Avicanna Announces Completion of Topical Gel Observational Real-World Evidence Study

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

Avicanna Announces Completion of Topical Gel Observational Real-World Evidence Study 
The study results revealed improvements in symptoms and quality of life in patients with musculoskeletal pain and inflammation.

TORONTO, April 10, 2024 (GLOBE NEWSWIRE) – Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products is pleased to announce the completion of its observational real-world evidence (“RWE”) study using RHO Phyto branded cannabigerol (“CBG”) transdermal gel on patients with musculoskeletal pain and inflammation.

The RWE study evaluated patient-reported efficacy of the RHO Phyto CBG Transdermal Gel containing 2% cannabidiol (“CBD”) and 1% CBG on a range of clinical conditions including arthritis, osteoarthritis, rheumatoid arthritis, fibromyalgia, muscle and joint pain, localized pain, muscular and structural injuries, and post-surgical pain. Seventy-one participants completed baseline testing and a follow up at 1-month including demographic, medical history, medication use and two standardized symptom questionnaires.

The RWE study revealed a meaningful improvement in overall Musculoskeletal Health Questionnaire scores (p<0.001) as compared from baseline to one month. Specifically, there was a reported 35.4% improvement in health-related domains including symptoms, physical functioning, daily activities and work, physical well-being, and confidence to manage symptoms. In addition, evaluation of the Edmonton Symptom Assessment System questionnaire also revealed an improvement in pain, sleep, anxiety, and well-being symptoms from baseline to one month (p<0.001).

“The preliminary result of this study is in line with the reported results of our products with Canadian patients providing valuable insight for our next stages of clinical development. In parallel, this will propel our efforts under medical cannabis or cosmetic legislation internationally.” stated Dr. Karolina Urban, Executive Vice President Medical Affairs.

The RWE study participants with an average age of 58 ± 15 (64% women) all presented with symptoms of chronic pain. According to ICD-10 diagnosis classification, 21.1% of participants had a diagnosis related to arthritis (polyarthritis, osteoarthritis, etc.), 17.5% of participants with a diagnosis of dorsalgia, 12.3% with fibromyalgia, and 8% with chronic intractable pain. Prior to initiation of the study, study participants reported they were taking an average of ten medications including NSAIDs, opioids, antidepressants, or skeletal muscle relaxants. Each RWE study participant was assigned a common treatment plan of a combination of a CBD oil (83.3%) or balance oil (16.7%) with the RHO Phyto CBG Transdermal Gel.

About the 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 Avicanna Inc. 

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

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

SOURCE Avicanna Inc. 

Stay Connected 

For more information about Avicanna, visit 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 Company YouTube channel. 

Cautionary Note Regarding Forward-Looking Information and Statements 

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

Avicanna Reports Full Year 2023 Audited Financial Results

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

Avicanna Reports Full Year 2023 Audited Financial Results 
$16.8M in Revenue, representing an increase of 314% from 2022
$6.7M Consolidated gross Profit, representing an increase of 500% from 2022

TORONTO, April 02, 2024 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products is pleased to announce year end 2023 results and audited financial statements.

2023 FINANCIAL HIGHLIGHTS

  • Revenue growth of 314%, from $4 million in 2022 to $16.8 million in 2023, largely driven by the acquisition of Medical Cannabis by Shoppers from Shoppers Drug Mart and the launch of MyMedi.ca.
  • Substantial revenue growth was achieved with a 19% increase in operational expenses.
  • North American gross margins improvement of 28%, to reach 45%, when compared to 2022.
  • Consolidated gross profits increased by 500%, from $1.1 million in 2022 to $6.7 million in 2023,
  • Adjusted EBITDA loss of $4.2 million, a 49% improvement from a loss of $8.3 million in 2022.
  • Cash used in operations of $1.38 million; an 81% reduction compared to $7.4 million in 2022.

“2023 was a tremendous year for Avicanna where we solidified of our leadership position in the Canadian medical cannabis sector through our proprietary products and the launch of MyMedi.ca. We have successfully demonstrated the scalability of our revenues and made significant improvements in our fundamentals while advancing all our business pillars. Additionally, we demonstrated consistent progress on our R&D and pharmaceutical initiatives, which as a result rewarded us with significant new opportunities including the approval of our first indication specific drug in early 2024” stated Aras Azadian, CEO at Avicanna.

