information form dated April 15, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com.

The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

SOURCE Avicanna Inc.