Avicanna Announces the Successful Completion of its Clinical Study Evaluating the Effect of an Emollient Cream Containing 0.5% Cannabidiol on Skin Hydration

Avicanna Announces the Successful Completion of its Clinical Study Evaluating the Effect of an Emollient Cream Containing 0.5% Cannabidiol on Skin Hydration

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Expects to present additional data from this study at future medical conferences and publications
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This completed study is the first known completed derma-cosmetic study on cannabinoids
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Plans to announce data from additional clinical studies of two other proprietary formulas used for Pura Earth products in Q1 2020

/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, Jan. 13, 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, announced today its results from its first cosmetic clinical study, an open-label, randomized, passive-control study examining the impact of its Pura Earth™ topical cream containing 0.5% cannabidiol and 1% hemp oil on skin hydration.

“We are pleased to announce the successful completion of the first of three clinical studies we’ve conducted for select products in our Pura Earth derma-cosmetics line of CBD products. The investments that we’ve made in the research and development of the Pura Earth products is validated by these positive clinical results and further elevates the brand in the CBD derma-cosmetics market. As a result, we are setting a new industry standard that will help us earn the trust of retailers and customers as we expand the retail launch of Pura Earth across additional geographies in 2020,” stated Aras Azadian, Chief Executive Officer of Avicanna. “We’ve developed our products through our leading cannabinoid research labs in Canada with the goal of offering over-the-counter products backed by evidence. In addition, we have established strict quality controls across our vertically integrated operations that allow us to offer a consistent, quality product to our customers.”

As stated by Dr. Daniel Sauder (Chair of Avicanna’s Dermatology Expert Committee), “The results of this study demonstrated the safety and efficacy of the Pura Earth cannabidiol cream. In particular, we achieved the primary end point of enhanced skin hydration. The new data builds upon the R&D data generated for our Pura Earth product line, and further supports our belief that this particular formulation of cannabidiol has potential efficacy in the treatment of cutaneous diseases.”

Of the total 61 subjects enrolled, 49 healthy adults with modified Kligman test >0 (i.e., dry skin) successfully completed the study (details of the study can be found at clinicaltrials.gov (https://clinicaltrials.gov/ct2/show/NCT04045314?term=avicanna&draw=2&rank=1). No adverse effects that required medical intervention or discontinuation were reported during the period of the study.

The Pura Earth products were produced with Avicanna’s proprietary formulations using cannabidiol (“CBD“) isolate extracted by the Company’s majority owned subsidiary, Santa Marta Golden Hemp S.A.S. (“SMGH“), from cannabis grown and cultivated by SMGH in Santa Marta, Colombia. SMGH’s CBD isolate is derived from its USDA organic certified hemp (non-psychoactive cannabis).

This study was conducted by CAIMED S.A.S. Medical Care and Research Center in Bogota, Colombia.  Avicanna plans to present additional detailed data from the study at upcoming medical conferences and in peer-reviewed publications.

In addition, CAIMED has completed two additional studies for Avicanna: a study evaluating the effect of a facial cream containing 0.5% cannabidiol and 1% hemp oil on skin hydration and characteristics associated with acne-prone skin; and, a study evaluating the effect of a topical serum preparation containing 1% cannabidiol and apple stem cells on skin characteristics associated with aging. The Company plans on announcing top-line results from both studies once the data is compiled.

About Pura EarthTM

Pura Earth is Avicanna’s derma-cosmetic line which utilizes a combination of purified cannabidiol (CBD) and other synergistic botanical ingredients designed to naturally regulate and nourish the skin. The Pura Earth product line was designed by Avicanna and optimized in partnership with the University of Toronto using Avicanna’s proprietary formulations.

About Avicanna

Avicanna is an Ontario corporation focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products through its two main business segments, cultivation and research and development.

Avicanna’s two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia are the base for Avicanna’s cultivation activities. These two companies are licensed to cultivate and process cannabis for the production of cannabis extracts and purified cannabinoids including cannabidiol (CBD) and tetrahydrocannabinol (THC).

Avicanna’s research and development business is primarily conducted out of Canada at its headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto. Avicanna’s scientific team develops products, and Avicanna has also engaged the services of researchers at the Leslie Dan Faculty of Pharmacy at the University of Toronto for the purpose of optimizing and improving upon its products.

Avicanna’s research and development and cultivation activities are focused on the development of its key products, including plant-derived cannabinoid pharmaceuticals, phyto-therapeutics, derma-cosmetics and Extracts (defined as plant-derived cannabinoid extracts and purified cannabinoids, including distillates and isolates), with a goal of eventually having these products manufactured and distributed through various markets.

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.

Cautionary Note Regarding Forward-Looking Information and Statements

Certain information in this press release contains forward-looking statements. Such statements include but are not limited to the global expansion of the Pura Earth product line and the expected announcement of results from additional studies. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict, including the risk factors set out under the heading “Risk Factors” in the Company’s long form final prospectus dated July 8, 2019. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless and until required by securities laws applicable to the Company.

SOURCE Avicanna Inc.

