Shoppers Drug Mart and Avicanna Execute Definitive Asset Purchase Agreement for Avicanna’s Acquisition of the Medical Cannabis by Shoppers Business

Shoppers Drug Mart partners with Avicanna to transition Medical Cannabis by Shoppers
Shoppers Drug Mart and Avicanna Execute Definitive Asset Purchase Agreement for Avicanna’s Acquisition of the Medical Cannabis by Shoppers Business

TORONTO, May 29, 2023 (GLOBE NEWSWIRE) – Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products is pleased to announce the execution of the definitive Asset Purchase Agreement (“Agreement”) between Shoppers Drug Mart® (“Shoppers”) and Avicanna for Avicanna’s acquisition of assets of the Medical Cannabis by Shoppers business (“Business”) with a final closing date set for July 31, 2023. 

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

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

About Avicanna Inc.

Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of evidence-based cannabinoid-based products for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development that has led to the commercialization of more than thirty products across various market segments:

Medical Cannabis & Wellness Products (RHO Phyto™): The formulary offers a diverse range of proprietary formulations including oral, sublingual, topical, and transdermal deliveries with varying ratios of cannabinoids and is supported with ongoing patient, and medical community education. RHO Phyto has been established as a leading medical brand in Canada and is currently available nationwide to patients across several medical channels and continues to expand into new international markets.

Pharmaceutical Preparations and Pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has developed an extensive a pipeline of patent-pending drug candidates that are indication-specific and in various stages of clinical development and commercialization. These cannabinoid-based drug candidates look to address unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders. Avicanna’s first pharmaceutical preparation (Trunerox™) is in the drug registration stage in South America.

MyMedi.ca Medical Cannabis Care Portal: MyMedi.ca is Avicanna’s medical cannabis care platform that is formed with the aim to better serve medical cannabis patients’ needs and enhance the patient journey. MyMedi.ca will feature diverse and scientifically curated products from leading Canadian licensed producers in addition to pharmacist led patient support programs and educational resources to facilitate the incorporation of medical cannabis into health care regimens. MyMedi.ca is also providing specialty services to distinct patient groups such as veterans and collaborating with public and private providers for adjudication and reimbursement. 

Click to watch Avicanna’s Corporate Video 2022
SOURCE Avicanna Inc.

Stay Connected

For more information about Avicanna, visit our website, contact Ivana Maric by email at info@avicanna.com or follow us on social media on LinkedIn, Twitter, Facebook, or Instagram.
The Company posts updates through videos from the official Company YouTube channel.

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified using words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated March 31, 2022, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Avicanna Announces Results of Annual General and Special Meeting and Provides Corporate Update

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

Name of Nominee

Votes cast 

FOR

% votes cast

FOR

Votes

WITHHELD

% votes

WITHHELD

Dr. Chandrakant Panchal

21,211,596

92.74

1,661,188

7.26

Aras Azadian

22,699,137

99.24

173,647

0.76

Giancarlo Davila Char

22,706,191

99.27

166,593

0.73

Eileen McCormack

22,826,079

99.80

46,705

0.20

John McVicar

22,702,791

99.26

169,993

0.74

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

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

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

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

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

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

Early Warrant Exercise Incentive Program

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

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

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

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

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

About Avicanna Inc.

Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of evidence-based cannabinoid-based products for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development that has led to the commercialization of more than thirty products across various market segments:

Medical Cannabis & Wellness Products: Marketed under the RHO Phyto™ brand these medical and wellness products are a line of pharmaceutical-grade cannabinoid products containing varying ratios of cannabidiol (“CBD”) and tetrahydrocannabinol (“THC”). The product portfolio contains a full formulary of products including oral, sublingual, topical, and transdermal deliveries that have controlled dosing, enhanced absorption and stability studies supported by pre-clinical data. The formulary is marketed with consumer, patient and medical-community education and training.

Pharmaceutical Pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has created a pipeline of patent-pending drug candidates that are indication-specific and in various stages of clinical development and commercialization. These cannabinoid-based drug candidates look to address unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders. Avicanna’s first pharmaceutical preparation (Trunerox™) is in the drug registration stage in South America.

Click to watch Avicanna’s Corporate Video 2022

SOURCE Avicanna Inc.

