Avicanna and Bio-Gate Complete First Phase of Development on Cannabidiol (CBD) and MicroSilver BG™ Based Skin Care Products for Global Commercialization

Avicanna and Bio-Gate Complete First Phase of Development on Cannabidiol (CBD) and MicroSilver BG™ Based Skin Care Products for Global Commercialization

  • Initial development is part of a licensing and development agreement between the two companies to develop and deliver dermatology and cosmetic products.
  • Combination of Avicanna’s intellectual property and Bio-Gate’s MicroSilver BG™ technology is aimed to target indications including eczema, acne, and atopic dermatitis.

/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, June 29, 2021 (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 the initial development phase for prospective products has been completed through a licensing and development agreement with Bio-Gate AG (ISIN DE000BGAG981) (“Bio-Gate”), a German bio-medical company with a focus on health technologies such as cosmetics and dermatology products.

As part of the collaboration, Bio-Gate is developing active cosmetic and dermatology products, in collaboration with Avicanna, that combine MicroSilver BG™ and hemp derived CBD. Bio-Gate and Avicanna hope to discover that the combination of MicroSilver BG™ and hemp derived CBD will have synergistic anti-inflammatory and antibacterial effects. Following the development and in vitro studies, Bio-Gate and Avicanna aim to have the products available for human applications and further studies of target indications including acne, eczema, and atopic dermatitis.  Avicanna and Bio-Gate intend to initially market the products in Europe and North America.

Marc Lloret-Grau, CEO of Bio-Gate AG, on the new cooperation: “We are delighted to have Avicanna as our strategic partner as a leading cannabinoid biopharmaceutical company that focuses on cosmetics, skincare and medical based product applications. The collaboration represents a bridge for Bio-Gate to further new technologies. We are once again expanding our product range and thus tapping into a new and extremely high-growth market.”

Aras Azadian, CEO of Avicanna Inc., stated: “We are thrilled to announce our partnership and achievement of our initial milestones with Bio-Gate, a European bio-medical company with focus on health technologies like dermatology and skin care. We are also optimistic about the potential combination of Avicanna’s intellectual property with that of Bio-Gate’s in addition to the market access and expertise that the two companies can provide in this collaboration.”

About Avicanna

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

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

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

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

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

SOURCE Avicanna Inc.

Stay Connected

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

The company posts updates through videos from the official company YouTube channel https://www.youtube.com/channel/UCFXPBGdKSxOUOf_VZoSFSUA

Please join the conversation on our Avicanna supporter’s telegram group at https://t.me/Avicannainc.

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the combination of MicroSilver BG™ and hemp derived CBD having synergistic anti-inflammatory and antibacterial effects, the products becoming available for human applications, and the ability of Avicanna to initially market the products in Europe and North America. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.

Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 15, 2020 and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com .

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

  1. Deloitte Canada (2021). Seeding New Opportunities Listening to Canada’s Cannabis Consumer – Cannabis Consumer Report (2021). Available at https://www2.deloitte.com/ca/en/pages/consumer-business/articles/listening-to-canadas-cannabis-consumer.html?icid=listening-to-canadas-cannabis-consumer_en


Avicanna Announces Results of Annual General Meeting and Provides Corporate Update

Avicanna Announces Results of Annual General Meeting and Provides Corporate Update

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

TORONTO, June 24, 2021 (GLOBE NEWSWIRE) — Avicanna Inc. (the “Company” or “Avicanna”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) is pleased to announce that all of management’s nominees listed in the Company’s management information circular dated May 25, 2021 were elected as directors of the Company at Avicanna’s annual general meeting of shareholders held on June 24, 2021 (the “Meeting”). The detailed results of the vote for the election of directors held at the Meeting are set out below.

Name of Nominee Votes cast FOR % votes cast
FOR
Votes
WITHHELD
% votes
WITHHELD
Aras Azadian 14,238,710 99.94% 8,851 0.06%
Dr. Chandrakant Panchal 14,215,568 99.78% 31,993 0.22%
Setu Purohit 13,410,830 94.13% 836,731 5.87%
Giancarlo Davila Char 14,231,255 99.89% 16,306 0.11%
Flavio Jose Zaclis 14,238,710 99.94% 8,851 0.06%
Dr. Assad J. Kazeminy 14,238,710 99.94% 8,851 0.06%
John McVicar 14,238,710 99.94% 8,851 0.06%

 

At the Meeting, the Company’s shareholders also approved the appointment of MNP LLP as the Company’s auditors for the ensuing year and authorized the board of directors to fix the auditors’ remuneration.

Introduction to the new board members

Dr. Assad J. Kazeminy is the founder and former President and CEO of Irvine Pharmaceutical Services Inc. and Avrio Biopharmaceutical LLC. Dr. Kazeminy received his doctorate degree in Pharmaceutical Sciences, graduate studies in Biochemistry and completed his post doctorate at the University of Southern California (USC) Medical School, Department of Pharmacology. Since January 2014, Dr. Kazeminy has been a member of the Chapman University School of Pharmacy (CUSP) Dean’s Professional Advisory Group, has served as a member of the United States Pharmacopeia (USP) Console of Experts 2000-2020 and has been awarded by United States Pharmacopeia a Winner for Innovative Responses to a Public Health Challenge.

Flavio Jose Zaclis has more than 20 years of experience in private equity, venture capital and entrepreneurial projects. After completing several investment cycles, Mr. Zaclis founded Barn Investimentos in 2012, a venture capital investment boutique, dedicated to early-stage investments in the Brazilian and Latin American markets. Mr. Zaclis is a board member of several companies and has actively participated in initial public offerings, private placements, and merger and acquisition negotiations for portfolio companies. Mr. Zaclis is responsible for fundraising, deal execution, and team leadership at Barn Investimentos.