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Avicanna Announces Agreement with Medical Cannabis by Shoppers, a Subsidiary of Shoppers Drug Mart Inc., to Distribute Avicanna’s Advanced and Evidence-based Medical Cannabis and Derma-Cosmetic Products Across Canada

Avicanna Announces Agreement with Medical Cannabis by Shoppers, a Subsidiary of Shoppers Drug Mart Inc., to Distribute Avicanna’s Advanced and Evidence-based Medical Cannabis and Derma-Cosmetic Products Across 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, Jan. 10, 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, announced today that Medical Cannabis by Shoppers will be the exclusive Canadian distributor of the Rho PhytoTM medical cannabis and Pura EarthTM CBD derma-cosmetic product lines.  Medical license holders in Canada will be able to purchase a consistent supply of Avicanna’s advanced and evidence-based products starting in early-2020, including the Rho Phyto line, which includes sublingual sprays, oil drops, gels, creams, tablets and capsules.

“As a Canadian company, we are proud to be partnering with one of the country’s largest and most trusted brands to bring our products to medical patients and consumers, who will benefit from our years of research and development in collaboration with some of Canada’s leading scientific and clinical institutions,” stated Aras Azadian, Chief Executive Officer of Avicanna. “We believe this partnership represents the future of the medical segment of the cannabis industry and what can be perceived as ‘medical cannabis 2.0’ due to its emphasis on the controlled dosing, data, quality, consistency and wide range of deliveries and cannabinoid ratios.”

In an effort to support the patient community, Avicanna and Medical Cannabis by Shoppers plan to collaborate to provide the Canadian medical community and patients with education, training and on-going support.

About Rho PhytoTM

Rho Phyto is Avicanna’s line of phyto-therapeutic medical cannabis products. The Rho Phyto products consist of cannabis plant extracts designed for medical use, but are not pharmaceuticals or drugs. There are a wide range of targeted delivery mechanisms for the Rho Phyto products, including tablets, sublingual sprays, oil drops, capsules, creams and gels, which will be supported by bioavailability and pharmacokinetic data.

About Pura EarthTM

Pura Earth is Avicanna’s derma-cosmetic line which utilizes a combination of purified cannabidiol (CBD) and other synergistic botanical ingredients designed to naturally regulate and nourish the skin. The Pura Earth product line was designed by Avicanna and optimized in partnership with the University of Toronto using Avicanna’s proprietary formulations.

About Avicanna

Avicanna is an Ontario corporation focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products through its two main business segments, cultivation and research and development.

Avicanna’s two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia are the base for Avicanna’s cultivation activities. These two companies are licensed to cultivate and process cannabis for the production of cannabis extracts and purified cannabinoids including cannabidiol (CBD) and tetrahydrocannabinol (THC).

Avicanna’s research and development business is primarily conducted out of Canada at its headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto. Avicanna’s scientific team develops products, and Avicanna has also engaged the services of researchers at the Leslie Dan Faculty of Pharmacy at the University of Toronto for the purpose of optimizing and improving upon its products.

Avicanna’s research and development and cultivation activities are focused on the development of its key products, including plant-derived cannabinoid pharmaceuticals, phyto-therapeutics, derma-cosmetics and Extracts (defined as plant-derived cannabinoid extracts and purified cannabinoids, including distillates and isolates), with a goal of eventually having these products manufactured and distributed through various markets.

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.

For more information about Medical Cannabis by Shoppers™ visit http://cannabis.shoppersdrugmart.ca, or call 1-844-633-2627.

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. These forward-looking statements include, but are not limited to, statements relating to: the ability of medical license holders to obtain a consistent supply of product, Medical Cannabis by Shoppers maintaining its exclusivity with respect to Canadian distribution, the timing related to the expected availability of the products and the intention to collaborate on medical education, training and support.

Risks, uncertainties and other factors involved with forward-looking information that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information include: the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary regulatory approvals; the ability of the parties to satisfy, in a timely manner, the other conditions of the agreement; the ability of the Company to agree to terms with an acceptable manufacturer; changes to rules related to sale and distribution of cannabis products; and such other risks contained in the Company’s long-form prospectus dated July 8, 2019 available on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive.

In respect of the forward-looking statements and information concerning the anticipated benefits of the transaction and the anticipated timing for completion of the transaction, the Company has provided such statements and information in reliance on certain assumptions that they believe are reasonable at this time. Although the Company believes that the assumptions and factors used in preparing the forward-looking information or forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information or forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. Actual results could differ materially from those currently anticipated due to a number of factors and risks.

SOURCE Avicanna Inc.

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Avicanna Enters Into USD$5 Million Revolving Credit Facility

Avicanna Enters Into USD$5 Million Revolving Credit Facility

/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, Dec. 27, 2019 /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 a credit facility (the “Credit Facility“) with Inmobiliaria Bondue S.A.S. (“Bondue“) pursuant to which Avicanna will be entitled to borrow up to USD$5,000,000.

Advances made under the Credit Facility will bear interest at a rate of 8.0% per annum. The Credit Facility is unsecured and is repayable upon a default by Avicanna or the demand of Bondue. The Credit Facility is intended to be used for general working capital purposes.

