Avicanna Reports Full Year 2024 Audited Financial Statement

Avicanna Reports Full Year 2024 Audited Financial Statement

2024 Revenue of $25.5M, a 52% increase from 2023 
Consolidated Gross Margins of 51%, Gross Profits of $12.9M, a 94% increase from 2023

TORONTO, April 14, 2025 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products, is pleased to announce that its full year 2024 results, audited financial statements with management’s discussion and analysis have been filed.

Management Commentary:
“We are proud to report our most successful year to date, marked by improved financial results and continued advancements in our commercial, R&D and clinical programs. In 2024, we strengthened our financial foundation, achieved self-sufficiency, and established a solid basis for further growth, international expansion, and innovation. We remain committed to our mission of advancing cannabinoid-based medicine and are energized by the prospects that lie ahead as we continue to expand and strengthen our core business pillars ” stated Aras Azadian, CEO of Avicanna.

Full Year 2024 Financial Highlights: 

  • Annual Revenue: Achieved record revenue of $25.5 million for the year ended December 31, 2024, supported by $6.6 million in revenue for the fourth quarter. This represents a 52% year-over-year growth from 2023 and was driven by both Canadian and international business segments. 
  • Gross Profit Growth: Reported a year-over-year gross profit of $12.9 million, representing an increase of 94% compared to 2023. 
  • Gross Margin Improvement: Consolidated Gross margins improved to 51% in 2024, representing an increase of 40% in 2023. This improvement in gross margin is attributed to continued optimization efforts and an increased licensing and service revenue. 
  • Adjusted EBITDA: Annual adjusted EBITDA improved by 68% from 2023, narrowing the loss to $1.4 million for 2024, compared to a loss of $4.3 million in 2023. 
  • Debt Repayment: The Company repaid the outstanding principal balance of $1.3 million on its Non-Convertible Debentures issued in August 2023. 

Other 2024 Highlights:

Initiation of Medical Cannabis Real World Evidence Study by MyMedi.ca (“RWE Study”):  A prospective, non-interventional, observational study aimed to enroll 1,000 patients across Canada to better understand the potential therapeutic use of medical cannabis and potential impact of medical cannabis on pain, sleep, anxiety, depression, and epilepsy. The RWE Study is led by Dr. Hance Clarke, President of The Canadian Pain Society and the CCIC is leading the RWE Study. 

Canadian Commercial Advancements in 2024: The Company completed the year with 42 proprietary commercial SKUs and 136 unique commercial listings. The Company sold approximately 200,000 units during 2024, an increase of 8% from 2023.

Completion of Study in Patients with Epidermolysis Bullosa at The Hospital for Sick Children Evaluating Wound Healing, Pain, and Itch (“EB Study”): The EB Study led by Elena Pope, MD, M.Sc., FRCPC, Head of Dermatology at The Hospital for Sick Children in Toronto, evaluated the tolerability and efficacy of a proprietary 3% CBD topical cream in patients with epidermolysis bullosa. 55% of patients enrolled in the Study reported improvements in wound healing, 45% displayed wound stability. 

Completion of Topical Gel Observational Real-World Evidence Study in Patients with Musculoskeletal Pain and Inflammation (“MPI RWE Study”): The MPI RWE Study evaluated patient-reported efficacy of the proprietary Transdermal Gel containing 2% CBD and 1% CBG on a range of clinical conditions including arthritis, osteoarthritis, rheumatoid arthritis, fibromyalgia, muscle and joint pain, localized pain, and post-surgical pain. The MPI RWE Study reported a meaningful improvement in overall Musculoskeletal Health Questionnaire scores (p<0.001) as compared from baseline to one month, specifically, there was a 35.4% improvement reported in health-related domains including symptoms, physical functioning, daily activities and work. 

Avicanna LATAM SAS obtained indication-specific Drug Registration in Colombia with Trunerox™: Trunerox™ was approved in Colombia by the Colombian National Institute of Drug and Food Surveillance (El Instituto Nacional de Vigilancia de Medicamentos y Alimentos – “INVIMA”) as a drug for the treatment of severe seizures related to Lennox-Gastaut Syndrome and Dravet Syndrome. The approval permits Avicanna LATAM SAS to manufacture and commercialize Trunerox™ in Colombia for the approved indications which are two rare epileptic disorders classified as epileptic encephalopathies. Trunerox™ has not been approved as a drug in Canada by Health Canada.

Avicanna Completed the First Delivery of Proprietary Topical Products to a Multinational Pharmaceutical Company in 2024: The products include 3% CBD localized cream and the 2% CBD and 0.5% CBG transdermal gel utilizing the Company’s patented deep tissue technology. The 3% CBD localized cream, as well as the 2% CBD and 0.5% CBG transdermal gel products completed human irritation and real-world evidence studies.

United States Patent and Trademark Office (“USPTO”) Issued Patent No. US 12,064,461 B2 and No. US 11,998,632 B2 to Avicanna: US Patent No. US 12,064,461 B2 covers Avicanna’s deep penetrating topical cannabinoid composition and methods for treating musculoskeletal inflammation and pain; and US Patent No. US 11,998,632 B2 covers Avicanna’s “SEDDS” or the self-emulsifying drug delivery system technology for oral cannabinoid composition and methods of treating neuropathic pain.  

2024 Earnings Call and Corporate Update:

The Company’s CEO, Mr. Aras Azadian, and CFO, Mr. Phillip Cardella, will host an earnings call and corporate update at 8:30 am ET, Tuesday, April 22, 2025. Interested parties may register by clicking below:

Click here

About Avicanna:

Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of cannabinoid-based products and formulations for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development leading to the commercialization of more than thirty proprietary, evidence-based finished products and supporting four commercial stage business pillars.