John McVicar is an experienced senior finance executive with more than 30 years of Canadian and international experience in both industry and professional services. Mr. McVicar retired as a Consulting Partner at Ernst & Young LLP (EY) where he focused on advising large corporations to drive operational excellence and to transform the performance of their finance organizations. Prior to EY, he spent 10 years in senior finance roles with several Canadian and U.S. public companies. Mr. McVicar brings significant international experience. During his career, he has served in roles based in Canada, South America, the U.S., Europe, Asia and Africa. Mr. McVicar is a CPA, CA and holds an MBA from the Fuqua School of Business at Duke University.

Corporate Update

The Company continues to make significant progress on its R&D, clinical and pharmaceutical initiatives and is pleased to provide an update on the commercial progress over the past few months across international markets.

The past several months have been an exciting new phase for the Company as its highly differentiated and advanced products have established a strong market presence while at the same time building consumer and patient loyalty. In Canada, Avicanna has successfully launched RHO Phyto and Pura Earth branded products across adult use and medical channels to which purchase orders of approximately 15,000 units of finished products were fulfilled in Q2 2021, an approximate 250% increase from Q1 2021. In South America, the company has also achieved major milestones including the launch of its medical program in Colombia and additional export of raw materials into a total of 8 countries to date.

RHO Phyto Medical Cannabis Products

  • Introduction of new products including THC-free formulations and deep tissue gel for a total of 7 SKUs in partnership with Medical Cannabis by Shoppers Drug Mart Inc., in addition to expansion of the RHO Phyto products into the adult use channels including initial listings in Ontario, Saskatchewan, Alberta, Manitoba, and New Brunswick.
  • Launch of initiative to supply major Canadian hospitals with RHO Phyto products including a first of its kind supply agreement with Sunnybrook Hospital, where the products will be available and dispensed in the hospital’s pharmacy.
  • In Colombia, the formulations have been successfully launched under the magisterial (compounding) program, where the products are manufactured utilizing Avicanna’s vertical integration capabilities and where patients can be re-imbursed by insurance providers.

Pura Earth and Pura H&W CBD Cosmetics

  • Initial listings and commercialization of Pura Earth products across adult use channels including Ontario, Alberta, Saskatchewan, and medical channels in partnership with Medical Cannabis by Shoppers Drug Mart Inc.
  • Completion of the initial export of Pura H&W products into the United States to exclusive distribution partner Red White and Bloom Brands Inc.

Pharmaceutical Pipeline and Drug Submissions

  • Completion of the pharmaceutical dossier for 10% CBD oral formulation under GMP manufacturing and ICH guidelines for drug submissions in Colombia, Ecuador, Argentina, and Brazil in 2021.
  • Completion of the first phase of pre-clinical studies in Canada for a topical pharmaceutical candidate for pain and inflammation in an animal model of osteoarthritis.
  • Ongoing drug discovery with UHN on optimized cannabinoid ratio for the treatment of refractory epilepsy and behavioural studies on RHO Phyto products and set-up of animal models for evaluating efficacy of formulations on addiction withdrawal at the University of Guelph.

Other highlights

  • Commercial export of CBD, CBG, THC and feminized seeds have reached 8 countries with the recent addition of exports to Chile.
  • Completion of manufacturing of 3 re+Play topical SKUs in preparation for the Q3 2021 launch of the products across the United States in an alliance with former NBA star Al Harrington.
  • Ongoing manufacturing of re+Play SKUs in Canada, where the products have already attained listings from the Ontario cannabis store and Medical Cannabis by Shopper’s Drug Mart Inc.

About Avicanna Inc.

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

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

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

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

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

SOURCE Avicanna Inc.

Stay Connected

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

The Company posts updates through videos from the official Company YouTube channel https://www.youtube.com/channel/UC5yBclNIsNf7VrE34iwt8OA.

Please join the conversation on our Avicanna supporter’s telegram group at https://t.me/Avicannainc.

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to continued or any sales of any of the Company’s products in any market, ability to conduct or complete any clinical studies, completion of any technical or pharmaceutical dossier, and ability to make drug submissions in any market. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 15, 2020 and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com . The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Avicanna Expands The Canadian RHO Phyto Product Offerings With The Addition Of THC-Free High CBD Oral And Sublingual Formulation Across Medical And Adult Use Channels

Avicanna Expands The Canadian RHO Phyto Product Offerings With The Addition Of THC-Free High CBD Oral And Sublingual Formulation Across Medical And Adult Use Channels

  • The two THC-Free RHO Phyto products will be available through the Medical Cannabis By ShoppersTM online portal and across specific adult use channels.
  • Avicanna’s commercial products in Canada increase to 10 SKU’s where the CBD only oral products are targeted at patients, wellness focused consumers and new users who seek the benefits of CBD without the psychoactive effects of THC.
  • The products incorporate purified CBD in combination with Avicanna’s advanced formulations designed for consistency as well as enhanced flavor, absorption, and stability.