Bondue, a “related party” for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“), is a party to the Credit Facility and the execution of the associated loan documentation is considered a “related party transaction” for the purposes of MI 61-101. The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. The Company is exempt from the formal valuation requirement in section 5.4 and the minority shareholder approval requirement in section 5.6 of MI 61-101 in reliance on sections 5.5(a) and 5.7(a), respectively, of MI 61-101 as the fair market value of the transaction, insofar as it involves related parties, is not more than 25% of the Company’s market capitalization.

About Avicanna
Avicanna is an Ontario corporation focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products through its two main business segments, cultivation and research and development.

Avicanna’s two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia are the base for Avicanna’s cultivation activities. These two companies are licensed to cultivate and process cannabis for the production of cannabis extracts and purified cannabinoids including cannabidiol (CBD) and tetrahydrocannabinol (THC).

Avicanna’s research and development business is primarily conducted out of Canada at its headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto. Avicanna’s scientific team develops products, and Avicanna has also engaged the services of researchers at the Leslie Dan Faculty of Pharmacy at the University of Toronto for the purpose of optimizing and improving upon its products.

Avicanna’s research and development and cultivation activities are focused on the development of its key products, including plant-derived cannabinoid pharmaceuticals, phyto-therapeutics, derma-cosmetics and Extracts (defined as plant-derived cannabinoid extracts and purified cannabinoids, including distillates and isolates), with a goal of eventually having these products manufactured and distributed through various markets.

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.

Cautionary Note Regarding Forward-Looking Information and Statements

Certain information in this press release contains forward-looking statements. Such statements include but are not limited to the timing of the intended maturity of the Credit Facility and the intended use of funds under the Credit Facility. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict, including the risk factors set out under the heading “Risk Factors” in the Company’s long form final prospectus dated July 8, 2019. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless and until required by securities laws applicable to the Company.

SOURCE Avicanna Inc.

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Avicanna Receives DTC Eligibility for Common Shares on OTCQX

Avicanna Receives DTC Eligibility for Common Shares on OTCQX

/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, Dec. 5, 2019 /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 obtained eligibility with the Depository Trust Company (“DTC“) for its common shares listed in the United States on the OTCQX® Best Market.

DTC is a subsidiary of the Depository Trust & Clearing Corporation, a U.S. company that manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through DTC are considered to be “DTC eligible”. DTC eligibility is expected to simplify the process of trading the Company’s common shares on the OTCQX Best Market and enhance liquidity for U.S. Investors.

“With our common stock listed in the U.S. now DTC eligible, a greater number of brokerages and trading platforms will be able to manage trades in our shares. This increased accessibility for investors is expected to improve the liquidity of our shares, which will also help to attract more investors that are following the exciting momentum we are building in our business as we execute on our commercialization strategy,” stated Setu Purohit, President.

About Avicanna

Avicanna is an Ontario corporation focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products through its two main business segments, cultivation and research and development.

Avicanna’s two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia are the base for Avicanna’s cultivation activities. These two companies are licensed to cultivate and process cannabis for the production of cannabis extracts and purified cannabinoids including cannabidiol (CBD) and tetrahydrocannabinol (THC).

Avicanna’s research and development business is primarily conducted out of Canada at its headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto. Avicanna’s scientific team develops products, and Avicanna has also engaged the services of researchers at the Leslie Dan Faculty of Pharmacy at the University of Toronto for the purpose of optimizing and improving upon its products.

Avicanna’s research and development and cultivation activities are focused on the development of its key products, including plant-derived cannabinoid pharmaceuticals, phyto-therapeutics, derma-cosmetics and Extracts (defined as plant-derived cannabinoid extracts and purified cannabinoids, including distillates and isolates), with a goal of eventually having these products manufactured and distributed through various markets.

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.

Cautionary Note Regarding Forward-Looking Information and Statements

Certain information in this press release contains forward-looking statements. Such statements include but are not limited to the expected benefits of DTC eligibility and the impact of DTC eligibility on the ability of the Company to attract additional capital. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict, including the risk factors set out under the heading “Risk Factors” in the Company’s long form final prospectus dated July 8, 2019. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless and until required by securities laws applicable to the Company.

SOURCE Avicanna Inc.

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Avicanna to Supply UK Market with Cannabis-Based Medicinal Products Through Distribution Agreement with the LYPHE Group

Avicanna to Supply UK Market with Cannabis-Based Medicinal Products Through Distribution Agreement with the LYPHE Group

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TORONTO, Dec. 3, 2019 /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 the Company has entered into an importation and distribution agreement (the “Agreement“) with Astral Health Ltd. (“Astral“), the operating subsidiary of the LYPHE Group Ltd (“LYPHE Group” or “LYPHE“) to supply its cannabis-based medicinal products (“CBMPs“) to patients in the United Kingdom under the MHRA ‘specials’ programme.

“We look forward to the opportunity to provide access to our cannabis-based medicinal formulations to a population and medical community that is seeing increased demand for quality evidence-based products, such as our proprietary research-backed formulations. Both the Astral and Avicanna teams are aligned on the long-term vision and more importantly are qualified to provide the medical community in the United Kingdom with safe, effective and superior cannabinoid-based solutions, education and training,” stated Aras Azadian, Chief Executive Officer.