  • Medical Cannabis formulary (RHO Phyto™): The formulary offers a diverse range of proprietary products including oral, sublingual, topical, and transdermal deliveries with varying ratios of cannabinoids, supported by ongoing patient and medical community education. RHO Phyto is an established brand in Canada currently available nationwide across several channels and expanding into new international markets.
  • Medical cannabis care platform (MyMedi.ca): MyMedi.ca is a medical cannabis care platform formed with the aim to better serve medical cannabis patients’ needs and enhance the medical cannabis patients’ journey. MyMedi.ca is operated by Northern Green Canada Inc. and features a diverse portfolio of products and bilingual pharmacist-led patient support programs. MyMedi.ca also provides specialty services to distinct patient groups such as veterans and collaborates with public and private payers for adjudication and reimbursement. MyMedi.ca provides educational resources to the medical community to facilitate the incorporation of medical cannabis into health care regimens.
  • Pharmaceutical pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has developed a pipeline of proprietary, indication-specific cannabinoid-based candidates that are in various stages of clinical development. These cannabinoid-based candidates aim to address unmet needs in the areas of dermatology, chronic pain, and various neurological disorders.
  • Active pharmaceutical ingredients (Aureus Santa Marta™): Active pharmaceutical ingredients supplied by the Company’s majority owned subsidiary Santa Marta Golden Hemp SAS (“SMGH”) is a commercial-stage business dedicated to providing various forms of high-quality CBD, THC and CBG to the Company’s international partners for use in the development and production of food, cosmetics, medical, and pharmaceutical products. SMGH also forms part of the Company’s supply chain and is a source of reliable input products for its consumer retail, medical cannabis, and pharmaceutical products globally.

SOURCE Avicanna Inc. 

Stay Connected 

For more information about Avicanna, visit our website or contact Ivana Maric 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 news release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Forward-looking information contained in this news release includes, without limitation, statements related to the Offering, the use of proceeds of the Offering, the receipt of all approvals of the Toronto Stock Exchange in connection with the Offering, statements with respect to the Company’s future business operations, the opinions or beliefs of management and future business goals. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 11, 2025, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR+ at www.sedarplus.ca. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

A photo accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/796929bf-c32f-430f-bebb-74eb10be0a8f

Avicanna Announces Receipt Of Management Cease Trade Order and Provides Bi-Weekly Status Update

Avicanna Announces Receipt Of Management Cease Trade Order and Provides Bi-Weekly Status Update

Auditor Licensing & Personnel Issues Delays Issuance of Audit Opinion
The Company expects to file within 1 week

TORONTO,  April 7, 2025 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products, that further to its March 31, 2025 new release, its application for a management cease trade order (“MCTO”) under National Policy 12-203 – Management Cease ‎Trade Orders (“NP 12-203“) has been approved by the Ontario Securities Commission (“OSC”). The MCTO does ‎not affect the ability of investors who are not insiders to trade in the securities of the Company.‎

The Company announced on March 31, 2025 (“Default Announcement”), the Company will miss the deadline of March 31, 2025 (“Filing Deadline”) to file the Company’s audited financial statements for the 2024 Full Year End Financial Statements, as required by National Instrument 51-102 and the Company’s Management’s Discussion & Analysis for the year ended December 31, 2024 (“Documents”) due to the Company’s auditors, Ramirez Jimenez International CPAs (“RJI”) informing the Company that RJI has substantially finalized the 2024-year end audit engagement and has obtained a third-party engagement quality review (an EQR); however, due to the internal-RJI personnel and jurisdictional licensing issue that recently arose, RJI will not be able to issue the audit report by the filing deadline. RJI is addressing the matter and anticipated it will not take more than two weeks to resolve the matter and issue the audit opinion, at which time the Company will file the Documents. 

The MCTO restricts trading in securities of the Company by management and certain other insiders of the Company ‎until such time as the Documents have been filed by the Company and the MCTO is no longer in effect. The MCTO ‎does not affect the ability of shareholders who are not insiders of the Company to trade their securities. ‎

Until the ‎Company has filed the Documents, members of the Company’s management and other insiders are subject ‎to an insider trading black-out as per its internal Insider Trading and Reporting Policy. The Company confirms that, ‎other than as disclosed in prior press releases and material change reports, there have been no material business ‎developments since the filing on November 14, 2024 of the Company’s latest ‎interim financial reports for the nine ‎month period ended September 30, 2024‎. ‎

The Company is not currently subject to any insolvency proceedings. If the Company becomes subject to any insolvency proceedings and provides any information to ‎any of its creditors during the period in which it is in default of filing the Documents, the Company confirms that it will ‎also file material change reports on SEDAR+ containing such information as is required.‎  The Company continues to operate normally and reports that the cause of the delay is not material to the Company’s operations. The Company will issue a news release announcing completion of the requisite filings once posted on SEDAR+. 

The Company confirms that since the date of the Default Announcement: (i) there has been no material change to the information set out in the Default Announcement that has not been generally disclosed; (ii) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Documents is continuing, each of which will be issued in the form of a press ‎release; (iii) there has not been any other specified default by the Company under NP 12-203; (iv) the Company is not subject to any insolvency proceedings; ‎and (v) there is no material information concerning the affairs of the Company that has not been generally ‎disclosed.

 

About Avicanna:

Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of cannabinoid-based products and formulations for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development leading to the commercialization of more than thirty proprietary, evidence-based finished products and supporting four commercial stage business pillars.