/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, June 15, 2021 (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 two THC-free RHO Phyto™ products are available for purchase in Canada through the Medical Cannabis By Shoppers™ online portal and in Manitoba. The RHO Phyto Micro Drop Oil and Rapid Act Spray product lines are expanded to include THC-free products utilizing purified CBD from cannabis extracts that do not contain any detectable amounts of THC. All RHO Phyto products have been optimized to ensure shelf-life stability and provide accurate and consistent dosing over time. Additionally, these formulations are designed to provide higher and faster cannabinoid absorption compared to basic MCT (medium-chain triglyceride) oil products available in the market. The RHO Phyto Micro Drop Oils, offered in blood orange flavour, are designed for longer lasting effects, while the Rapid Act Sprays are offered in lemon mint flavour and faster acting for more acute effects.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ec81a5a3-499d-4fd7-ae9d-4dfad3f024e3

Benefits Of Pure CBD Product Offerings

THC-free cannabinoid products have long been advocated for by Health Care Providers as a potential alternative for individuals who should avoid THC. A recent Cannabis Consumer Report by Deloitte (the “Deloitte Report”) demonstrated that new cannabis consumers reported key drivers for using CBD-only products being sleep and relaxation (58%), and alleviating stress or anxiety (47%). Additionally, another 47% were interested in using for specific medical reasons1.

“We are confident that these formulations complete Avicanna’s RHO Phyto branded medical formulary and provide consumers, patients and the medical community access to standardized CBD products free of THC. We also believe that the opportunity for CBD only products is beyond the cannabis connoisseur and its potential channels will be beyond the current cannabis channels in the future,” states Aras Azadian, CEO Avicanna Inc.

The Canadian Market Opportunity And Global Market Potential

Avicanna’s RHO Phyto products have had early success in both adult use and medical channels and the line extension that includes THC-free high CBD products further expands and now includes 7 SKUs in Canada. In parallel, patient and consumer interest for THC-free products and non-inhalable products continues to grow, the Deloitte Report found that 22% of returning and 39% of new consumers are interested in CBD only or THC-free products, while 30% of existing users cited lack of negative effects informing purchasing decisions.

About Avicanna

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

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

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

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

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

SOURCE Avicanna Inc.

Stay Connected

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

The company posts updates through videos from the official company YouTube channel https://www.youtube.com/channel/UCFXPBGdKSxOUOf_VZoSFSUA

Please join the conversation on our Avicanna supporter’s telegram group at https://t.me/Avicannainc.

Cautionary Note Regarding Forward-Looking Information and Statements

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

Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 15, 2020 and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com .

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

1. Deloitte Canada (2021). Seeding New Opportunities Listening to Canada’s Cannabis Consumer – Cannabis Consumer Report (2021). Available at https://www2.deloitte.com/ca/en/pages/consumer-business/articles/listening-to-canadas-cannabis-consumer.html?icid=listening-to-canadas-cannabis-consumer_en

 

Avicanna Announces Mailing of Management Information Circular and Proposed Board Changes

Avicanna Announces Mailing of Management Information Circular and Proposed Board Changes

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TORONTO, June 3, 2021 (GLOBE NEWSWIRE)Avicanna Inc. (the “Company” or “Avicanna”) (TSX: AVCN) is announcing that it has commenced mailing its management information circular (the “Information Circular”) and related proxy materials in relation to Avicanna’s annual general meeting of shareholders (the “Meeting”) to be held on Thursday, June 24, 2021 at 9:00 a.m. (Toronto time). A copy of the Information Circular will be available under Avicanna’s profile at www.SEDAR.com.

Due to the public health impact of the COVID-19 pandemic, the Meeting will be held in a virtual-only format, via live webcast at https://web.lumiagm.com/256734754. A virtual-only meeting is being adopted this year to give all shareholders an equal opportunity to participate at the Meeting. Further details, including business to be conducted at the Meeting and instructions on how to vote and attend the virtual Meeting can be found in the Information Circular and related proxy material. Avicanna’s shareholders are reminded that completed proxy forms must be received by no later than 9:00 a.m. (Toronto time) on June 22, 2021.

Further, the Company wishes to announce that each of David Allan White and Benjamin Leavenworth has advised the Company that they will not be standing for re-election to the Company’s board of directors (the “Board”) at the Meeting. The Company thanks Mr. White and Mr. Leavenworth for their significant contributions to the Company as members of the Board and wishes them well in all of their endeavors.

At the Meeting, Avicanna’s shareholders will be asked to re-elect Aras Azadian, Dr. Chandrakant Panchal, Setu Purohit, and Giancarlo Davila Char to the Board and to elect the following new members of the Board:

  • Flavio Jose Zaclis – Zaclis graduated from Emory University’s Goizueta Business School and has 20 years of experience in private equity and venture capital. In Latin America, he worked for a few private equity general partners, where he participated in many deals in diverse sectors. Flavio has also been an entrepreneur, having founded Brazil’s first barter exchange. After completing several investment cycles, Mr. Zaclis founded Barn Investimentos in 2012, a venture capital investment boutique, dedicated to early-stage investments in the Brazilian and Latin American markets. Mr. Zaclis is a board member of several companies and has actively participated in initial public offerings, private placements, and merger and acquisition negotiations for portfolio companies. Mr. Zaclis is responsible for fundraising, deal execution, and team leadership at Barn Investimentos.
  • Assad J. Kazeminy – Dr. Kazeminy is the founder and former President and CEO of Irvine Pharmaceutical Services Inc. and ‎Avrio Biopharmaceutical LLC. Dr. Kazeminy received his ‎doctorate degree in Pharmaceutical Sciences from Isfahan University, Isfahan, Iran. He continued his ‎graduate studies in Biochemistry at Colorado State University and completed his post doctorate at the ‎University of Southern California (USC) Medical School, Department of Pharmacology. In addition, Dr. ‎Kazeminy has taught at USC and has conducted research at the University of California, Irvine. Dr. ‎Kazeminy has served as a member of the United States Pharmacopeia (USP) Console of Experts 2000-‎‎2020 where he has been a member of the USP Convention and the USP advisory panels on Metal ‎Impurity and Residual Solvents. Dr. Kazeminy has been awarded by United States Pharmacopeia a ‎Winner for Innovative Responses to a Public Health Challenge related to his outstanding work on a new ‎general chapter of USP on elemental impurities in parenteral products and the creation of science-based ‎daily exposure risk approach to Patient Safety 2010- 2015. Dr. Kazeminy has also been a member of the ‎University of California, Irvine, Chief Executive Roundtable since 2005. He has served as a board ‎member of UCI Applied Innovation since 2014, and a board member of the Physical Science Dean’s ‎Leadership Council at UCI. Recently, he become board member of Dean’s Leadership Council at UCI ‎School of Pharmaceutical Sciences.
  • John McVicar – Mr. McVicar is an experienced senior finance executive with more than 30 years of Canadian and ‎international experience in both industry and professional services. Mr. McVicar retired as a Consulting ‎Partner at Ernst & Young LLP (EY) where he focused on advising large corporations to drive operational ‎excellence and to transform the performance of their finance organizations. Prior to EY, he spent 10 ‎years in senior finance roles with several Canadian and U.S. public companies. Mr. McVicar brings ‎significant international experience. During his career, he has served in roles based in Canada, South ‎America, the U.S., Europe, Asia and Africa. Mr. McVicar is a CPA, CA (Ontario), holds an MBA from the ‎Fuqua School of Business at Duke University and a Bachelor of Commerce from Queen’s University. ‎He is currently undertaking the ICD.D program from the Institute of Corporate Directors.‎

Mr. Azadian, Chief Executive Officer of Avicanna commented: “We would like to thank David and Ben for their contributions during the critical development years of the Company. We also welcome the expertise and experience of the new nominees and their anticipated contributions in the next stage of our growth as a now commercial stage bio-pharmaceutical company.”

About Avicanna Inc.

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

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

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

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

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

SOURCE Avicanna Inc.

Stay Connected

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

The Company posts updates through videos from the official Company YouTube channel https://www.youtube.com/channel/UC5yBclNIsNf7VrE34iwt8OA.

Please join the conversation on our Avicanna supporter’s telegram group at https://t.me/Avicannainc.

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the anticipated date of the Meeting. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 15, 2020 and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com . The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Avicanna’s Evidence-Based and Dermatologist Tested CBD Derma-Cosmetic Brand Pura Earth™ to be Launched in Adult-Use and Medical Channels Across Canada in Q2 2021.

Avicanna’s Evidence-Based and Dermatologist Tested CBD Derma-Cosmetic Brand Pura Earth™ to be Launched in Adult-Use and Medical Channels Across Canada in Q2 2021.

  • The THC-Free, CBD derma-cosmetic brand is the first known CBD skincare line to be clinically tested and commercialized across cannabis channels nationwide in Canada.
  • The initial launch of Pura Earth will include 3 products that will be available through Medical Cannabis by ShoppersTM online platform and across adult-use channels in Ontario and Saskatchewan.
  • The line has been successfully launched in Latin America with planned launches in the United Kingdom, United States, and Ecuador in 2021.

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

TORONTO, May [26], 2021 (GLOBE NEWSWIRE)Avicanna Inc. (the “Company” or “Avicanna”) (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 three (3) Pura Earth products are to be launched in Canada in Q2 2021 through the Medical Cannabis by Shoppers™ online portal, and in adult-use channels including the provincials retailers and storefronts in Ontario and Saskatchewan.

Pura Earth and the Potential of CBD Skincare

The Pura Earth product formulations have been developed and optimized to deliver purified, THC-free cannabidiol (“CBD”) in synergistic combinations with other natural ingredients known to provide specific functional benefits in skincare1-2. CBD has been shown to promote skin health by inducing antioxidant, anti-inflammatory, and anti-apoptotic responses that could be beneficial for a variety of dermatological conditions as eczema or atopic dermatitis1-3. In addition, CBD can down-regulate the activity of cells that are critical in the production of skin oils and therefore may dampen the production in acne-prone skin4.

The three (3) Pura Earth products are dermatologist tested to ensure there are no occurrences of skin irritation or sensitization; and demonstrated to have physical and chemical stability and have shelf life of at least 2 years. The formulations have been optimized over the last three (3 years through Avicanna’s R&D infrastructure, to increase CBD uptake into the skin and address various consumer needs. In addition to the completed clinical trials all Pura Earth products are not tested on animals and are vegan.

“We are thrilled to announce Pura Earth’s initial entrance into the Canadian market through various cannabis channels where we are optimistic about its market potential as an industry leading cannabinoid-based skin care line. We have been pleasantly surprised by the initial interest from consumers, retailers and our partners in Canada for these products and believe the line will help set the standard for cannabinoid-based skin care as the first pre-clinically backed, dermatologist tested product offering”. States Aras Azadian, CEO Avicanna Inc.

The Canadian Market Opportunity and Global Market Potential

Pura Earth branded products are positioned to become a leading international CBD skincare brand including its successful initial product launch in Colombia, prior to the Canadian this quarter and expected launches planned for 2021 in the United States, the United Kingdom and Ecuador.

Pura Earth will launch in Canada through the Medical Cannabis by ShoppersTM online platform and adult-use channels including initial listings in Ontario and Saskatchewan. In addition to providing the first pre-clinically backed skincare products to the Canadian cannabis market, Pura Earth is poised to be a top choice among new consumers entering the cannabis space in search of topical products. In a 2021 report on Canadian cannabis consumers, Deloitte noted that nearly half of new users are more likely to prefer CBD-only products with 34% of existing consumers citing general health & wellness as drivers of CBD consumption.