Dean Friday, Chief Executive Officer of LYPHE, commented “We are very proud to be partnering with Avicanna in bringing their products to the UK market.  Avicanna are market-leaders in terms of product quality, and their research-backed formulations give the company a distinct advantage in the UK market”.

Under the Agreement, Avicanna will supply Astral with CBMPs, and both Avicanna and Astral will work together to achieve key strategic milestones in the United Kingdom related to market activation, market access and safety. The parties will also work together to collaborate on medical education programs with a focus on safety, dose guidance and efficacy. The Agreement will allow Avicanna to begin generating revenue from a growing UK market, while providing patients with increased access to the life-changing medicines they require.

It is expected that the CBMPs will be prepared in Colombia using Avicanna’s proprietary research-backed formulations, using cannabis extracts from Santa Marta Golden Hemp S.A.S., a subsidiary of Avicanna, and manufactured at the facilities of Avicanna’s exclusive Colombian manufacturer, Altea Farmaceutica S.A. using Good Manufacturing Practices (GMP).

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 Astral & LYPHE GROUP

Astral is a Europe focused importer and distributor of medical cannabis, and forms part of the LYPHE Group.  LYPHE has developed a patient-access ecosystem, which has laid the foundations for the medical cannabis industry in the UK, and has enabled the company to become the market leader in the country’s rapidly expanding market.

About Avicanna

Avicanna is an Ontario corporation focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products through its two main business segments, cultivation and research and development.

Avicanna’s two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia are the base for Avicanna’s cultivation activities. These two companies are licensed to cultivate and process cannabis for the production of cannabis extracts and purified cannabinoids including cannabidiol (CBD) and tetrahydrocannabinol (THC).

Avicanna’s research and development business is primarily conducted out of Canada at its headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto. Avicanna’s scientific team develops products, and Avicanna has also engaged the services of researchers at the Leslie Dan Faculty of Pharmacy at the University of Toronto for the purpose of optimizing and improving upon its products.

Avicanna’s research and development and cultivation activities are focused on the development of its key products, including plant-derived cannabinoid pharmaceuticals, phyto-therapeutics, derma-cosmetics and Extracts (defined as plant-derived cannabinoid extracts and purified cannabinoids, including distillates and isolates), with a goal of eventually having these products manufactured and distributed through various markets.

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.

Cautionary Note Regarding Forward-Looking Information and Statements

Certain information in this press release contains forward-looking statements. Such statements include but are not limited to the source of extracts to be included in the CBMPs, the manufacturer of the CBMPs, the ability of Avicanna to import the CBMPs, the ability of Avicanna and Astral to achieve the strategic milestones contemplated in the Agreement and the ability of Avicanna to generate revenue from the Agreement. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict, including the risk factors set out under the heading “Risk Factors” in the Company’s long form final prospectus dated July 8, 2019. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless and until required by securities laws applicable to the Company.

SOURCE Avicanna Inc.

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Avicanna’s Rho Phyto Branded Products to be Available in California

Avicanna’s Rho Phyto Branded Products to be Available in California

/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, Dec. 1, 2019 /CNW/ – Avicanna Inc. (“Avicanna” or the “Company“) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) today announces that LC2019, Inc. (“LC2019“), the entity that holds a license to Avicanna’s intellectual property in the United States, has advised Avicanna that it has entered into an agreement (the “License Agreement“) with a subsidiary of Kings Garden Inc. (“Kings Garden“), a California based company, manufacturing the Kings Garden brand, with extensive experience in the cultivation, processing and manufacturing of high-end cannabis products, pursuant to which LC2019 will sub-license Avicanna’s Rho PhytoTM brand and proprietary formulations (collectively, the “Rho Products“) to Kings Garden.

As announced by Avicanna in its November 26, 2019 press release, Avicanna has an option to acquire all of the outstanding shares of LC2019, which option may be exercised by Avicanna at any time and is expected to be exercised upon cannabis cultivation, processing, distribution and possession becoming federally legal in the United States.

Under the terms of the License Agreement, LC2019, through a wholly-owned subsidiary, has provided the Kings Garden team with an exclusive license to use the Rho Phyto trademark and to manufacture, market, distribute and sell the Rho Phyto advanced formulation products in the State of California. In consideration of the license granted under the License Agreement, the Kings Garden team has agreed to pay to LC2019 a royalty equal to 40% of the net profits from the sale of the Rho Products. Kings Garden, through its licensed subsidiary, will produce, manufacture and sell the Rho Products in the State of California. The initial term of the License Agreement is three years.

“We are thrilled to see the Rho Phyto brand and advanced cannabis product offerings have their initial launch in the State of California which represents the largest and one of the most sophisticated consumer markets in the world. We are also excited that the LC2019 team has decided to partner with the Kings Garden team which have demonstrated industry leading products, quality and execution. We hope that this launch in California will provide the Rho Phyto brand with a foothold in the US market place, help establish a leading global brand and attain both market information and efficacy data around the proprietary product lines,” stated Aras Azadian, Chief Executive Officer of Avicanna.