  • Medical Cannabis formulary (RHO Phyto™): The formulary offers a diverse range of proprietary products including oral, sublingual, topical, and transdermal deliveries with varying ratios of cannabinoids, supported by ongoing patient and medical community education. RHO Phyto is an established brand in Canada currently available nationwide across several channels and expanding into new international markets.
  • Medical cannabis care platform (MyMedi.ca): MyMedi.ca is a medical cannabis care platform formed with the aim to better serve medical cannabis patients’ needs and enhance the medical cannabis patients’ journey. MyMedi.ca is operated by Northern Green Canada Inc. and features a diverse portfolio of products and bilingual pharmacist-led patient support programs. MyMedi.ca also provides specialty services to distinct patient groups such as veterans and collaborates with public and private payers for adjudication and reimbursement. MyMedi.ca provides educational resources to the medical community to facilitate the incorporation of medical cannabis into health care regimens.
  • Pharmaceutical pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has developed a pipeline of proprietary, indication-specific cannabinoid-based candidates that are in various stages of clinical development. These cannabinoid-based candidates aim to address unmet needs in the areas of dermatology, chronic pain, and various neurological disorders.
  • Active pharmaceutical ingredients (Aureus Santa Marta™): Active pharmaceutical ingredients supplied by the Company’s majority owned subsidiary Santa Marta Golden Hemp SAS (“SMGH”) is a commercial-stage business dedicated to providing various forms of high-quality CBD, THC and CBG to the Company’s international partners for use in the development and production of food, cosmetics, medical, and pharmaceutical products. SMGH also forms part of the Company’s supply chain and is a source of reliable input products for its consumer retail, medical cannabis, and pharmaceutical products globally.

SOURCE Avicanna Inc. 

Stay Connected 

For more information about Avicanna, visit our website or contact Ivana Maric 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 news release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Forward-looking information contained in this news release includes, without limitation, statements related to the Offering, the use of proceeds of the Offering, the receipt of all approvals of the Toronto Stock Exchange in connection with the Offering, statements with respect to the Company’s future business operations, the opinions or beliefs of management and future business goals. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 1, 2024, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR+ at www.sedarplus.ca. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Avicanna Announces its 5th Medical Symposium on Cannabinoid-based Medicine

Bridging Science and Clinical Practice: A Gathering of Thought Leaders in Cannabinoid Medicine
Live and Virtual Symposium on June 6th, 2025, at the MaRS Discovery District, Toronto

TORONTO, April 7, 2025 (GLOBE NEWSWIRE) – Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products is pleased to announce that it will host its 5th medical symposium on Cannabinoid-based Medicine – “From Emerging Evidence to Clinical Practice” from the MaRS Discovery District, Toronto, Friday June 6th, 2025.

The Symposium is open to healthcare practitioners and researchers and will include various speakers covering a variety of topics-ranging from emerging evidence to current clinical practices on the practical application of cannabinoid-based medicine. The speakers include Canadian and international key opinion leaders, clinicians, and scientists from leading academic, research, and clinical organizations.

Speaker Topic
Dr. Carrie Cuttler
Washington State University		 Getting by Without the High: Examining the Therapeutic Potential of Cannabigerol
Dr. Jason McDougall
Dalhousie University		 A Role for Cannabinoids in the Management of Arthritis
Carlo De Angelis
Sunnybrook Health Sciences Centre		 Tales From the Front Lines: Unique Uses of Medical Cannabis – Patient Cases
Dr. Daniel Bear
Humber College		 Building Better Drugs Education for People Who Know a Lot About (Certain) Drugs - Considerations for Medical Cannabis
Dr. Zachary Walsh
University of British Columbia		 Cannabis and Problematic Substance Use: New Finding on Substitution and Harm Reduction from High-Risk Populations
Dr. Kelly Dunn
John Hopkins School of Medicine		 Human Laboratory Evidence of Opioid-cannabinoid Interactions and the Role of Opioids
Dr. Hance Clarke
University Health Network		 Canadian Medical Cannabis Clinical Trials Network
Dr. Jennifer Baumbusch
University of British Columbia		 Cannabis Use among Older Adults: Current Research and Implications for Clinical Practice
Dr. Evan Lewis
North Toronto Neurology		 Cannabis-Based Therapies for Epilepsy: What’s New & What’s Next

“Building on the success of last year’s event, this year’s Symposium seeks to enhance our collective understanding of cannabinoid-based medicines arising from the latest developments on an international perspective. We are pleased to host this symposium and provide a platform for these important exchanges, fostering collaboration and education of the medical community on medical cannabis” stated Dr. Karolina Urban, Executive Vice President of Medical Affairs at Avicanna.

In addition to keynote presentations and panel discussions, Avicanna invites abstract submissions for a dedicated poster presentation session. Researchers, clinicians and health care practitioners are encouraged to submit abstracts showcasing their latest findings and developments in the field of cannabinoid-based medicine. This poster session will serve as a valuable platform for knowledge exchange and will foster meaningful dialogue among attendees.

To register for the symposium and submit abstract for poster presentation: 

Health care practitioners and researchers, may apply for registration and submit abstracts for poster presentation at:

www.avicanna.com/symposium

About Avicanna:

Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of cannabinoid-based products and formulations for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development leading to the commercialization of more than thirty proprietary, evidence-based finished products and supporting four commercial stage business pillars.

  • Medical Cannabis formulary (RHO Phyto™): The formulary offers a diverse range of proprietary products including oral, sublingual, topical, and transdermal deliveries with varying ratios of cannabinoids, supported by ongoing patient and medical community education. RHO Phyto is an established brand in Canada currently available nationwide across several channels and expanding into new international markets.
  • Medical cannabis care platform (MyMedi.ca): MyMedi.ca is a medical cannabis care platform formed with the aim to better serve medical cannabis patients’ needs and enhance the medical cannabis patients’ journey. MyMedi.ca is operated by Northern Green Canada Inc. and features a diverse portfolio of products and bilingual pharmacist-led patient support programs. MyMedi.ca also provides specialty services to distinct patient groups such as veterans and collaborates with public and private payers for adjudication and reimbursement. MyMedi.ca provides educational resources to the medical community to facilitate the incorporation of medical cannabis into health care regimens.
  • Pharmaceutical pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has developed a pipeline of proprietary, indication-specific cannabinoid-based candidates that are in various stages of clinical development. These cannabinoid-based candidates aim to address unmet needs in the areas of dermatology, chronic pain, and various neurological disorders.
  • Active pharmaceutical ingredients (Aureus Santa Marta™): Active pharmaceutical ingredients supplied by the Company’s majority owned subsidiary Santa Marta Golden Hemp SAS (“SMGH”) is a commercial-stage business dedicated to providing various forms of high-quality CBD, THC and CBG to the Company’s international partners for use in the development and production of food, cosmetics, medical, and pharmaceutical products. SMGH also forms part of the Company’s supply chain and is a source of reliable input products for its consumer retail, medical cannabis, and pharmaceutical products globally.