Stay Connected

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

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

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

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Forward-looking information contained in this news release includes, without limitation, statements related to the Incentive Program, including the timing and commencement thereof, the participation of insiders therein, the use of proceeds of the Incentive Program, the receipt of all approvals of the Toronto Stock Exchange in connection with the Incentive Program, statements with respect to the Company’s future business operations, the opinions or beliefs of management and future business goals. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated March 31, 2023 and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Avicanna Reports Q1 2023 Financial Statement

Shoppers Drug Mart partners with Avicanna to transition Medical Cannabis by Shoppers
Avicanna Reports Q1 2023 Financial Statement

TORONTO, May 16, 2023 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company “) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products, is pleased announce the filing of interim financial statements for the three-month period ending March 31, 2023 (“Q1 2023”). 

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

Q1 2023 highlights:

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

About Avicanna Inc.

Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of evidence-based cannabinoid-based products for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development that has led to the commercialization of more than thirty products across various market segments:

Medical Cannabis & Wellness Products: Marketed under the RHO Phyto™ brand these medical and wellness products are a line of pharmaceutical-grade cannabinoid products containing varying ratios of cannabidiol (“CBD”) and tetrahydrocannabinol (“THC”). The product portfolio contains a full formulary of products including oral, sublingual, topical, and transdermal deliveries that have controlled dosing, enhanced absorption and stability studies supported by pre-clinical data. The formulary is marketed with consumer, patient and medical-community education and training.

Pharmaceutical Pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has created a pipeline of patent-pending drug candidates that are indication-specific and in various stages of clinical development and commercialization. These cannabinoid-based drug candidates look to address unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders. Avicanna’s first pharmaceutical preparation (Trunerox™) is in the drug registration stage in South America.

SOURCE Avicanna Inc.

Stay Connected

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

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Forward-looking information contained in this news release includes, without limitation, statements related to the Offering, the use of the proceeds of the Offering, the receipt of all approvals of the Toronto Stock Exchange in connection with the Offering[NTD: Include any forward looking statement that may be contained in the corporate update.], statements with respect to the Company’s future business operations, the opinions or beliefs of management and future business goals. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated March 31, 2022 filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Avicanna and Northern Green Canada Execute Master Service Agreement to Operationalize MyMedi.ca

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

Avicanna and Northern Green Canada Execute Master Service Agreement to Operationalize MyMedi.ca

MyMedi.ca to provide Medical Cannabis by Shoppers patients a complete medical cannabis care platform including curated products and services.

NGC will facilitate inventory management and fulfillment through its EU GMP-certified and Health Canada licensed infrastructure starting Q2, 2023.

TORONTO, May 4, 2023 (GLOBE NEWSWIRE) – Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products is pleased to announce that it has entered into a Master Service Agreement (“MSA”) with Northern Green Canada (“NGC”) a federally-licensed EU GMP-certified cannabis producer to operationalize MyMedi.ca medical cannabis care platform’s logistics and fulfilment infrastructure.

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

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

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

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

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

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

About MyMedi.ca

MyMedi.ca is Avicanna’s medical cannabis care platform that is formed with the aim to better serve medical cannabis patients’ needs and enhance the patient journey. MyMedi.ca will feature scientifically curated products, patient support programs and educational resources to support the incorporation of medical cannabis into health care regimens.

About Avicanna Inc.

Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of evidence-based cannabinoid-based products for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development that has led to the commercialization of more than thirty products across various market segments:

  • Medical Cannabis & Wellness Products:Marketed under the RHO Phyto™ brand these medical and wellness products are a line of pharmaceutical-grade cannabinoid products containing varying ratios of cannabidiol (“CBD”) and tetrahydrocannabinol (“THC”). The product portfolio contains a full formulary of products including oral, sublingual, topical, and transdermal deliveries that have controlled dosing, enhanced absorption and stability studies supported by pre-clinical data. The formulary is marketed with consumer, patient and medical-community education and training.
  • Pharmaceutical PipelineLeveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has created a pipeline of patent-pending drug candidates that are indication-specific and in various stages of clinical development and commercialization. These cannabinoid-based drug candidates look to address unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders. Avicanna’s first pharmaceutical preparation (Trunerox™) is in the drug registration stage in South America.
  • MyMedi.ca Medical Cannabis Care Portal: An online platform designed to provide access to medical cannabis and enhance the patient journey through focus on patient education in areas such as harm reduction, providing specialty services to distinct patient groups such as veterans and reimbursement services for public and private providers.  MyMedi.ca has pharmacist-led patient support programs and comprehensive training programs for the medical community along with a scientifically curated and diverse formulary of products with competitive pricing in collaboration with Canadian licensed producers.