Additional Highlights:

Acquisition of Medical Cannabis by Shoppers (“Business”): On July 31, 2023, Avicanna acquired specific assets of the Business from Shoppers Drug Mart, Canada’s largest retail pharmacy chain, including inventory and equipment, for approximately $2.6 million and an earnout, based on net revenues, for a period of two years. First launched in Ontario in January 2019, the Business provided patients access to medical cannabis products from more than 30 cannabis brands. Over the past four years, the Business supported tens of thousands of patients and worked with patient groups to facilitate access to medical cannabis.

Over 96% of active patients from Medical Cannabis by Shoppers transitioned to MyMedi.ca. The Company developed infrastructure to offer insurance reimbursement services for patients through several private insurance providers and public institutions, including 8 provincial worker safety boards – these account for over 65% of the platform’s revenue combined.

Canadian commercial advancements: The Company introduced new proprietary formulations resulting in a 51% year over year increase in the number of finished products sold during 2023. the Company closed the year with 27 commercially active SKUs in Canada, across 133 total commercial listings, an increase of 131% from the year-ended in 2022. Commercial listings were concentrated primarily in the medical channels where the Company had 81 listings across 7 different medical platforms including MyMedi.ca. Expansion onto new medical platforms including Spectrum Therapeutics and Canna Farms substantially improved access to the Company’s own proprietary medical products for patients across Canada.

POST YEAR-END HIGHLIGHTS

Avicanna obtained its first indication-specific drug registration with Trunerox™. Trunerox™ was approved in Colombia by the Colombian National Institute of Drug and Food Surveillance (El Instituto Nacional de Vigilancia de Medicamentos y Alimentos – “INVIMA”) as a drug for the treatment for severe seizures related to Lennox-Gastaut Syndrome (“LGS”) and Dravet Syndrome (“DS”). The approval allows Avicanna to manufacture and commercialize Trunerox™ in Colombia for the approved indications which are two rare epileptic disorders classified as epileptic encephalopathies. Trunerox™ is Avicanna’s proprietary oral formulation with 10% cannabidiol (“CBD”) and is manufactured with under Good Manufacturing Practices (“GMP”) utilizing CBD manufactured at Santa Marta Golden Hemp S.A.S. (“SMGH”). Trunerox™ has not been approved as a drug in Canada by Health Canada.

Avicanna announced a supply and licensing agreement with a multi-national pharmaceutical company. The exclusive supply agreement is for two of Avicanna’s proprietary topical products including the Ultra CBD Cream, which is a 3% CBD localized cream developed for dermatology conditions and the CBG Transdermal Gel which is a 2% CBD and 0.5% Cannabigerol (“CBG”) gel targeting local inflammatory and pain conditions. The exclusive supply agreement for the European region is expected to launch these products in 6 European countries during 2024.

Avicanna announced a new research collaboration with a multi-national European-based pharmaceutical company. The research collaboration is to initially assess the Company’s proprietary SEDDS technology in combination with the multi-national European-based pharmaceutical company’s various drug delivery and pharmaceutical formats. The collaboration will gain a better understanding of proprietary dosage forms with precisely standardized delivery and enhanced bioavailability of cannabinoids.

Avicanna and Ease Labs Pharma granted commercialization approval for a pharmaceutical preparation in Brazil. The first pharmaceutical preparations containing tetrahydrocannabinol (“THC”) produced in Brazil were approved by the Brazilian Health Regulatory Agency (“ANVISA”), under the RDC 327 regulation and GMP-certified manufacturing standards in Brazil. The full spectrum active pharmaceutical ingredients (“API”) are to be supplied by SMGH, under a multi-year Active Pharmaceutical Ingredients (“API”) supply agreement entered in 2021. Ease Labs is expected to make the product available in pharmacies with a medical prescription by the end of June 2024.

The Company will host an earnings call at 8:30 am ET on April 2, 2024. Interested parties may join the earnings call by logging onto the following link: https://www.bigmarker.com/avicanna/Avicanna-2023-Year-End-Earnings-Call.

About Avicanna Inc.

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

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

 

SOURCE Avicanna Inc.