SOURCE Avicanna Inc. 

Stay Connected 

For more information about Avicanna, visit our website or contact Ivana Maric 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 news release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Forward-looking information contained in this news release includes, without limitation, statements related to the Offering, the use of proceeds of the Offering, the receipt of all approvals of the Toronto Stock Exchange in connection with the Offering, statements with respect to the Company’s future business operations, the opinions or beliefs of management and future business goals. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 1, 2024, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR+ at www.sedarplus.ca. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Avicanna Announces Late Filing of Financial Statements and Application for Management Cease Trade Order

Auditor Licensing & Personnel Issues Delays Issuance of Audit Opinion 
The Company expects to file within 2 weeks

TORONTO, March 31, 2025 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or “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 it will miss the deadline of March 31, 2025 (“Filing Deadline”) to file the Company’s audited consolidated financial statements for the year ended December 31, 2024 as required by National Instrument 51-102 and the Company’s Management’s Discussion & Analysis for the year ended December 31, 2024 (the “Documents”). The Company’s auditor, Ramirez Jimenez International CPAs (“RJI”) informed the Company that although the audit work is substantially complete and they are prepared to issue the audit opinion, they are not able to do so prior to the filing deadline of March 31, 2025, due to unexpected matters.

RJI has substantially finalized the 2024-year end audit engagement and has obtained a third-party engagement quality review (an EQR); however, due to the internal-RJI personnel and jurisdictional licensing issue that recently arose, RJI will not be able to issue the audit report by the filing deadline. RJI is addressing the matter and anticipates that it will not take more than two weeks to resolve the matter and issue the audit opinion, at which time the Company will also file the MD&A and Annual Information Form.

Accordingly, the Company has informed staff of the Ontario Securities Commission about its anticipated delay in filing the Documents and has applied to the Ontario Securities Commission pursuant to Part 4 of National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”) for a Management Cease Trade Order (“MCTO”) pending the filing of the Documents, which MCTO will prohibit the Company’s management from trading in the securities of the Company until such time as the Documents are filed.

No decision has yet been made by the Ontario Securities Commission on this application. The Ontario Securities Commission may grant the application and issue the Management Cease Trade Order, or it may impose an issuer cease trade order.  There can be no assurance that a MCTO will be issued.

The Company will comply with the alternative information guidelines set out in Section 9 of NP 12-203 and will file bi-weekly default status reports in the form of press releases. The Company anticipates and expects to file the Documents by April 15, 2025. 

The Company also announces the 2024 Full Year Earnings Conference Call scheduled for April 1, 2025, which was previously announced on March 18, 2025, will be postponed to a later date. 

About Avicanna:

Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of cannabinoid-based products and formulations for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development leading to the commercialization of more than thirty proprietary, evidence-based finished products and supporting four commercial stage business pillars.

  • Medical Cannabis formulary (RHO Phyto™): The formulary offers a diverse range of proprietary products including oral, sublingual, topical, and transdermal deliveries with varying ratios of cannabinoids, supported by ongoing patient and medical community education. RHO Phyto is an established brand in Canada currently available nationwide across several channels and expanding into new international markets.
  • Medical cannabis care platform (MyMedi.ca): MyMedi.ca is a medical cannabis care platform formed with the aim to better serve medical cannabis patients’ needs and enhance the medical cannabis patients’ journey. MyMedi.ca is operated by Northern Green Canada Inc. and features a diverse portfolio of products and bilingual pharmacist-led patient support programs. MyMedi.ca also provides specialty services to distinct patient groups such as veterans and collaborates with public and private payers for adjudication and reimbursement. MyMedi.ca provides educational resources to the medical community to facilitate the incorporation of medical cannabis into health care regimens.
  • Pharmaceutical pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has developed a pipeline of proprietary, indication-specific cannabinoid-based candidates that are in various stages of clinical development. These cannabinoid-based candidates aim to address unmet needs in the areas of dermatology, chronic pain, and various neurological disorders.
  • Active pharmaceutical ingredients (Aureus Santa Marta™): Active pharmaceutical ingredients supplied by the Company’s majority owned subsidiary Santa Marta Golden Hemp SAS (“SMGH”) is a commercial-stage business dedicated to providing various forms of high-quality CBD, THC and CBG to the Company’s international partners for use in the development and production of food, cosmetics, medical, and pharmaceutical products. SMGH also forms part of the Company’s supply chain and is a source of reliable input products for its consumer retail, medical cannabis, and pharmaceutical products globally.

 

SOURCE Avicanna Inc. 

Stay Connected 

For more information about Avicanna, visit our website or contact Ivana Maric 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 news release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Forward-looking information contained in this news release includes, without limitation, statements related to the Offering, the use of proceeds of the Offering, the receipt of all approvals of the Toronto Stock Exchange in connection with the Offering, statements with respect to the Company’s future business operations, the opinions or beliefs of management and future business goals. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 1, 2024, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR+ at www.sedarplus.ca. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Avicanna To Hold Full Year 2024 Earnings Conference Call

TORONTO, March 17, 2025 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products, invites interested parties to participate in a conference call with Aras Azadian, Chief Executive Officer, and also Phil Cardella, Chief Financial Officer where Mr. Azadian and Mr. Cardella will discuss the Company’s Full Year 2024 financial results.