Additionally, the Canadian launch of Pura Earth is potentially the first step in a long-term national strategy which may include the regulatory pathway to commercialize CBD topical products across cosmetic, over the counter and natural health product designations.

About the initial 3 Pura Earth products and their clinical trials 

The 3 cosmetic clinical studies were completed on Avicanna’s formulations targeting cosmetic factors associated with aging, acne-prone skin, and eczema-prone skin. The successfully completed studies involved 156 patients that were tested for safety and specific derma-cosmetic endpoints, including hydration and excess oil production. All three studies achieved positive results in the endpoints with no adverse effects, making Pura Earth one of the only cannabinoid consumer lines with human safety and efficacy data. For more information please see Clinicaltrials.gov Registry.

  • Rosemary and Tea Tree Gel: Water-based gel contains beta-caryophyllene and tea tree extract that are known to have antibacterial and anti-inflammatory properties5-7. In addition, rosemary oil extract has demonstrated actions against the symptomatic treatment of acne8,9. In Avicanna’s clinical study, the Rosemary and Tea Tree Gel was investigated for its short- and long-term effects on skin hydration and sebum (oil) production on acne-prone or oily skin. The results showed significant increase in skin hydration and a significant decrease in oiliness in 93% of participants who had oily skin.
  • Colloidal Oatmeal Cream: Oil-based formula uniquely marries CBD, colloidal oatmeal and hemp seed oil aimed at relieving skin redness2,10. Colloidal oatmeal has been shown to improve skin dryness, roughness, and itch intensity10. Avicanna’s clinical study of Colloidal Oatmeal Cream evaluated its effect on skin hydration and erythema and found that 86% of participants had decreased skin redness after 3 hours and increased skin hydration.
  • Japanese Cedar Bud Face Cream: Rich, lightly scented white cream with a unique amalgamation of purified CBD, Japanese cedar bud, tocopheral and hemp seed oil. This formula targets aging skin and is aimed at enhancing skin texture and skin renewal11.

References:

  1. Tóth, K. F., et al. (2019). Cannabinoid Signaling in the Skin: Therapeuti c Potenti al of the “C(ut)annabinoid” System. Molecules (Basel, Switzerland), 24(5), 918. htt ps://doi.org/10.3390/molecules24050918 
  1. Baswan, S. M., et al. (2020). Therapeuti c Potenti al of Cannabidiol (CBD) for Skin Health and Disorders. Clinical, cosmeti c and investi gati onal dermatology, 13, 927–942. htt ps://doi.org/10.2147/CCID.S286411
  1. Atalay S, et al. (2020). Anti oxidati ve and Anti -Infl ammatory Properti es of Cannabidiol. Anti oxidants. 9(1):21.
  1. Oláh, A., Tóth, B., et al. (2014). Cannabidiol exerts sebostati c and anti -infl ammatory eff ects on human sebocytes. The Journal of clinical investi gati on, 124(9), 3713–3724.
  2. Committee on Herbal Medicinal Products (HMPC). (2013). Assessment report on Melaleuca alternifolia (Tea tree oil) and other species of Melaleuca, aetheroleum. European Medicines Agency. Article 16d(1), Article 16f and Article 16h of Directive 2001/83/.
  3. Carson, C. F., Hammer, K. A., & Riley, T. V. (2006). Melaleuca alternifolia (Tea Tree) oil: a review of antimicrobial and other medicinal properties. Clinical microbiology reviews, 19(1), 50–62.
  4. Bassett IB et al. (1990). A comparative study of tea tree oil versus benzoyl peroxide in the treatment of acne. Medical Journal of Australia, 153:455-458.
  5. Andrade, J. M., Faustino, C., et al, (2018). Rosmarinus officinalis L.: an update review of its phytochemistry and biological activity. Future science OA, 4(4), FSO283.
  6. Tsai, T. H., Chuang, L. T., et al, (2013). Rosmarinus officinalis extract suppresses Propionibac- terium acnes-induced inflammatory responses. Journal of medicinal food, 16(4), 324–333.
  1. Reynertson, K. A., Garay, M., Nebus, J., Chon, S., Kaur, S., Mahmood, K., Kizoulis, M., & Southall, M. D. (2015). Anti-inflammatory activities of colloidal oatmeal (Avena sativa) contribute to the effectiveness of oats in treatment of itch associated with dry, irritated skin. Journal of drugs in dermatology : JDD, 14(1), 43–48.
  2. Horiba, H., et al. (2016). Biological Activities of Extracts from Different Parts of Cryptomeria japonica. Natural product communications, 11(9), 1337–1342.

 

About Avicanna Inc.

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

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

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

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

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

SOURCE Avicanna Inc.

Stay Connected

For more information about Pura Earth, visit www.puraearthcanada.com .

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

The company posts updates through videos from the official company YouTube channel https://www.youtube.com/channel/UCFXPBGdKSxOUOf_VZoSFSUA

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the ability of CBD to promote skin health by inducing antioxidant, anti-inflammatory, and anti-apoptotic responses that could be beneficial for a variety of dermatological conditions such as eczema or atopic dermatitis, the ability of CBD to down-regulate the activity of cells that are critical in the production of skin oils and therefore may dampen the production in acne-prone skin,  the Company’s ability to ensure that the Pura Earth products will not cause skin irritation or sensitization, the Pura Earth products being industry leading cannabinoid-based skin care line, the Pura Earth products being the first pre-clinically backed, dermatologist tested product offering, Pura Earth branded products being positioned to become an international CBD skincare brand leveraging the initial product launch in Colombia, Pura Earth being poised to be a top choice among new consumers entering the cannabis space in search of topical products,[●]. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.

Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 15, 2020 and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com .

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

Avicanna Makes RHO Phyto™ Medical Cannabis Products Available In Canadian Hospital Pharmacies Through Agreement with Sunnybrook Hospital

Avicanna Makes RHO Phyto™ Medical Cannabis Products Available In Canadian Hospital Pharmacies Through Agreement with Sunnybrook Hospital

  • Avicanna launches its initiative to supply major Canadian hospitals with its advanced RHO Phyto medical cannabis products supported by education, training, and patient support programs.
  • Seven RHO Phyto products will be available for purchase at Sunnybrook Hospital’s Odette Cancer Centre pharmacy by patients that have been issued a written order from an authorized health care practitioner.
  • The collaborative program is aimed at setting a gold standard for medical cannabis care by establishing a complete cannabis consultation and dosing regimen provided through the expertise of Avicanna’s medical team and the Sunnybrook Hospital pharmacy team.

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

TORONTO, May 06, 2021 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products is pleased to announce that it has entered into a relationship agreement (the “Agreement”) whereby Sunnybrook Health Sciences Centre (“Sunnybrook Hospital”) will distribute the RHO Phyto products to patients with appropriate medical authorization at Odette Cancer Centre pharmacy. This first of its kind collaboration will focus on increasing healthcare provider and patient education on medical cannabis products and provide patients with a one stop process for accessing plant-based cannabis for medical use, in coordination with their hospital healthcare team. Pursuant to the Agreement, Avicanna and Sunnybrook Hospital which is one of Canada’s leading hospitals and research centres have agreed to collaborate on the development of an education program to educate patients and train health care professionals about the RHO Phyto product formulary.

The growing demand for access to standardized cannabinoid medicine in the medical community, coupled with the advancement of cannabis access regulations permits Canadian hospitals with appropriate infrastructure to store and dispense qualified medical cannabis products such as the RHO Phyto offerings. Avicanna and Sunnybrook Hospital aim to establish a gold standard of care for cannabinoid-based medicine by providing support and educating and training physicians, pharmacists and patients on the formulary of the RHO Phyto products. This education initiative will allow for a personalized medicine approach with the support and consultation of both the patient’s physicians and pharmacists to track patient outcomes and promote the safe and consistent use of cannabinoid-based medicines.

“This is an incredibly significant development for Avicanna as it validates our medical focus and credibility with the healthcare community. This first of its kind collaboration with a major Canadian medical institution substantiates the need and importance of a comprehensive cannabinoid-based medicine program that includes standardized, inhalation-free, and accurately dosed products that are supported by education and patient support programs. We look forward to the collaboration with the Sunnybrook Hospital team, improving on the learnings and pioneering the standard of care with cannabinoid-based medicine that could improve patient outcomes, quality of life and increase the medical community’s confidence in cannabinoid-based medicine,” stated Aras Azadian, CEO of Avicanna Inc.

“Patients have questions about and want access to plant-based cannabinoids, and that requires healthcare professionals to become knowledgeable about the use of cannabinoids for medical purposes,” said Carlo DeAngelis, pharmacist and researcher at Sunnybrook Hospital’s Odette Cancer Centre. “Our primary goal is patient safety. This collaboration will help us ensure patients have access to plant-based cannabinoid products of high quality as well as provide education focused on dosing, monitoring of symptoms and effects on concurrent anti-cancer treatments.”

The RHO Phyto products will be supplied to Sunnybrook Hospital through Avicanna’s exclusive medical partnership with Medical Cannabis by ShoppersTM online platform who will be distributing the RHO Phyto products and supporting Avicanna’s education and training programs.

About RHO Phyto

RHO Phyto is Avicanna’s unique formulary of products that are backed by scientific rigour and an evidence-based approach to meet the quality and consistency standards that patients and the medical community should expect of medical cannabis products. The RHO Phyto product line consists of oral, sublingual, and topical delivery systems offered in a range of CBD only and CBD-THC ratios. All RHO Phyto formulations are designed to maintain the stability of the cannabinoids, and provide accurate dosing. Through pre-clinical studies, these formulations have been optimized for increased and faster absorption of cannabinoids relative to formulations available in the marketplace.

About Sunnybrook Health Sciences Centre

Sunnybrook Health Sciences Centre is inventing the future of health care for the 1.2 million patients the hospital cares for each year through the dedication of its more than 10,000 staff and volunteers. An internationally recognized leader in research and education and a full affiliation with the University of Toronto distinguishes Sunnybrook as one of Canada’s premier academic health sciences centres. Sunnybrook specializes in caring for high-risk pregnancies, critically-ill newborns and adults, offering specialized rehabilitation and treating and preventing cancer, cardiovascular disease, neurological and psychiatric disorders, orthopaedic and arthritic conditions and traumatic injuries. The Hospital also has a unique and national leading program for the care of Canada’s war veterans.

About Avicanna Inc.

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

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

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

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

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

SOURCE Avicanna Inc.

Stay Connected

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

The company posts updates through videos from the official company YouTube channel https://www.youtube.com/channel/UCFXPBGdKSxOUOf_VZoSFSUA

Please join the conversation on our Avicanna supporter’s telegram group at https://t.me/Avicannainc.

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the ability of the Company to establish a complete cannabis consultation and dosing regimen, the ability of the Company and Sunnybrook to establish a gold standard of care for cannabinoid-based medicine by providing support and educating and training physicians, pharmacists and patients on the formulary of the RHO Phyto products,  the likelihood that the Company’s and Sunnybrook’s education initiative will allow for a personalized medicine approach to track patient outcomes and promote the safe and consistent use of cannabinoid-based medicines, the ability of Sunnybrook to purchase the RHO Phyto products from Medical Cannabis by ShoppersTM. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.

Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 15, 2020 and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com .

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

Avicanna Provides Bi-Weekly Update On Status Of Management Cease Trade Order

Avicanna Provides Bi-Weekly Update On Status Of Management Cease Trade Order

/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, April 26, 2021 (GLOBE NEWSWIRE) — Avicanna Inc. (the “Company” or “Avicanna”) (TSX: AVCN) is providing this bi-weekly update on the status of the management cease trade order granted on April 12, 2021 (the “MCTO”) by its principal regulator, the Ontario Securities Commission under National Policy 12-203 – Management Cease ‎Trade Orders (“NP 12-203”), following the Company’s announcement on March 29, 2021 (the “Default Announcement”) that it was unable to file its audited annual financial statements for the year ‎ended December 31, 2020, and accompanying management’s discussion and analysis, annual information form and related certifications ‎‎(collectively, the “Documents”) on or before March 31, 2021, as required under applicable securities laws. The MCTO does ‎not affect the ability of investors who are not insiders to trade in the securities of the Company.‎

The Company also announces that it no longer expects to be in a position to file the Documents by April 30, 2021, as previously announced. While the Company’s annual audit is ongoing, due to the Company’s auditors requiring additional time to complete their audit, the Company now expects to file the Documents on or before May 31, 2021. The Company continues to work closely with its auditor to remedy the default status and file the Document as soon as possible.

The Company confirms that since the date of the Default Announcement: (i) except as set out above with respect to the anticipated fling date of the Documents, 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 Inc.

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

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

Pura EarthTM or Pura H&WTM: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and,
RHO PhytoTM: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by ShoppersTM, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all 2 developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.
With ongoing clinical trials on its derma-cosmetic (branded as Pura Earth or Pura H&W), medical cannabis (branded as RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.

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

SOURCE Avicanna Inc.

Stay Connected

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

The Company posts updates through videos from the official Company YouTube channel https://www.youtube.com/channel/UC5yBclNIsNf7VrE34iwt8OA.

Please join the conversation on our Avicanna supporter’s telegram group at https://t.me/Avicannainc.

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the timing for the filing of the Documents. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 15, 2020 and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com . The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Avicanna Announces Initial Listings and Sales for Evidence-Based RHO Phyto™ Products in Canada’s Adult Use Channels Including Ontario, Manitoba, Saskatchewan, and New Brunswick

Avicanna Announces Initial Listings and Sales for Evidence-Based RHO Phyto™ Products in Canada’s Adult Use Channels Including Ontario, Manitoba, Saskatchewan, and New Brunswick

  • Expanding from the successful nation-wide launch in medical-only channels through Medical Cannabis by Shoppers Drug Mart™ the company set out to rapidly commercialize its RHO Phyto products through retail channels and has succeeded in doing so within a three-month period.
  • In collaboration with Velvet’s sale infrastructure, the RHO Phyto products which include its advanced formulary of sublingual sprays, oil drops and topicals, are launching into retail sales channels valued at $2.6 billion in 20201 in Canada.
  • The initial listings across four provinces and start of retail channel sales validate market demand for the growing segment in Avicanna’s advanced medical and wellness products within the retail channels.

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

Toronto, Ontario – April 20, 2021– Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products is pleased to announce the listing of certain RHO Phyto products with the Ontario, Manitoba, Saskatchewan and New Brunswick provincial retailers (the “Initial Listing”).

Establishing a Leadership Position Within the Medical Community and Patients

Since its launch in Medical Cannabis by Shoppers Drug Mart™ in Q3 2020, the RHO Phyto product line has experienced incredible success with overwhelming positive support from the medical community including 500+ prescribers and 30 medical cannabis clinics. RHO Phyto sales have increased over 40% month over month in all product categories and have successfully segmented and targeted medical and wellness consumers. Nearly 90% of the consumers of the RHO Phyto oral products including sublingual sprays and oral drops are over the age of 31 and 52% are female.

Avicanna will remain exclusive to Medical Cannabis by Shoppers Drug Mart for medical-only channels and has increased its current commercial offering from 2 to 7 SKU’s in response to high demand from patients.

Successful Expansion into Retail Channels Provides a Low Barrier to Consumers Accessing the Industry’s Leading Formulary of Medical and Wellness Products.

It has become evident that many consumers who seek cannabis for medical and wellness purposes are not necessarily going through medical channels, with nearly 44% purchasing from adult use channels2. According to the 2020 Canadian Cannabis Survey, 76% of medical cannabis users do not have a medical document from a healthcare practitioner3. The systemic barriers to connecting with health care professionals, ease of access to storefronts and e-commerce channels, and expansion of the wellness category product offerings have all contributed to the increase in consumer demand for cannabinoid based medical and wellness products across adult use channels.

Within a short 3-month time frame, the Company has successfully established its production infrastructure, expanded the RHO Phyto product portfolio, and obtained the Initial Listings from four Canadian provinces. RHO Phyto products have already been delivered to the provincial retailers, including Ontario which represents the largest Canadian market opportunity.

“The initial demand and provincial listings in such a saturated market is a fantastic validation of the differentiation and market acceptance of the RHO Phyto product line beyond the medical cannabis channels. The rapid execution by our team will allow us to capture market share in the evolving medical and wellness categories within the adult use channels and is expected to be a significant revenue driver for the company in 2021.” commented Aras Azadian, CEO of Avicanna.