Click to watch Avicanna’s Corporate Video 2022

SOURCE Avicanna Inc.

About Northern Green Canada Inc.

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

Stay Connected

For more information about Avicanna, visit our website, contact Ivana Maric by email at info@avicanna.com or follow us on social media on LinkedInTwitterFacebook, or Instagram.

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

 

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified using words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated March 31, 2022, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

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

Shoppers Drug Mart partners with Avicanna to transition Medical Cannabis by Shoppers
Avicanna to introduce MyMedi.ca to medical cannabis patients across Canada

TORONTO, March 28, 2023 (GLOBE NEWSWIRE) – Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products is pleased to announce that Shoppers Drug Mart® (“Shoppers”) has selected Avicanna as its partner to transition its Medical Cannabis by Shoppers business. Shoppers will continue to support patients throughout the transfer of assets and services to Avicanna, which it anticipates will take place over the next three months.

First launched in Ontario in January 2019, Medical Cannabis by Shoppers provides patients access to medical cannabis products from more than 30 licensed cannabis brands. Over the past four years, the platform has supported tens of thousands of patients, and has worked with patient groups to make access to medical cannabis easier.

“We are grateful for the trust placed in us by our medical cannabis patients over the past few years, and are confident we’ve found the right partner in Avicanna to continue to support them,” said Jeff Leger, President, Shoppers Drug Mart. “As we move away from medical cannabis distribution, we remain firm in our belief that this medication should be dispensed in pharmacies like all others and will continue our advocacy to that end.”

As part of the transition, Avicanna will introduce MyMedi.ca, a new medical cannabis care platform designed to enhance the patient journey. MyMedi.ca will have pharmacist-led patient support programs and aims to provide a similar product portfolio including various formats, brands, and competitive pricing.

“We are thankful to be selected as the partner for this transition and look forward to introducing MyMedi.ca, with a view towards supporting patients and facilitating continuity of care,” said Aras Azadian, CEO, Avicanna. “We are motivated towards furthering the work started by Shoppers to create Canada’s leading independent, comprehensive medical cannabis platform and continuing our efforts towards advancing access to medical cannabis and its long-term incorporation into the standard of care.”

With initial transitional support from the Medical Cannabis by Shoppers team, MyMedi.ca will provide a scientifically curated and diverse formulary of products in collaboration with Canadian licensed producers, and comprehensive training programs for the medical community. The online medical portal will also focus on patient education in areas such as harm reduction and will continue to provide specialty services to distinct patient groups including veterans in addition to reimbursement services for public and private providers. 

About Shoppers Drug Mart Inc.
Shoppers Drug Mart Inc. is one of the most recognized and trusted names in Canadian retailing. The company is the licensor of full-service retail drug stores operating under the name Shoppers Drug Mart® (Pharmaprix® in Québec). With almost 1,350 Shoppers Drug Mart and Pharmaprix stores operating in prime locations in each province and two territories, the company is one of the most convenient retailers in Canada. The company also licenses or owns 47 medical clinic pharmacies operating under the name Shoppers Simply Pharmacy® (Pharmaprix Simplement Santé® in Québec). As well, the company owns and operates 43 corporate Wellwise by Shoppers Drug Mart™ stores and an ecommerce site Wellwise.ca, making it the largest Canadian retailer of home health care products and services. In addition to its retail store network, the company owns Shoppers Drug Mart Specialty Health Network Inc., a provider of specialty drug distribution, pharmacy and comprehensive patient support services, MediSystem Inc., a provider of pharmaceutical products and services to long-term care facilities and Lifemark Health Group, Canada’s leading provider of outpatient physiotherapy, massage therapy, occupational therapy, chiropractic, mental health, and other ancillary rehabilitation services. Shoppers Drug Mart is an independent operating division of Loblaw Companies Limited.