The Company will file Full Year 2024 financial results after the close of market on March 31, 2025 and will host an earnings call at 8:30 am ET on April 1, 2025. Interested parties may join the earnings call by clicking below:

CLICK TO REGISTER

Please use Passcode 240829.

About Avicanna:
Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of cannabinoid-based products and formulations for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development leading to the commercialization of more than thirty proprietary, evidence-based finished products and supporting four commercial stage business pillars.

  • Medical Cannabis formulary (RHO Phyto™): The formulary offers a diverse range of proprietary products including oral, sublingual, topical, and transdermal deliveries with varying ratios of cannabinoids, supported by ongoing patient and medical community education. RHO Phyto is an established brand in Canada currently available nationwide across several channels and expanding into new international markets.
  • Medical cannabis care platform (MyMedi.ca): MyMedi.ca is a medical cannabis care platform formed with the aim to better serve medical cannabis patients’ needs and enhance the medical cannabis patients’ journey. MyMedi.ca is operated by Northern Green Canada Inc. and features a diverse portfolio of products and bilingual pharmacist-led patient support programs. MyMedi.ca also provides specialty services to distinct patient groups such as veterans and collaborates with public and private payers for adjudication and reimbursement. MyMedi.ca provides educational resources to the medical community to facilitate the incorporation of medical cannabis into health care regimens.
  • Pharmaceutical pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has developed a pipeline of proprietary, indication-specific cannabinoid-based candidates that are in various stages of clinical development. These cannabinoid-based drug candidates aim to address unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders.
  • Active pharmaceutical ingredients (Aureus Santa Marta™): Active pharmaceutical ingredients (“API”) supplied by the Company’s majority owned subsidiary Santa Marta Golden Hemp SAS (“SMGH”) is a commercial-stage business dedicated to providing various forms of high-quality CBD, THC and CBG to the Company’s international partners for use in the development and production of food, cosmetics, medical, and pharmaceutical products. The business unit also forms part of the Company’s supply chain and is a source of reliable input products for its consumer retail, medical cannabis, and pharmaceutical products globally.

 

SOURCE Avicanna Inc.

Stay Connected
For more information about Avicanna, visit our website or contact Ivana Maric 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 news release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Forward-looking information contained in this news release includes, without limitation, statements related to the Offering, the use of proceeds of the Offering, the receipt of all approvals of the Toronto Stock Exchange in connection with the Offering, statements with respect to the Company’s future business operations, the opinions or beliefs of management and future business goals. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 1, 2024, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR+ at www.sedarplus.ca. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Avicanna Announces Scientific and Medical Affairs Collaboration with Vectura Fertin Pharma

Collaboration aims to facilitate research and medical affairs initiatives related to medical cannabis in Canada.

TORONTO, Jan 16, 2025 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a commercial stage, international biopharmaceutical company focused on the commercialization of evidence-based, cannabinoid-based products, is pleased to announce that Avicanna has entered into a scientific and medical affairs collaboration agreement with Vectura Fertin Pharma.  

Avicanna and Vectura Fertin Pharma are collaborating to establish a joint Scientific and Medical Affairs Committee focused on improving the understanding of medical cannabis access and applications in Canada. This committee will work closely with Canadian healthcare professionals to facilitate research studies and deliver evidence-based educational resources.

The collaboration will prioritize engagement with the Canadian medical community, patients, patient advocacy groups, and insurers to gain insights into the challenges associated with accessing medical cannabis. Additionally, the collaboration will leverage Avicanna’s medical cannabis platform, including Mymedi.ca with the aim of improving access and patient support.

 

About Vectura Fertin Pharma:

At Vectura Fertin Pharma, we are developing and commercializing a proprietary pipeline of differentiated products and brands in wellness and healthcare that address unmet patient and consumer needs. We have unique R&D capabilities which we are applying across four key areas: Cannabinoids, Inhaled Therapeutics, Nicotine Replacement Therapy and Consumer Health. Underpinned by scientific rigor, and patient and consumer insights, we are passionate about finding new and better ways to help people take care of their health and wellbeing. Vectura Fertin Pharma was formed in March 2022 following the acquisition of Fertin Pharma, Vectura Group PLC and OtiTopic by Philip Morris International.

 

About Avicanna:

Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of cannabinoid-based products and formulations for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development leading to the commercialization of more than thirty proprietary, evidence-based finished products and supporting four commercial stage business pillars.

  • Medical Cannabis formulary (RHO Phyto™): The formulary offers a diverse range of proprietary products including oral, sublingual, topical, and transdermal deliveries with varying ratios of cannabinoids, supported by ongoing patient and medical community education. RHO Phyto is an established brand in Canada currently available nationwide across several channels and expanding into new international markets.
  • Medical cannabis care platform (MyMedi.ca):ca is a medical cannabis care platform formed with the aim to better serve medical cannabis patients’ needs and enhance the medical cannabis patients’ journey. MyMedi.ca is operated by Northern Green Canada Inc. and features a diverse portfolio of products and bilingual pharmacist-led patient support programs. MyMedi.ca also provides specialty services to distinct patient groups such as veterans and collaborates with public and private payers for adjudication and reimbursement. MyMedi.ca provides educational resources to the medical community to facilitate the incorporation of medical cannabis into health care regimens.
  • Pharmaceutical pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has developed a pipeline of proprietary, indication-specific cannabinoid-based candidates that are in various stages of clinical development. These cannabinoid-based drug candidates aim to address unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders.
  • Active pharmaceutical ingredients (Aureus Santa Marta™): Active pharmaceutical ingredients (“API”) supplied by the Company’s majority owned subsidiary Santa Marta Golden Hemp SAS (“SMGH”) is a commercial-stage business dedicated to providing various forms of high-quality CBD, THC and CBG to the Company’s international partners for use in the development and production of food, cosmetics, medical, and pharmaceutical products. The business unit also forms part of the Company’s supply chain and is a source of reliable input products for its consumer retail, medical cannabis, and pharmaceutical products globally.