About Avicanna

Avicanna is an Ontario corporation focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products through its two main business segments, cultivation and research and development.

Avicanna’s two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia are the base for Avicanna’s cultivation activities. These two companies are licensed to cultivate and process cannabis for the production of cannabis extracts and purified cannabinoids including cannabidiol (CBD) and tetrahydrocannabinol (THC).

Avicanna’s research and development business is primarily conducted out of Canada at its headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto. Avicanna’s scientific team develops products, and Avicanna has also engaged the services of researchers at the Leslie Dan Faculty of Pharmacy at the University of Toronto for the purpose of optimizing and improving upon its products.

Avicanna’s research and development and cultivation activities are focused on the development of its key products, including plant-derived cannabinoid pharmaceuticals, phyto-therapeutics, derma-cosmetics and Extracts (defined as plant-derived cannabinoid extracts and purified cannabinoids, including distillates and isolates), with a goal of eventually having these products manufactured and distributed through various markets.

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.

Cautionary Note Regarding Forward-Looking Information and Statements

Certain information in this press release contains forward-looking statements. Such statements include but are not limited to the timing of the exercise by Avicanna of its option to acquire all of the shares of LC2019 and the successful commercialization of the Rho Products in California. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict, including the risk factors set out under the heading “Risk Factors” in the Company’s long form final prospectus dated July 8, 2019. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless and until required by securities laws applicable to the Company.

SOURCE Avicanna Inc.

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Avicanna Announces Option to Purchase Newly Formed US Cannabis Operator

Avicanna Announces Option to Purchase Newly Formed US Cannabis Operator

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TORONTO, Nov. 26, 2019 /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 a license agreement (the “License Agreement“) with LC2019, Inc. (“LC2019“) pursuant to which the Company has agreed to license certain proprietary formulations and brand elements to LC2019 for commercialization in the United States.  As consideration for entering into the License Agreement, LC2019 and its shareholders have entered into a definitive option agreement (the “Option Agreement“) that grants Avicanna the option (the “Option“) to acquire 100 percent of the issued and outstanding shares of LC2019, with such Option to be exercisable in the event that cannabis cultivation, processing, distribution and possession‎ becomes federally legal in the United States (the “Triggering Event“). Avicanna may elect to waive the Triggering Event and exercise the Option at any time.

Additionally, Avicanna announces that Arash Moghani has stepped down as the Company’s Chief Technology Officer and has advised Avicanna that he will be joining the executive leadership team at LC2019.

Transaction Highlights:

  • The License Agreement will enable LC2019 to commercialize Avicanna’s RhoTM products and proprietary research-backed formulations in the US marketplace;

  • LC2019 has advised Avicanna that it expects to establish a strong U.S. presence through the establishment of manufacturing and/or licensing arrangements on a state-by-state basis in states that permit the use of cannabis for recreational or medical purposes; and

  • LC2019 has an experienced management team (which will now include Mr. Moghani) and Avicanna believes that LC2019 will be well positioned to create potential value for Avicanna shareholders should the Option be exercised or monetized in the future.

“We are thrilled to secure a strategy that will allow us to enter the United States as soon as federally permissible and, in the interim, provide an opportunity for our brands and science-driven product formulations to establish themselves in one of the largest and most exciting global markets for cannabis products,” stated Setu Purohit, President of Avicanna.

License Agreement

Under the terms of the License Agreement, Avicanna has granted LC2019 non-exclusive rights to use certain of Avicanna’s intellectual property, including, but not limited to, copyrights and trademarks associated with certain brands and proprietary product formulations. The License Agreement may be sub-licensed by LC2019 on similar terms and conditions. The License Agreement has a 10 year term and is subject to standard termination rights. The License Agreement contains standard representations, warranties and covenants of the parties.

Option Agreement

Pursuant to the terms of the Option Agreement, upon the occurrence of the Triggering Event, Avicanna will exercise the Option and purchase all of the issued and outstanding shares of LC2019, as follows: (i) all of the issued and outstanding Class A shares at a nominal amount; (ii) all of the issued and outstanding Class B shares at the applicable subscription price; and (iii) all of the issued and outstanding Class C shares for up to 10% of the increase in the fair market value of LC2019 between the date of the Option Agreement and the date that Avicanna provides notice of exercise to LC2019, up to a maximum aggregate amount of CDN$10,000,000. Avicanna is entitled to elect to satisfy the purchase price in cash or through the issuance of common shares of Avicanna, in its sole discretion, subject to the approval of the Toronto Stock Exchange and in accordance with the policies of the Toronto Stock Exchange at such time. Additionally, Avicanna may elect to exercise the Option prior to the occurrence of the Triggering Event in its sole discretion or to assign the Option at any time.

The Option is exercisable for 10 years from the date of grant. The Option Agreement contains standard negative covenants, representations and warranties.

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 LC2019, Inc.

LC2019 was established to carry on cannabis related operations in the United States in accordance with State sanctioned cannabis programs. LC2019 is expected to produce RhoTM products and/or sub-license the rights to manufacture and sell such products pursuant to such State programs. As of the date hereof, the principal asset of LC2019 is the License Agreement.