About Avicanna
Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of evidence-based cannabinoid-based products for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development that has led to the commercialization of more than thirty products across various market segments:
Medical Cannabis & Wellness Products: Marketed under the RHO Phyto™ brand these medical and wellness products are a line of proprietary cannabinoid products containing varying ratios of cannabinoids. The full formulary of products includes oral, sublingual, topical, and transdermal product formats with controlled dosing, enhanced absorption and supported by pre-clinical data. The formulary is marketed with, patient and medical-community education and training.
Pharmaceutical Pipeline: Leveraging Avicanna’s scientific platform, Avicanna has developed a pipeline of proprietary drug candidates that are aimed at specific medical indications and are in various stages of clinical development and commercialization. These cannabinoid-based drug candidates look to address unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders.

www.avicanna.com

For more information:
Avicanna: IR@avicanna.com
Loblaw: PR@loblaw.ca

Stay Connected

For more information about Avicanna, visit www.avicanna.com, contact Ivana Maric by email at info@avicanna.com or follow us on social media on LinkedIn , Twitter , Facebook or Instagram .
The Company posts updates through videos from the official Company YouTube channel.

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified using words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated March 31, 2022, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Avicanna Announces Closing of Non-Brokered Private Placement

Avicanna Announces Closing of Non-Brokered Private Placement

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 21, 2023 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a commercial stage, international biopharmaceutical company focused on the development advancement, and commercialization of evidence-based, cannabinoid-based products, is pleased to announce that it has closed a non-brokered private placement offering of 3,096,230 ‎‎units of the Company (the “Units”) at a price of $0.40 per Unit for aggregate gross proceeds of approximately $1.24 million (the “Offering”). Each Unit is comprised of one common share in the capital of the Company (each, a “Unit Share”) and one-half of one (0.5) common share purchase warrant of the Company (each whole warrant, a “Warrant”); and, each Warrant shall entitle the holder thereof to acquire one (1) common share in the capital of the Company at an exercise price of $0.50 per share, subject to adjustment in certain events, until March 20, 2026.

The Company has paid an aggregate total of approximately $7,500 in cash finders’ fees and issued an aggregate total of 18,750 finder’s warrants (each a “Finder Warrants”) in connection with the Offering to certain finders in connection with subscriptions for Units made by purchasers introduced to the Company by such finders. Each Finder Warrant entitles the holder thereof to acquire one common share in the capital of the Company at an exercise price of $0.41 per share, subject to adjustment in certain events, until March 20, 2026.

The Company intends to use the proceeds from the Offering for general working capital purposes, general and administrative expenses, expenditures related to production and manufacturing, and research and clinical development.

The Unit Shares and Warrants, and any securities issuable upon conversion or exercise thereof, are subject to a four-month hold period under applicable ‎securities laws in Canada. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

About Avicanna Inc.

Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of evidence-based cannabinoid-based products for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development that has led to the commercialization of more than thirty products across various market segments:

Medical Cannabis & Wellness Products: Marketed under the RHO Phyto™ brand these medical and wellness products are a line of pharmaceutical-grade cannabinoid products containing varying ratios of cannabidiol (“CBD”) and tetrahydrocannabinol (“THC”). The product portfolio contains a full formulary of products including oral, sublingual, topical, and transdermal deliveries that have controlled dosing, enhanced absorption and stability studies supported by pre-clinical data. The formulary is marketed with consumer, patient and medical-community education and training.

Pharmaceutical Pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has created a pipeline of patent-pending drug candidates that are indication-specific and in various stages of clinical development and commercialization. These cannabinoid-based drug candidates look to address unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders. Avicanna’s first pharmaceutical preparation (Trunerox™) is in the drug registration stage in South America.

Click to watch Avicanna’s Corporate Video 2022

SOURCE Avicanna Inc.

Stay Connected

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

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

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

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Forward-looking information contained in this news release includes, without limitation, statements related to the Offering, the use of proceeds of the Offering, the receipt of all approvals of the Toronto Stock Exchange in connection with the Offering, statements with respect to the Company’s future business operations, the opinions or beliefs of management and future business goals. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated March 31, 2022 and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Avicanna Expands its Partnership with Viola Brands to the United Kingdom

Avicanna Expands its Partnership with Viola Brands to the United Kingdom
The initial line of Viola-branded products will include proprietary formulations in vaporizer formats for patients with medical authorizations through the Special Access Program. 
 
The prescription products will be commercialized in partnership with IPS Pharma, an established company with more than 20 years of experience with unlicensed medicines.   