 

SOURCE Avicanna Inc. 

Stay Connected 

For more information about Avicanna, visit our website or contact Ivana Maric 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 news release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Forward-looking information contained in this news release includes, without limitation, statements related to the Offering, the use of proceeds of the Offering, the receipt of all approvals of the Toronto Stock Exchange in connection with the Offering, statements with respect to the Company’s future business operations, the opinions or beliefs of management and future business goals. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 1, 2024, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR+ at www.sedarplus.ca. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Avicanna Completes First Delivery of Proprietary Topical Products to Multinational Pharmaceutical Company

Cosmetic registration and delivery into Germany completed in preparation for the initial commercial Launch

TORONTO, December 2, 2024 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a commercial stage, international biopharmaceutical company focused on the commercialization of evidence-based, cannabinoid-based products, is pleased to announce the initial delivery of its proprietary topical products into Europe as a part of the previously announced exclusive supply agreement with a multinational pharmaceutical company.

“We are pleased to complete first delivery of our products and are excited about the potential of these innovative products in the German and European over the counter markets.  These formulations were developed though our Canadian R&D platform and manufactured through South American operations with our source of cannabinoids including, CBD and CBG. This combination acts as a validation of our long-term business model and international expansion plans for our proprietary and evidence-based products,” stated Aras Azadian, CEO at Avicanna Inc.

The products include 3% CBD localized cream and the 2% CBD and 0.5% CBG transdermal gel utilizing the Company’s patented deep tissue technology. The 3% CBD localized cream, as well as the 2% CBD and 0.5% CBG transdermal gel products completed human irritation and real-world evidence studies.

Avicanna previously disclosed the exclusive supply agreement for the products to multinational pharmaceutical company, which required pre-requisite testing and analysis for registration under cosmetics regulations prior to importation into the German market for their initial launch. 

The multinational pharmaceutical company manufactures and markets a wide range of pharmaceutical products and other products across 4 continents and has established commercial infrastructure in the European region that will be utilized for the initial launch of the selected products. The multinational pharmaceutical company has committed to launch the initial products in 6 European countries during 2025 with expectations of further expanding throughout the European region shortly after. Avicanna has earned licensing fees for meeting specific milestones this year. Additionally, the parties agreed to specific minimum order quantities and commercial milestones for the multinational pharmaceutical company to maintain the exclusivity.

The products were manufactured using the Avicanna’s Colombian operations while utilizing Avicanna’s own source of Aureus branded organic and sustainable cannabinoids including CBD and CBG from its majority owned subsidiary, Santa Marta Golden Hemp S.A.S.

Avicanna carries out its operations in compliance with all applicable laws in the jurisdictions in which it operates.

About Avicanna: 

Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of cannabinoid-based products and formulations for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development leading to the commercialization of more than thirty proprietary, evidence-based finished products and supporting four commercial stage business pillars.

  • Medical Cannabis formulary (RHO Phyto™): The formulary offers a diverse range of proprietary products including oral, sublingual, topical, and transdermal deliveries with varying ratios of cannabinoids, supported by ongoing patient and medical community education. RHO Phyto is an established brand in Canada currently available nationwide across several channels and expanding into new international markets.
  • Medical cannabis care platform (MyMedi.ca):  MyMedi.ca is a medical cannabis care platform formed with the aim to better serve medical cannabis patients’ needs and enhance the medical cannabis patients’ journey. MyMedi.ca is operated by Northern Green Canada Inc. and features a diverse portfolio of products and bilingual pharmacist-led patient support programs. MyMedi.ca also provides specialty services to distinct patient groups such as veterans and collaborates with public and private payers for adjudication and reimbursement. MyMedi.ca provides educational resources to the medical community to facilitate the incorporation of medical cannabis into health care regimens.
  • Pharmaceutical pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has developed a pipeline of proprietary, indication-specific cannabinoid-based candidates that are in various stages of clinical development. These cannabinoid-based drug candidates aim to address unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders.
  • Active pharmaceutical ingredients (Aureus Santa Marta™): Active pharmaceutical ingredients (“API”) supplied by the Company’s majority owned subsidiary Santa Marta Golden Hemp SAS (“SMGH”) is a commercial-stage business dedicated to providing a various forms high-quality CBD, THC and CBG to the Company’s international partners for use in the development and production of food, cosmetics, medical, and pharmaceutical products. The business unit also forms part of the Company’s supply chain and is a source of reliable input products for its consumer retail, medical cannabis, and pharmaceutical products globally.

 

SOURCE Avicanna Inc. 

Stay Connected 

For more information about Avicanna, visit our website or contact Ivana Maric 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 news release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Forward-looking information contained in this news release includes, without limitation, statements related to the Offering, the use of proceeds of the Offering, the receipt of all approvals of the Toronto Stock Exchange in connection with the Offering, statements with respect to the Company’s future business operations, the opinions or beliefs of management and future business goals. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 1, 2024, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR+ at www.sedarplus.ca. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Avicanna Reports Q3 2024

9-month revenue of $18.8 million, representing a 75% increase from 2023. 

TORONTO, November 14, 2024 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a commercial stage, international biopharmaceutical company focused on the commercialization of evidence-based, cannabinoid-based products, is pleased to announce results Q3 2024.