About Avicanna

Avicanna is an Ontario corporation focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products through its two main business segments, cultivation and research and development.

Avicanna’s two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia are the base for Avicanna’s cultivation activities. These two companies are licensed to cultivate and process cannabis for the production of cannabis extracts and purified cannabinoids including cannabidiol (CBD) and tetrahydrocannabinol (THC).

Avicanna’s research and development business is primarily conducted out of Canada at its headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto. Avicanna’s scientific team develops products, and Avicanna has also engaged the services of researchers at the Leslie Dan Faculty of Pharmacy at the University of Toronto for the purpose of optimizing and improving upon its products.

Avicanna’s research and development and cultivation activities are focused on the development of its key products, including plant-derived cannabinoid pharmaceuticals, phyto-therapeutics, derma-cosmetics and Extracts (defined as plant-derived cannabinoid extracts and purified cannabinoids, including distillates and isolates), with a goal of eventually having these products manufactured and distributed through various markets.

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.

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, LC2019 or their respective subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. These forward-looking statements include, but are not limited to, statements relating to our expectations with respect to: the timing and outcome of the transaction; the anticipated benefits of the transaction to the parties and their respective security holders; impact of the transaction, the ability of LC2019 to develop the brands and commercialize the products, the states in which LC2019 will operate and the consideration to be paid upon exercise of the Option.

Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary regulatory approvals; the ability of the parties to satisfy, in a timely manner, the other conditions; the likelihood of the triggering event being satisfied or waived by the outside date; other expectations and assumptions concerning the transaction; and such risks contained in the Company’s long-form prospectus dated July 8, 2019 available on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive.

In respect of the forward-looking statements and information concerning the anticipated benefits and completion of the transaction and the anticipated timing for completion of the transaction, the Company has provided such statements and information in reliance on certain assumptions that they believe are reasonable at this time. Although the Company believes that the assumptions and factors used in preparing the forward-looking information or forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information or forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.

There can be no assurance that the transaction, including the triggering event, will occur, or that it will occur on the terms and conditions contemplated in this news release. The transaction could be modified, restructured or terminated. Actual results could differ materially from those currently anticipated due to a number of factors and risks.

SOURCE Avicanna Inc.

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Avicanna Reports Third Quarter 2019 Financial Results

Avicanna Reports Third Quarter 2019 Financial Results

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TORONTO, Nov. 14, 2019 /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, 2019.

Aras Azadian, Chief Executive Officer of Avicanna, commented “We have built tremendous momentum and have connected several international verticals into a unified vertically integrated model in recent months. During this time, we have initiated several revenue streams through our various product lines, which we expect to drive the Company’s future growth. This is an exciting time for Avicanna, as we are starting to see years of our hard work and research and development come together to result in commercialized cannabinoid-based products at a time where global market demand continues to increase.”

Third Quarter Operational Highlights

  • Successfully manufactured the first commercial batch of Pura EarthTM branded derma-cosmetic products. This first batch included a total of approximately 28,000 units of Pura Earth product manufactured using approximately 28 kilograms of the Company’s purified cannabidiol (“CBD”).

  • Clinical trials for Avicanna’s branded derma-cosmetic line, Pura Earth, with the Centro de Atencion e Investigacion Medica CAIMED S.A.S., commenced during the quarter. These trials will demonstrate effectiveness with specific cosmetic endpoints, such as reduction of fine lines associated with aging, efficacy as a moisturizer for eczema prone skin, and reduction of sebum and redness attributed to acne. Upon completion, it is expected that these products will be the first CBD based cosmetic products with claims supported by clinical trials. These results are expected in the fourth quarter of 2019.

  • Health Canada granted Avicanna a cannabis research licence, which will permit cannabinoid-based formulations and advanced pharmaceutical drug development at the Company’s research and development headquarters located at the MaRS Discovery District in Toronto.

  • Expanded the scope and duration of Avicanna’s research and collaboration agreement with Dr. Christine Allen’s research group at the University of Toronto’s Faculty of Pharmacy, which is focused on pharmaceutical development of cannabinoid-based medicines, further solidifying the Company’s position as a leader in the biopharmaceutical cannabis industry.

  • Formed a joint venture with Sigma Analytical Services Inc. for the testing of cannabis and cannabis-based products in Colombia. The joint venture is expected to establish the first Good Manufacturing Practices and Good Laboratory Practice analytical testing facility in Colombia for such products.

  • Entered into an agreement with the University of Guelph for the in vivo analysis of Avicanna’s proprietary cannabinoid-based products and formulations to treat psychiatric disorders including anxiety, depression, PTSD and addiction. This agreement provides a unique opportunity for Avicanna to commence research on brain function and health. In addition, the Company entered into a research agreement with the University of Guelph and Dr. Max Jones to produce and optimize commercial genetics.

  • Added an additional 120,000 square feet of cultivation space in its majority owned subsidiaries, Santa Marta Golden Hemp S.A.S. (“SMGH”) and Sativa Nativa S.A.S (“Sativa Nativa”). The total cultivation area for the period ending September 30, 2019 is now 410,000 square feet. With this addition, the Company has completed its initial phase of its cultivation and extraction facility.