TORONTO, February 7, 2023 (GLOBE NEWSWIRE) – Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products is pleased to announce that it has entered into a new sub-license agreement with VB Brands California LLC (“Viola Brands”) and Player Holdings LLC to exclusively commercialize its Viola-branded products in the United Kingdom territory (“UK”) where the company has entered into a sub-licensing agreement with Vertical Pharma Resources Limited T/A IPS Pharma (“IPS Pharma”) for the manufacturing and distribution of the products.

Expanding from the initial partnership in Canada where Avicanna successfully launched 9 SKUs of Viola-branded products across medical and adult use channels the two companies have opened a new territory with their expansion into the UK. Starting late Q1 2023, Viola’s purpose-driven vision, rooted in social equity and social justice will be available to patients in the UK through the exclusive licensing agreement.

To facilitate the expansion, Avicanna has entered a sub-licensing agreement with IPS Pharma, a local pharmaceutical distribution company with more than 20 years of experience with unlicensed medicines to support the launch of the product offerings. The initial products will be manufactured in the UK under GMP guidelines and distributed through IPS’ Pharma’s existing network of pharmacies via medical prescription under the Special Access Program.

The initial products offered in the UK will include proprietary formulations of vaporizers in THC-dominant and balanced CBD:THC ratios and will be supported by medical education and training.

“We are thrilled to be extending our partnership with Al Harrington and the Viola team and expanding our high-quality products to patients in an exciting new international market. We are also looking forward to building new relationships and potential collaborations with the medical community in the United Kingdom as we have in other markets.” Stated Aras Azadian

Al Harrington, NBA veteran, Founder & CEO of Viola Brands commented “I was inspired to start Viola when I saw how cannabis was able to heal my grandmother. Since then, our mission has been to help and empower as many people as possible and I’m so proud we’re now able to share our products with patients in the UK, with the help of our partners at Avicanna.”

The UK government legalized the use of cannabis in 2018, after the cases of two epileptic children benefited from using cannabis brought increased public attention to the issue. Medical cannabis can be prescribed by specialists as unlicensed medicines in the UK called CBPM (cannabis-based product for medicinal use).

The CBPM definition is necessarily broad to take account of the range of preparations which are cannabis-based that have been used for therapeutic purposes and to ensure that raw products/ingredients and intermediate products are captured. This is essential to ensure that where there is a clinical need, a patient will be able to access appropriate cannabis-based medicines and/or products can be made to meet any prescription.[1]

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

About Avicanna Inc.

Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of evidence-based cannabinoid-based products for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development that has led to the commercialization of more than thirty products across various market segments:

Medical Cannabis & Wellness Products: Marketed under the RHO Phyto™ brand these medical and wellness products are a line of pharmaceutical-grade cannabinoid products containing varying ratios of cannabidiol (“CBD”) and tetrahydrocannabinol (“THC”). The product portfolio contains a full formulary of products including oral, sublingual, topical, and transdermal deliveries that have controlled dosing, enhanced absorption and stability studies supported by pre-clinical data. The formulary is marketed with consumer, patient and medical-community education and training.

Pharmaceutical Pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has created a pipeline of patent-pending drug candidates that are indication-specific and in various stages of clinical development and commercialization. These cannabinoid-based drug candidates look to address unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders. Avicanna’s first pharmaceutical preparation (Trunerox™) is in the drug registration stage in South America.

Click to watch Avicanna’s Corporate Video 2022

SOURCE Avicanna Inc.

About IPS Pharma

IPS Pharma is an independent pharmaceutical services company operating in three main areas in the UK: Unlicensed medicines (Unlicensed Imports and Specials), Clinical Trials and Special Obtains. With more than 20 years in the market IPS has become a leading pharmaceutical manufacturer in the UK with the capability to deliver over 20,000 formulations for unlicensed medicines as well as Investigational Medical product (IMP) and comparators for clinical trials. IPS is audited and licensed by the Medicines and Healthcare products Regulatory Agency (MHRA) and is also a member of the Association of Pharmaceuticals Unlicensed medicines Manufacturers (APSM).

In addition, IPS Pharma has been one of the first companies to offer medical cannabis to patients in the UK and has earned a leading position in the growing medical cannabis market in the United Kingdom.