Stay Connected

For more information about Avicanna, visit 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 Company YouTube channel.

Cautionary Note Regarding Forward-Looking Information and Statements

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

Avicanna Announces the Canadian Launch of 10% CBD (THC Free) Proprietary Formulation

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

The 10% CBD (THC free) proprietary oral formulation branded as RHO Phyto Micro Drop 100 in Canada

RHO Phyto Micro Drop 100 is available exclusively at MyMedi.ca.

TORONTO, March 27, 2024 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products is pleased to announce the launch of RHO Phyto Micro Drop 100, a 10% CBD (THC free), proprietary oral formulation in Canada. RHO Phyto Micro Drop 100, is designed to deliver enhanced absorption of cannabinoids through an inverted emulsion technology. RHO Phyto Micro Drop 100 will be available to Canadian patients with medical authorization exclusively at the MyMedi.ca medical cannabis care platform.

RHO Phyto Micro Drop 100 contains the same proprietary oral formulation as the product Trunerox™. Trunerox™ received drug approval in Colombia, earlier this year in February 2024, from the Colombian National Institute of Drug and Food Surveillance (El Instituto Nacional de Vigilancia de Medicamentos y Alimentos – INVIMA). Trunerox™ is approved by INVIMA in Colombia as a drug for the treatment for severe seizures related to Lennox-Gastaut Syndrome and Dravet Syndrome. Trunerox™ has not been approved as a drug in Canada by Health Canada.

The Company continues to support the advancement of research and development of plant-derived cannabinoid based products and continues to support the advancement of various scientific-medical initiatives. The Company will be hosting its 4th Medical Symposium on cannabinoid-based medicine in the Canadian Healthcare System on May 13, 2024 for health care practitioners, scientists, researchers, and the medical community.

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 approved in Colombia and is in registration stage in other South American markets.
  • MyMedi.ca Medical Cannabis Care: MyMedi.ca is a medical cannabis care platform formed with the aim to better serve medical cannabis patients’ needs and enhance the patient journey. MyMedi.ca is operated by Northern Green Canada Inc., and features a diverse portfolio of products and pharmacist-led patient support programs. MyMedi.ca also provides specialty services to distinct patient groups such as veterans and collaborates with public and private providers for adjudication and reimbursement. MyMedi.ca provides educational resources to facilitate the incorporation of medical cannabis into health care regimens.

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 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, 2023 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 To Hold Full Year 2023 Earnings Conference Call

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

TORONTO, March 26, 2024 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products, invites interested parties to participate in a conference call with Aras Azadian, Chief Executive Officer, and also Phil Cardella, Chief Financial Officer where Mr. Azadian and Mr. Cardella will discuss the Company’s Full Year 2023 financial results.

The Company will file Full Year 2023 financial results after the close of market on April 1, 2024 and will host an earnings call at 8:30 am ET on April 2, 2024. Interested parties may join the earnings call by logging onto the following link: https://www.bigmarker.com/avicanna/Avicanna-2023-Year-End-Earnings-Call.

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: MyMedi.ca is a medical cannabis care platform formed with the aim to better serve medical cannabis patients’ needs and enhance the patient journey. MyMedi.ca is operated by Northern Green Canada Inc and features a diverse portfolio of products and pharmacist-led patient support programs. MyMedi.ca also provides specialty services to distinct patient groups such as veterans and collaborates with public and private providers for adjudication and reimbursement. MyMedi.ca provides educational resources to facilitate the incorporation of medical cannabis into health care regimens.  

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 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, 2023 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 Hosts Symposium on Cannabinoid-based Medicine

Shoppers Drug Mart partners with Avicanna to transition Medical Cannabis by Shoppers
Symposium seeks to bring Key Opinion Leaders and health care providers to explore cannabinoid-based R&D, medicine, and clinical adoption from the MaRS Discovery District, Toronto

TORONTO, February 29, 2024 (GLOBE NEWSWIRE) – Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products is pleased to announce that the Company will host a medical symposium entitled “Cannabinoid-based Medicine in the Canadian Healthcare System – From Emerging Evidence to Clinical Practice” at the MaRS Discovery District, Toronto, Monday, May 13, 2024.