“We are pleased to report the results of another quarter showing progressive improvements across our four business pillars. Our continuous optimization efforts contributed to improvements in our overall financial performance, consolidated gross margins, and balance sheet. We are now better positioned to turn our attention towards our international growth initiatives and take further steps towards advancing our long-term business model.” stated Aras Azadian, CEO at Avicanna Inc. 

Financial highlights:

  • Revenue of $6.3 million and $18.8 million for the three- and nine-month period ending September 30, 2024, representing a 0.34% and 75% increase over the three- and nine-month period ended September 30, 2023, respectively.
  • Improved consolidated gross margin percentage to 57% during Q3 2024, from 46% for the same period in 2023.
  • Growth in gross profit of $7 million and $9.5 million, respectively, for the three- and nine month period ended September 30, 2024, compared to $2.9 million and $4.9 million for the same periods in 2023, an increase of 25% and 91%, respectively.
  • Narrowed adjusted EBITDA loss for the three- and nine-month period ended September 30, 2024, narrowed to $293,931 and $719,347, respectively, a 38% and 76% decrease from an adjusted EBITDA loss of $473,650 and $3 million, respectively, in the corresponding periods last year.
  • Fully repaid outstanding principle balance of approximately $1,300,000 owed under non-convertible debenture.

Other highlights:

  • The United States Patent and Trademark Office granted the Company a Patent, Patent No. US 20230025693A1, covering deep penetrating topical cannabinoid composition and methods for treating musculoskeletal inflammation and pain.
  • The Company completed Q3 2024 with 35 commercial SKUs and 136 commercial listings. The Company sold approximately 45,126 and 144,756 units, for the three- and nine-month period ended September 30, 2024, respectively, compared to 31,887 and 118,265 compared to the same periods in 2023. This represents an increase of 42% and 22% growth in total finished goods sold, respectively.

About Avicanna:

Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of cannabinoid-based products and formulations for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development leading to the commercialization of more than thirty proprietary, evidence-based finished products and supporting four commercial stage business pillars.

  • Medical Cannabis formulary (RHO Phyto™): The formulary offers a diverse range of proprietary products including oral, sublingual, topical, and transdermal deliveries with varying ratios of cannabinoids, supported by ongoing patient and medical community education. RHO Phyto is an established brand in Canada currently available nationwide across several channels and expanding into new international markets.
  • Medical cannabis care platform (MyMedi.ca):ca is a medical cannabis care platform formed with the aim to better serve medical cannabis patients’ needs and enhance the medical cannabis patients’ journey. MyMedi.ca is operated by Northern Green Canada Inc. and features a diverse portfolio of products and bilingual pharmacist-led patient support programs. MyMedi.ca also provides specialty services to distinct patient groups such as veterans and collaborates with public and private payers for adjudication and reimbursement. MyMedi.ca provides educational resources to the medical community to facilitate the incorporation of medical cannabis into health care regimens.
  • Pharmaceutical pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has developed a pipeline of proprietary, indication-specific cannabinoid-based candidates that are in various stages of clinical development. These cannabinoid-based drug candidates aim to address unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders.
  • Active pharmaceutical ingredients (Aureus Santa Marta™): Active pharmaceutical ingredients (“API”) supplied by the Company’s majority owned subsidiary Santa Marta Golden Hemp SAS (“SMGH”) is a commercial-stage business dedicated to providing a various forms high-quality CBD, THC and CBG to the Company’s international partners for use in the development and production of food, cosmetics, medical, and pharmaceutical products. The business unit also forms part of the Company’s supply chain and is a source of reliable input products for its consumer retail, medical cannabis, and pharmaceutical products globally.

 

SOURCE Avicanna Inc. 

 

Stay Connected 

For more information about Avicanna, visit our website or contact Ivana Maric 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 news release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Forward-looking information contained in this news release includes, without limitation, statements related to the Offering, the use of proceeds of the Offering, the receipt of all approvals of the Toronto Stock Exchange in connection with the Offering, statements with respect to the Company’s future business operations, the opinions or beliefs of management and future business goals. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 1, 2024, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR+ at www.sedarplus.ca. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Avicanna Announces Medical Cannabis Real World Evidence Study through MyMedi.ca

Shoppers Drug Mart partners with Avicanna to transition Medical Cannabis by Shoppers
1000 patient study on impact of medical cannabis on pain, sleep, anxiety, depression, and epilepsy Study to be led by Dr. Hance Clarke President of The Canadian Pain Society and the CCIC 


TORONTO, September 23, 2024 (GLOBE NEWSWIRE) – Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products is pleased to announce a large-scale medical cannabis real world evidence study through the MyMedi.ca medical cannabis care platform (“Study”).  The Study is to be led by Hance Clarke, MD, FRCPC, PhD. Dr. Clarke is the current President of The Canadian Pain Society and the Canadian Consortium for the Investigation of Cannabinoids.

The prospective, non-interventional, observational study aims to enroll 1,000 patients across the country to understand the potential therapeutic use of medical cannabis and potential impact of medical cannabis on pain, sleep, anxiety, depression, and epilepsy. Utilizing validated questionnaires, the study seeks to understand the potential impact of various medical cannabis products and evaluate the change in use of concomitant medication over a 24-week duration.

“I am pleased that Avicanna has stepped up to support this important work.  We must continue to gather data and better understand what effects these cannabis products are having on Canadian patients that are approaching cannabis for therapeutic benefit” stated Dr. Clarke.

“MyMedi.ca medical cannabis care platform was established with a number of goals that included, access to medical cannabis, providing patient support and education, and facilitating research on cannabinoid medicines,” stated Dr. Karolina Urban, Executive Vice President Medical Affairs.  Dr. Urban further stated, “We are excited to support the Study and hope that the results of this study will provide data, evidence, and increase our understanding of the potential impacts of medical cannabis across a range of conditions that may facilitate the incorporation of medical cannabis into standard of care.”