About Viola

Founded in 2011 by NBA veteran Al Harrington, Viola is one of the nation’s leading producers and licensed wholesalers of premium quality cannabis products. The brand is named after and inspired by Al’s grandmother who suffers from glaucoma and diabetes, finding solace in cannabis remedies. Viola has integrated the latest cutting-edge technology with its own proprietary procedures designed for every stage of the cultivation, extraction and production process. The company is known for its wide variety of product offerings, from high-quality flower to premier butane extracts and operates in California, Colorado, Michigan, Oregon, and Oklahoma.

Through education, equitable offerings, expungement, and incubation programs, Viola’s mission is to increase minority representation, facilitate community building and provide greater employment opportunities to Black and other minority communities in cannabis. Viola intends to expand the reach of Viola into Canada with educational initiatives to increase the awareness of safe cannabis use.

Stay Connected

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

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

 

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified using words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions.. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated March 31, 2022 filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

[1] https://www.england.nhs.uk/medicines-2/support-for-prescribers/cannabis-based-products-for-medicinal-use/cannabis-based-products-for-medicinal-use-frequently-asked-questions/#what-is-a-cannabis-based-product-for-medicinal-use-cbpm

Avicanna Subsidiary Santa Marta Golden Hemp S.A.S. Completes First Commercial Export of feminized Cannabis Seeds from Colombia to Spain

Avicanna Subsidiary Santa Marta Golden Hemp S.A.S. Completes First Commercial Export of feminized Cannabis Seeds from Colombia to Spain

TORONTO, Jan. 17, 2023 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products is pleased to announce that, through its majority-owned Colombian subsidiary, Santa Marta Golden Hemp S.A.S. (“SMGH”), it has completed its first commercial export of feminized cannabis seeds to Spain.

 

The characterization and production of these seeds were completed through Avicanna’s vertical integration infrastructure at SMGH. The seeds are a part of the Aureus portfolio of products which also includes proprietary genetics in the form of feminized seeds, cannabinoid extracts and purified compounds including CBD, CBG and THC. They are derived from hemp and cannabis cultivars and produced at the company’s industrial scale, sustainable and economical operations based in Santa Marta, Colombia.

Lucas Nosiglia, President of Avicanna LATAM, commented: “We are happy to announce this additional strategic milestone to meet regulatory and quality standards of the Spanish authorities with the commercial export of our federally registered and standardized genetics. This marks the 19th country that our products have been exported to and we continue see the continued demand for our genetics program across international markets. We look forward to expanding our genetic business unit in Spain and the rest of the European Union where demand for standardized genetics is growing with the emergence of the cannabis industry.

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

About Aureus

Avicanna’s supply chain business unit is based in Santa Marta, Colombia and provides a consistent source of cannabinoid raw materials for the global marketplace. These include active pharmaceutical ingredients and feminized seeds, for Avicanna’s cosmetic, medical, and pharmaceutical products, in addition to supplying the company’s partners around the world.

Aureus-branded products are cultivated, extracted, and manufactured by Avicanna’s subsidiaries in Colombia where they leverage optimal environmental conditions to produce cannabinoid active pharmaceutical ingredients economically and sustainably and include a range of extracts of CBD, THC and rare cannabinoids such as CBG.

About Avicanna Inc.

Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of evidence-based cannabinoid-based products for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development that has led to the commercialization of more than thirty products across various market segments:

Medical Cannabis & Wellness Products: Marketed under the RHO Phyto™ brand these medical and wellness products are a line of pharmaceutical-grade cannabinoid products containing varying ratios of cannabidiol (“CBD”) and tetrahydrocannabinol (“THC”). The product portfolio contains a full formulary of products including oral, sublingual, topical, and transdermal deliveries that have controlled dosing, enhanced absorption and stability studies supported by pre-clinical data. The formulary is marketed with consumer, patient and medical-community education and training.

Pharmaceutical Pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has created a pipeline of patent-pending drug candidates that are indication-specific and in various stages of clinical development and commercialization. These cannabinoid-based drug candidates look to address unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders. Avicanna’s first pharmaceutical preparation (Trunerox™) is in the drug registration stage in South America.

Click to watch Avicanna’s Corporate Video 2022

SOURCE Avicanna Inc.