The symposium, with registration limited to health care practitioners and researchers, will cover a range of topics including emerging evidence and practical clinical applications of cannabinoid-based medicine The event will feature key opinion leaders, clinicians, researchers, and scientists from various academic, research and clinical organizations and hospitals and industry. Speakers include:

Dr. Camila Sofia Arriagada Egnen                                                       Dr. Karolina Urban

SickKids, The Hospital for Sick Children                                              Avicanna Inc.

Dr. Alan Bell                                                                                             Samantha Aitken, RPh

University of Toronto                                                                                MyMedi.ca

Dr. Hance Clarke                                                                                     Aras Azadian

Toronto General Hospital                                                                        Avicanna Inc.

University Health Network

Dr. Carlo DeAngelis                                                                               Andrew Bevan

Sunnybrook Health Sciences Centre                                                    Spectrum Therapeutics

 Dr. Tania Di Renna                                                                                 Erin Prosk

Womens’ College Hospital                                                                      Sante Cannabis

Dr. Julia Hoeng                                                                                        Keith Stratchan

Vectura Fertin Pharma                                                                            MediPharm Labs Corp.

Dr. Evan Lewis


Neurology Centre of Toronto

The event will also highlight necessary education and resources for Health Care Providers seeking to implement medical cannabis as a potential treatment option including the Company’s Avicenna Academy. Avicanna’s team will also be presenting advancements in cannabinoid-based research including the Company’s recently completed research studies in addition to introducing to the MyMedi.ca medical cannabis care platform.  

“We feel privileged to bring together clinicians and thought leaders with direct experience in prescribing cannabinoid-based medicine and medical cannabis to patients. Our aim is to increase discussion and further explore possibilities around cannabinoid-based medicine’s potential as a treatment option for HCPs” stated Dr. Karolina Urban, Executive Vice President of Medical Affairs at Avicanna. 

To register for the symposium: 

Health care practitioners and researchers, may apply for registration at: www.avicanna.com/symposium 

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: 

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 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, 2023 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 New Research Collaboration with a Multi-national European-based Pharmaceutical Company

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

Research will assess the combination of Avicanna’s proprietary SEDDS technology in various drug delivery systems and dosage forms

TORONTO, Feb. 15, 2024 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products is pleased to announce it has entered into a research collaboration with a multi-national European-based pharmaceutical company (“Collaborator”).

The research collaboration will initially assess the Company’s proprietary SEDDS technology in combination with Collaborator’s various drug delivery and pharmaceutical formats to gain a better understanding of proprietary dosage forms with precisely standardized delivery and enhanced bioavailability of cannabinoids. The research collaboration may subsequently assess the possibility of further preclinical research and clinical development. Under the research collaboration, Avicanna will also provide services for assessing a range of other formulations that may be included in Collaborator’s portfolio.

About the SEDDS Technology

Due to the highly lipophilic nature and poor water-solubility of cannabinoids, the formulations currently available in the Canadian market have been generally described as having poor absorption and high variability of onset. Avicanna’s proprietary SEDDS oral delivery systems offer an effective route for non-invasive and non-inhalation administration of cannabinoids1-4. With SEDDS drug delivery system it is expected that the daily intake and frequency of administration of cannabinoid-based medicine could be significantly reduced. Avicanna’s SEDDS technology has demonstrated robustness and versatility through different drug delivery formats including liquid infuser drops, already commercialized in Canada, solid capsule form in commercialization stage and powder form with tunable release which is dedicated for pharmaceutical dosage forms.

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: MyMedi.ca is a medical cannabis care platform formed with the aim to better serve medical cannabis patients’ needs and enhance the patient journey. MyMedi.ca is operated by Northern Green Canada Inc., and features a diverse portfolio of products and pharmacist-led patient support programs. MyMedi.ca also provides specialty services to distinct patient groups such as veterans and collaborates with public and private providers for adjudication and reimbursement. MyMedi.ca provides educational resources to facilitate the incorporation of medical cannabis into health care regimens.

References:

  1. Maji, et al., Solid self emulsifying drug delivery system: Superior mode for oral delivery of hydrophobic cargos. Journal of Controlled Release, 337, 2021;646-660.