The study was originally initiated by Medical Cannabis by Shoppers and was part of Avicanna’s commitment to provide continuation of care to the platforms’ patients but also the advancement of medical research. Avicanna’s medical cannabis care platform MyMedi.ca will providing the necessary infrastructure, patient support, and education for all participating HCPs nationwide.

Participating patients will have access to the platform’s products from select licensed producers that are supporting the study.

For more information you can go to the website, www.mcrwe.com, or contact the study coordinator at 416-340-4800 x 4251 or mcrwe@uhn.ca.

About Avicanna Inc.

Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of cannabinoid-based products and formulations for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development leading to the commercialization of more than thirty proprietary, evidence-based finished products and supporting four commercial stage business pillars.

  • Medical Cannabis formulary (RHO Phyto™):The formulary offers a diverse range of proprietary products including oral, sublingual, topical, and transdermal deliveries with varying ratios of cannabinoids, supported by ongoing patient, and medical community education. RHO Phyto is an established leading medical brand in Canada currently available nationwide to patients across several medical channels and continues to expand into new international markets.
  • Medical cannabis care platform (MyMedi.ca):ca is a medical cannabis care platform formed with the aim to better serve medical cannabis patients’ needs and enhance the patient journey. MyMedi.ca is operated by Northern Green Canada Inc. and features a diverse portfolio of products and bilingual pharmacist-led patient support programs. MyMedi.ca also provides specialty services to distinct patient groups such as veterans and collaborates with public and private payers for adjudication and reimbursement. MyMedi.ca provides educational resources to the medical community to facilitate the incorporation of medical cannabis into health care regimens.
  • Pharmaceutical products (Trunerox™) and pipeline:Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has developed a pipeline of proprietary, indication-specific pharmaceutical products that are in various stages of clinical development and commercialization. These cannabinoid-based drug candidates aim to address unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders. Avicanna’s first indication-specific pharmaceutical drug, Trunerox™, was approved Q1 2024 by the Health Authority of Colombia INVIMA as an adjuvant treatment for seizures associated with Lennox-Gastaut Syndrome and Dravet Syndrome.  Trunerox™ has not been approved as a drug in Canada by Health Canada.
  • Active pharmaceutical ingredients (Aureus Santa Marta™):Active pharmaceutical ingredients (“API”) supplied by the Company’s majority owned subsidiary Santa Marta Golden Hemp SAS (“SMGH”) is a commercial-stage business dedicated to providing a various forms high-quality CBD, THC and CBG to the Company’s international partners for use in the development and production of food, cosmetics, medical, and pharmaceutical products. The business unit also forms part of the Company’s supply chain and is a source of reliable input products for its consumer retail, medical cannabis, and pharmaceutical products for globally.

SOURCE Avicanna Inc.

Stay Connected

For more information about Avicanna, visit www.avicanna.com, contact Ivana Maric by email at info@avicanna.com or follow us on social media on LinkedIn, Twitter, Facebook or Instagram.

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

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

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified using words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 1, 2024 filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Avicanna Announces Repayment of Debentures

Shoppers Drug Mart partners with Avicanna to transition Medical Cannabis by Shoppers

TORONTO, August 30, 2024 — Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a commercial stage, international biopharmaceutical company focused on the development advancement, and commercialization of evidence-based, cannabinoid-based products, is pleased to announce it has cleared and fully repaid $1,445,000 that was owed under the Debentures of August 2 2023. 

About Avicanna Inc.

Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of cannabinoid-based products and formulations for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development leading to the commercialization of more than thirty proprietary, evidence-based finished products and supporting four commercial stage business pillars.

  • Medical Cannabis formulary (RHO Phyto™): The formulary offers a diverse range of proprietary products including oral, sublingual, topical, and transdermal deliveries with varying ratios of cannabinoids, supported by ongoing patient, and medical community education. RHO Phyto is an established leading medical brand in Canada currently available nationwide to patients across several medical channels and continues to expand into new international markets.
  • Medical cannabis care platform (MyMedi.ca): MyMedi.ca is a medical cannabis care platform formed with the aim to better serve medical cannabis patients’ needs and enhance the patient journey. MyMedi.ca is operated by Northern Green Canada Inc. and features a diverse portfolio of products and bilingual pharmacist-led patient support programs. MyMedi.ca also provides specialty services to distinct patient groups such as veterans and collaborates with public and private payers for adjudication and reimbursement. MyMedi.ca provides educational resources to the medical community to facilitate the incorporation of medical cannabis into health care regimens.
  • Pharmaceutical products (Trunerox™) and pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has developed a pipeline of proprietary, indication-specific pharmaceutical products that are in various stages of clinical development and commercialization. These cannabinoid-based drug candidates aim to address unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders. Avicanna’s first indication-specific pharmaceutical drug, Trunerox™, was approved Q1 2024 by the Health Authority of Colombia INVIMA as an adjuvant treatment for seizures associated with Lennox-Gastaut Syndrome and Dravet Syndrome.
  • Active pharmaceutical ingredients (Aureus Santa Marta™): Active pharmaceutical ingredients (“API”) supplied by the Company’s majority owned subsidiary Santa Marta Golden Hemp SAS (“SMGH”) is a commercial-stage business dedicated to providing a various forms high-quality CBD, THC and CBG to the Company’s international partners for use in the development and production of food, cosmetics, medical, and pharmaceutical products. The business unit also forms part of the Company’s supply chain and is a source of reliable input products for its consumer retail, medical cannabis, and pharmaceutical products for globally.

SOURCE Avicanna Inc.

Stay Connected

For more information about Avicanna, visit www.avicanna.com, contact Ivana Maric by email at info@avicanna.com or follow us on social media on LinkedIn, Twitter, Facebook or Instagram.

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

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

 

Cautionary Note Regarding Forward-Looking Information and Statements

 

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified using words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 1, 2024 filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.