Stay Connected

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

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

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified using words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions.. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated March 31, 2022 filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/58493dca-dcfb-4d8e-99f4-c3430a1a2ff9

Avicanna Announces Promotion of Phillip Cardella to Chief Financial Officer and Closing of Non-Brokered Private Placement

Avicanna Announces Promotion of Phillip Cardella to Chief Financial Officer and Closing of Non-Brokered Private Placement

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

TORONTO, Dec. 21, 2022 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a commercial-stage, international biopharmaceutical company focused on the development, advancement, and commercialization of evidence-based, cannabinoid-based products, today announced the promotion of Phillip Cardella to Chief Financial Officer (CFO) effective immediately. Mr. Cardella has served as the Company’s interim CFO since May 2022. Previously, Mr. Cardella held the position of Senior Vice President of Finance at the Company, and prior to joining the Company practiced accounting with MNP LLP.

The Company is also pleased to announce that it has closed a non-brokered private placement offering of 5,054,562 ‎‎units of the Company (the “Units”) at a price of $0.35 per Unit for aggregate gross proceeds of approximately $1.769 million (the “Offering”). Each Unit is comprised of one common share in the capital of the Company (each, a “Unit Share”) and one-half of one (0.5) common share purchase warrant of the Company (each whole warrant, a “Warrant”); and, each Warrant shall entitle the holder thereof to acquire one (1) common share in the capital of the Company at an exercise price of $0.40 per share, subject to adjustment in certain events, until December 21, 2025.

The Company has paid an aggregate total of approximately $5,499.90 in cash finders’ fees in connection with the Offering to certain finders in connection with subscriptions for Units made by purchasers introduced to the Company by such finders.

The Company intends to use the proceeds from the Offering for general working capital purposes, general and administrative expenses, expenditures related to production and manufacturing, and research and clinical development.

The Unit Shares and Warrants, and any securities issuable upon conversion or exercise thereof, are subject to a four-month hold period under applicable ‎securities laws in Canada. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

About Avicanna Inc.

Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of evidence-based cannabinoid-based products for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development that has led to the commercialization of more than thirty products across various market segments:

Medical Cannabis & Wellness Products: Marketed under the RHO Phyto™ brand these medical and wellness products are a line of pharmaceutical-grade cannabinoid products containing varying ratios of cannabidiol (“CBD”) and tetrahydrocannabinol (“THC”). The product portfolio contains a full formulary of products including oral, sublingual, topical, and transdermal deliveries that have controlled dosing, enhanced absorption and stability studies supported by pre-clinical data. The formulary is marketed with consumer, patient and medical-community education and training.

Pharmaceutical Pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has created a pipeline of patent-pending drug candidates that are indication-specific and in various stages of clinical development and commercialization. These cannabinoid-based drug candidates look to address unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders. Avicanna’s first pharmaceutical preparation (Trunerox™) is in the drug registration stage in South America.

Click to watch Avicanna’s Corporate Video 2022

SOURCE Avicanna Inc.

Stay Connected

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

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

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

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Forward-looking information contained in this news release includes, without limitation, statements related to the Offering, the use of the proceeds of the Offering, the receipt of all approvals of the Toronto Stock Exchange in connection with the Offering, statements with respect to the Company’s future business operations, the opinions or beliefs of management and future business goals. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated March 31, 2022 and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Avicanna and Santé Cannabis Initiate Real-World Evidence Study on Musculoskeletal Pain and Inflammation with the RHO PhytoTM CBG Transdermal Gel Topical Product

Avicanna and Santé Cannabis Initiate Real-World Evidence Study on Musculoskeletal Pain and Inflammation with the RHO PhytoTM CBG Transdermal Gel Topical Product

The real-world evidence study will be conducted in Montreal, Quebec, with Santé Cannabis and will evaluate the efficacy of the product on patients with musculoskeletal pain and inflammation.

TORONTO, December 14, 2022 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a commercial stage, international biopharmaceutical company focused on the commercialization of evidence-based, cannabinoid-based products, is pleased to announce that it will be initiating an observational real-world evidence (“RWE”) study using RHO Phyto branded Cannabigerol (“CBG”) transdermal gel on patients with musculoskeletal pain and inflammation together with Santé Cannabis, a clinical research site (“CRS”) and contract research organization (“CRO”).