The sales and distribution of RHO Phyto is completed in collaboration with Velvet Management Inc. which is a national sales and marketing agency with 100% focus on adult use cannabis. Velvet was created by the largest importer of alcohol in Canada, Groupe Dandurand, responsible for $1.2 billion in retail sales. Velvet Management Inc., with 40+ employees, has become one of largest sales and marketing agencies in Canada with offices in Montreal, Toronto, Calgary, and Vancouver.

RHO Phyto Product Attributes and Retail Sales Strategy

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

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

1 Statistics Canada. Table 20-10-0008-01 Retail trade sales by province and territory (x 1,000)

2 Health Canada. (2021). Canadian Cannabis Survey 2020 Survey.

3 Idem.

 

About Avicanna

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

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

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

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

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

SOURCE Avicanna Inc.

Stay Connected

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

The company posts updates through videos from the official company YouTube channel https://www.youtube.com/channel/UC5yBclNIsNf7VrE34iwt8OA.

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the incredible success of the RHO Phyto product line, sales of the RHO Phyto products increasing month over month in all product categories, the Company’s ability to successfully segment and target medical and wellness consumers, the high demand for the RHO Phyto products, the increase in consumer demand for cannabinoid based medical and wellness products across adult use channels, the Company’s ability to maintain positive support of the RHO Phyto products from the medical community including 500+ prescribers and 30 medical cannabis clinics, the Company’s ability to continue to deliver RHO Phyto products to provincial retailers, the differentiation and market acceptance of the RHO Phyto product line, the Company’s ability to capture market share in the evolving medical and wellness categories within the adult use channels, the likelihood that RHO Phyto will be a significant revenue driver for the company in 2021, the ability of the Company to establish RHO Phyto as a recommended brand within the cannabis industry. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits.

Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 15, 2020, and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com.

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

Avicanna Announces 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

/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, April 12, 2021 (GLOBE NEWSWIRE) — Avicanna Inc. (the “Company” or “Avicanna”) (TSX: AVCN) announces that, further to its March 29, 2021 news release, its application for a management cease trade order (the “MCTO”) under National Policy 12-203 – Management Cease ‎Trade Orders (“NP 12-203”) has been approved by the Ontario Securities Commission (the “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 29, 2021 (the “Default Announcement”) that it was filing an application seeking a MCTO from the OSC because ‎it was likely to miss its filing deadline of March 31, 2021 to file its audited annual financial statements for the year ‎ended December 31, 2020, and accompanying management’s discussion and analysis, annual information form and related certifications ‎‎(collectively, the “Documents”), as required under applicable securities laws. The inability to file the Documents is ‎due, in part, to the Company’s auditors requiring additional time to complete their audit and assess the accounting ‎and disclosure contained in the Documents related to certain revenue transactions. The Company continues to work ‎closely with its auditor and expects to file the Documents by April 30, 2021.‎

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 11, 2020 of the Company’s latest ‎interim financial reports for the nine ‎month period ended September 30, 2020‎. ‎

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 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 Inc.

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

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

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

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

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

SOURCE Avicanna Inc.

Stay Connected

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

The Company posts updates through videos from the official Company YouTube channel https://www.youtube.com/channel/UC5yBclNIsNf7VrE34iwt8OA.

Please join the conversation on our Avicanna supporter’s telegram group at https://t.me/Avicannainc.

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the timing for the filing of the Documents. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 15, 2020 and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com . The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

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

Avicanna Announces Initial Listings and Sales for Evidence-Based RHO Phyto™ Products in Canada’s Adult Use Channels Including Ontario, Manitoba, Saskatchewan, and New Brunswick

  • /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, March 29, 2021 (GLOBE NEWSWIRE) — Avicanna Inc. (the “Company” or “Avicanna”) (TSX: AVCN) announces that it will miss the deadline (the “Filing Deadline”) of March 31, 2021 to file the following (collectively, the “Documents”):

    • the Company’s audited annual financial statements for the years ended December 31, 2020 and 2019, ‎as required by section 4.2 of National Instrument 51-102 – Continuous Disclosure ‎‎Obligations (“NI 51-102”);‎ and
    • the Company’s Management Discussion & Analysis for the corresponding years ended December 31, 2020 and 2019, ‎as required by section 5.1(2) of NI 51-102; and
    • the CEO and CFO certificates relating to the interim financial report, as required by National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings.

    The default is due, in part, to the Company’s auditors requiring additional time to complete their audit and assess the accounting and disclosure contained in the Documents related to certain revenue transactions.

    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 if the Documents are not filed on or before March 31, 2021.

    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 30, 2021.

    If a MCTO is issued, during the period of default and until filing of the Documents, the Company intends to satisfy the provisions of the “alternative information guidelines” as set out in NP 12-203, including the requirement to file bi-weekly status reports in the form of news releases containing prescribed updating information. There can be no assurance that a MCTO will be issued.

    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 11, 2020 of the Company’s latest ‎interim financial reports for the nine month period ended September 30, 2020‎.

    The Company is not currently subject to any insolvency proceedings. If the Company 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.

    About Avicanna Inc.

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

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

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

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

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

    SOURCE Avicanna Inc.

    Stay Connected

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

    The Company posts updates through videos from the official Company YouTube channel https://www.youtube.com/channel/UC5yBclNIsNf7VrE34iwt8OA.

    Please join the conversation on our Avicanna supporter’s telegram group at https://t.me/Avicannainc.

    Cautionary Note Regarding Forward-Looking Information and Statements

    This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the issuance of a Management Cease Trade Order in respect of Avicanna. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 15, 2020 and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com . The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.