Financial Highlights

  • The Company had approximately $6.6 million of cash on hand and short-term investments at quarter end. Avicanna made significant strides to position itself for commercial sales. In particular, capital expenditures on its cultivation facilities was expedited to bring the 410,000 square feet of cultivation space online, which marks the completion of its initial phase of construction. As a result, it will be well positioned to meet future sales demand.

  • The Company’s costs increased for the nine months ending September 30, 2019 as a result of scaling up operations and the significant costs associated with the listing of its common shares on the Toronto Stock Exchange. In particular, the Company scaled up certain costs as it related to the commercial launch of its Pura Earth line of products in Colombia.

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Avicanna Announces Voluntary Lock-Up Agreements for Key Insiders and Separation of CEO and Chairman Roles

Avicanna Announces Voluntary Lock-Up Agreements for Key Insiders and Separation of CEO and Chairman Roles

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TORONTO, Oct. 29, 2019 /CNW/ – Avicanna Inc. (“Avicanna” or the “Company“) (TSX: AVCN) (OTCQX: AVCNF), a biopharmaceutical company focused on the development, manufacturing and commercialization of organic and sustainable plant-derived cannabinoid-based products, today announces that its executive officers and directors have entered into voluntary lock-up agreements to extend the term of their lock-up periods, affecting approximately 7.7 million shares. The Company also announces that Kyle Langstaff has stepped down as Vice President (Operations) and has concurrently entered into a lock-up agreement to restrict the disposition of his common shares. In addition, the Company’s board of directors has separated the roles of Chairman and Chief Executive Officer.

Extended Lock-Up Agreements

Each member of the Company’s board of directors has entered into voluntary lock-up agreements pursuant to which they will not sell, transfer or pledge any of their Avicanna securities prior to July 1, 2020.  On July 1, 2020, the Company will release 10% of such securities to the respective directors, with the remaining securities released in six equal tranches of 15% every six months following the first release, subject to customary exceptions. The members of the board of directors hold an aggregate of 7,176,850 common shares of the Company.

The executive officers of the Company have entered into voluntary lock-up agreements pursuant to which they will not sell, transfer or pledge any of their Avicanna securities prior to January 1, 2020. On January 1, 2020, the Company will release 10% of such securities to the respective executives, with the remaining securities released in six equal tranches of 15% every six months following the first release, subject to customary exceptions. The executive officers hold an aggregate of 540,743 common shares of the Company.

In addition, each director and officer entering into one of the voluntary lock-up agreements described above will not sell more than 5,000 common shares of the Company in any one week period during the first year following the initial release date under such agreement, without the consent of the Company.

Upon release of the securities subject to the extended lock-up agreements, the executive officers and directors will remain subject to all applicable black-out periods under the Company’s insider trading policy, which is available on Avicanna’s website.

Additionally, Kyle Langstaff, non-management founder of Avicanna, has resigned as Vice President (Operations) for personal reasons, effective immediately. Mr. Langstaff holds an aggregate of 2,418,333 shares of the Company’s common stock. As a demonstration of his confidence in the Company, Mr. Langstaff has entered into a voluntary lock-up agreement, pursuant to which he will not sell more than 10,000 common shares of the Company in any one week period prior to April 18, 2020, without the consent of the Company. Under Mr. Langstaff’s lock-up agreement, 10% of his securities were released on October 18, 2019, and the remaining securities are to be released in six equal tranches of 15% every six months following the first release, subject to customary exceptions. As of the date hereof, Mr. Langstaff has not disposed of any of his securities of the Company.

Aras Azadian, the Company’s Chief Executive Officer, stated, “These extended lock-up agreements demonstrate the confidence that the management team and the board of directors have in the Company’s long-term potential. We believe these agreements will further strengthen the commitment of all stakeholders to achieving our goal of becoming an industry leader in organic and sustainable plant-derived cannabinoid-based products.”

Separation of Chairman and CEO Roles

The Company’s board of directors also decided to separate the roles of Chairman and Chief Executive Officer. Mr. Azadian will continue as the Company’s Chief Executive Officer. Avicanna’s board of directors appointed Dr. Chandrakant Panchal, current independent Lead Director, as the Company’s Non-Executive Chairman, effective immediately.

Mr. Azadian, stated, “Avicanna’s commitment to best practices extends to all areas of the Company. The separation of the Chairman and CEO roles is an important feature in an independent board and its duties to oversee the Company’s operations. We are happy to appoint Dr. Panchal, who is an experienced director and biotechnology industry veteran, as Avicanna’s Non-Executive Chairman.”

“I am delighted and honored to be elected as non-executive Chairman of Avicanna. It is imperative that corporate governance is a priority for the Company. The separation of the roles of Chairman and CEO reflect the board and the Company’s commitment to good corporate governance,” said Dr. Chandrakant Panchal, the Company’s Non-Executive Chairman.

About Avicanna

Avicanna is an Ontario corporation focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products through its two main business segments, cultivation and research and development.