Observational Real-World Evidence Study

The research study will seek to enroll 100 patients and evaluate patient-reported efficacy of the RHO Phyto CBG Transdermal Gel containing 2% Cannabidiol (“CBD”) and 1% CBG on arthritis including osteoarthritis, rheumatoid arthritis, fibromyalgia, muscle and/or joint pain, localized pain, post-surgical pain, muscular and/or structural injuries. The participants, as identified by the healthcare provider will take part in a 3-month study including clinical visits at baseline and 3-month follow-up assessment. In addition to demographic, medical history, medication use and overall symptom assessment questionnaires, the patients will complete the Musculoskeletal Health Questionnaire, a validated measure of symptoms and quality of life.

The study will be conducted by Santé Cannabis, an independent medical cannabis clinic and research services provider. Santé Cannabis has developed a data collection platform and centred model in executing upon its role as a CRS and CRO. The prospective study is expected to launch in early Q1 2023.

‘’The exploration of novel topical formulations is very exciting to our clinical team as products may provide patients with localized pain relief while avoiding systemic effects and side effects all together’’ states Dr. Michael Dworkind, Medical Director of Santé Cannabis and Associate Professor of McGill University. “We are so pleased to work with Avicanna to assess the effectiveness of their RHO Phyto CBG Transdermal Gel, to shed light on the very understudied field of cannabinoid-based topical products.”

Dr. Karolina Urban, Vice President of Scientific and Medical Affairs stated: “We are happy to partner with Santé Cannabis, which has built a comprehensive registry database for conducting real-world evidence studies. With the initiation of the study, we will further demonstrate our ongoing dedication to researching, developing, and making available evidence-based products to patients and the medical community.”

RHO Phyto Transdermal CBG Gel

The CBG Transdermal Gel is a part of Avicanna’s RHO Phyto formulary of medical products which includes proprietary oral, sublingual, and topical products containing a range of cannabinoids. The gel includes a combination of CBG and CBD in a fast-absorbing, water-based gel intended for application locally to area of focus. The gel utilizes Avicanna’s deep tissue emulsion technology and combines cannabinoids with synergistic natural ingredients and terpenes including menthol, eugenol and beta-caryophyllene.

ABOUT SANTÉ CANNABIS

SANTÉ CANNABIS IS CANADA’S MEDICAL CANNABIS CENTRE OF EXCELLENCE:

An independent medical cannabis clinic and clinical practice leader driving research services and healthcare professional training to improve practical knowledge of cannabis-based medicines. Established in 2014, Santé Cannabis has defined medical cannabis patient care and clinical data collection in Canada within a multidisciplinary, patient-centred model of care.

The team of physicians and nurses at Santé Cannabis has supported more than 16,000 patients referred by 6,000 unique physicians across the province of Quebec, providing an innovative, integrated, community-based consult service for cannabis-based medicines.

Recognized internationally as being at the forefront of medical cannabis, Santé Cannabis aims to share the expertise of its team of innovators, healthcare professionals, researchers and support personnel through collaborative networks to support clinic development and clinical research services from strategy and product development consultation to clinical trial recruitment and real-world data processes.

ABOUT AVICANNA INC.

Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of evidence-based cannabinoid-based products for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development that has led to the commercialization of more than thirty products across various market segments:

Medical Cannabis & Wellness Products: Marketed under the RHO Phyto™ brand these medical and wellness products are a line of pharmaceutical-grade cannabinoid products containing varying ratios of cannabidiol (“CBD”) and tetrahydrocannabinol (“THC”). The product portfolio contains a full formulary of products including oral, sublingual, topical, and transdermal deliveries that have controlled dosing, enhanced absorption and stability studies supported by pre-clinical data. The formulary is marketed with consumer, patient and medical-community education and training.

Pharmaceutical Pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has created a pipeline of patent-pending drug candidates that are indication-specific and in various stages of clinical development and commercialization. These cannabinoid-based drug candidates look to address unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders. Avicanna’s first pharmaceutical preparation (Trunerox™) is in the drug registration stage in South America.

Click to watch Avicanna’s Corporate Video 2022

SOURCE Avicanna Inc.

Stay Connected

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

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

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Forward-looking information contained in this news release includes, without limitation, statements related to the Offering, the use of the proceeds of the Offering, the receipt of all approvals of the Toronto Stock Exchange in connection with the Offering, statements with respect to the Company’s future business operations, potential collaborations, the opinions or beliefs of management and future business goals. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated March 31, 2022, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.