Avicanna’s two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia are the base for Avicanna’s cultivation activities. These two companies are licensed to cultivate and process cannabis for the production of cannabis extracts and purified cannabinoids including cannabidiol (CBD) and tetrahydrocannabinol (THC).

Avicanna’s research and development business is primarily conducted out of Canada at its headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto. Avicanna’s scientific team develops products, and Avicanna has also engaged the services of researchers at the Leslie Dan Faculty of Pharmacy at the University of Toronto for the purpose of optimizing and improving upon its products.

Avicanna’s research and development and cultivation activities are focused on the development of its key products, including plant-derived cannabinoid pharmaceuticals, phyto-therapeutics, derma-cosmetics and Extracts (defined as plant-derived cannabinoid extracts and purified cannabinoids, including distillates and isolates), with a goal of eventually having these products manufactured and distributed through various markets.

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.

Cautionary Note Regarding Forward-Looking Information and Statements

Certain information in this press release contains forward-looking statements. Such statements include but are not limited to the timing of securities releases, the maximum number of shares that will be sold by persons subject to the lock-up agreements in any one week period and the additional restrictions the securities will be subject to upon release from the lock-up agreements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict, including the risk factors set out under the heading “Risk Factors” in the Company’s long form final prospectus dated July 8, 2019. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless and until required by securities laws applicable to the Company.

SOURCE Avicanna Inc.

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Avicanna (TSX: AVCN) Completes First Commercial Exports of CBD to South Africa and the United Kingdom

Avicanna (TSX: AVCN) Completes First Commercial Exports of CBD to South Africa and the United Kingdom

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TORONTO, Oct. 24, 2019 /CNW/ – Avicanna Inc. (“Avicanna” or the “Company“) (TSX: AVCN)(OTCQX: AVCNF), a biopharmaceutical company focused on the development, manufacturing and commercialization of cannabinoid-based products, is pleased to announce that Santa Marta Golden Hemp S.A.S. (“SMGH“), its majority owned subsidiary, has completed commercial exports of its Aureus™ brand of CBD-based products to South Africa and the United Kingdom (collectively, the “Jurisdictions“).

The Aureus brand of products include an organic and sustainable line of plant-derived active pharmaceutical ingredients (“APIs“) and bulk CBD formulations developed by Avicanna in collaboration with SMGH and Sativa Nativa S.A.S. (“Sativa Nativa“), which is also a majority owned subsidiary of Avicanna. These initial sales included the export of CBD isolate and 4% bulk formulation for CBD oil sublingual sprays. Each of the above exports has been completed in accordance with all applicable laws in the Jurisdictions.

Aras Azadian, Avicanna’s Chief Executive Officer, stated “We are excited to bring the Aureus brand of cannabinoid APIs to our international customers. We believe these initial sales further validate the brand’s opportunities in these two countries, as well as the potential for us to actively market our APIs across the globe to manufacturers of CBD products. We believe the Aureus brand of API products will become a leader in organic and sustainable cannabinoid raw materials and the gold standard with respect to global quality controls, which we believe are necessary for the evolution of a worldwide cannabinoid industry.”

About Aureus

The Aureus brand is a collaboration between Avicanna and its two majority owned Colombian subsidiaries, SMGH and Sativa Nativa. It is expected that SMGH and Sativa Nativa will sell a range of premium of APIs, in the form of resins, distillates and isolates under the Aureus brand. These APIs are expected to consist of purified cannabinoids including cannabidiol (CBD), tetrahydrocannabinol (THC) and other rare cannabinoids. The Aureus brand will allow customers to have confidence that each shipment of API will meet Avicanna’s industry leading standards of quality, has been grown in accordance with Good Agricultural and Collection Practices and has been extracted in compliance with Good Manufacturing Standards. Additionally, Aureus products are cultivated with organic, environmentally sustainable and socially responsible practices.

About Avicanna

Avicanna is an Ontario corporation focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products through its two main business segments, cultivation and research and development.

Avicanna’s two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia are the base for Avicanna’s cultivation activities. These two companies are licensed to cultivate and process cannabis for the production of cannabis extracts and purified cannabinoids including cannabidiol (CBD) and tetrahydrocannabinol (THC).

Avicanna’s research and development business is primarily conducted out of Canada at its headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto. Avicanna’s scientific team develops products, and Avicanna has also engaged the services of researchers at the Leslie Dan Faculty of Pharmacy at the University of Toronto for the purpose of optimizing and improving upon its products.

Avicanna’s research and development and cultivation activities are focused on the development of its key products, including plant-derived cannabinoid pharmaceuticals, phyto-therapeutics, derma-cosmetics and Extracts (defined as plant-derived cannabinoid extracts and purified cannabinoids, including distillates and isolates), with a goal of eventually having these products manufactured and distributed through various markets.

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.

Cautionary Note Regarding Forward-Looking Information and Statements

Certain information in this press release contains forward-looking statements. Such statements include but are not limited to the expected products to be marketed under the Aureus brand and expected manufacturing standards of the Aureus products. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict, including the risk factors set out under the heading “Risk Factors” in the Company’s long form final prospectus dated July 8, 2019. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless and until required by securities laws applicable to the Company.

SOURCE Avicanna Inc.

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