  2. Salawi A. Self-emulsifying drug delivery systems: a novel approach to deliver drugs. Drug Deliv. 2022 Dec;29(1):1811-1823.

  3. Khaled, A.; Ayat, A. A.; Mahmoud, E.-B., Self-Emulsifying Drug Delivery Systems: Easy to Prepare Multifunctional Vectors for Efficient Oral Delivery. In Current and Future Aspects of Nanomedicine, Islam Ahmed Hamed, K., Ed. IntechOpen: Rijeka, 2019; p Ch. 4

  4. Pathak, Ashish Kumar et al. “Recent advances in self emulsifying drug delivery system – A review.” Drug Invention Today (2010): 123-129.

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 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, 2023 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 Obtains Its First Indication-Specific Drug Registration with Trunerox™

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

Approval issued by the Health Authority of Colombia INVIMA for Adjuvant treatment for seizures associated with Lennox-Gastaut Syndrome (LGS) and Dravet Syndrome (DS)

TORONTO, February 13th, 2024 (GLOBE NEWSWIRE) – Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products is pleased to announce the Company’s first indication-specific drug registration for TruneroxTM issued by INVIMA, the Health Authority of Colombia.

“The approval of our first pharmaceutical product is an exceptionally significant milestone and a major step towards our long-term vision as a biopharmaceutical company with the aim to serve patients with unmet medical needs. It is also rewarding to be able to deliver this medication for such a critical medical condition at an accessible price through our vertical.” stated Aras Azadian, CEO.

The Trunerox drug approval (Registro Sanitario como medicamento) was issued by INVIMA, after a detailed process of verification of all legal, technical, and pharmacological requirements were fulfilled in accordance with Decree 1782 of 2014 and other applicable regulations. The approval allows Avicanna to manufacture and commercialize Trunerox in Colombia with approved indications and claims associated to the treatment for seizures related to Lennox-Gastaut Syndrome (LGS) and Dravet Syndrome (DS).  Lennox-Gastaut Syndrome (LGS) and Dravet Syndrome (DS) are two of the various, rare epileptic disorders classified as epileptic encephalopathies.

Trunerox is Avicanna’s proprietary oral formulation with 10% cannabidiol (CBD) and is manufactured with good manufacturing practices GMP at Altea Farmacéutica in Bogota, Colombia utilizing CBD manufactured at the Avicanna’s majority-owned subsidiary Santa Marta Golden Hemp SAS.

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.

About MyMedi.ca

MyMedi.ca is a medical cannabis care platform formed with the aim to better serve medical cannabis patients’ needs and enhance the patient journey. MyMedi.ca is operated by Northern Green Canada Inc and features diverse portfolio of products and a pharmacist led patient support programs. MyMedi.ca also provides specialty services to distinct patient groups such as veterans and collaborating with public and private providers for adjudication and reimbursement and educational resources to facilitate the incorporation of medical cannabis into health care regimens. 

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 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, 2023 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 Supply and Licensing Agreement with Multinational Pharmaceutical Company

Shoppers Drug Mart partners with Avicanna to transition Medical Cannabis by Shoppers
Avicanna Announces Supply and Licensing Agreement with Multinational Pharmaceutical Company

Exclusive supply agreement for two of Avicanna’s proprietary topical products in the European region

Right of first refusal agreement for the Avicanna’s SEDDs capsules in the European region

TORONTO, Feb. 05, 2024 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products is pleased to announce an exclusive supply agreement for two of the Company’s proprietary topical products with a multinational pharmaceutical company (“Pharma”).

“We look forward to expanding our proprietary topical products into the European region and to be doing so through the utilization of our own international infrastructure for manufacturing. We are confident that through this strategic relationship and the Pharma’s established commercial infrastructure, we can facilitate the expansion of our proprietary products into several international markets,” stated Aras Azadian, CEO.

Pharma manufactures and markets a wide range of pharmaceuticals across 4 continents and has established commercial infrastructure in the European region that will be utilized for the initial launch of the selected products. Pharma has committed to launch the initial products in 6 European countries during 2024 with expectations of expanding throughout the region shortly after. Avicanna will be earning licensing fees associated to specific milestones and the parties have also agreed to specific minimum order quantities and efforts for Pharma to maintain the exclusivity.

The exclusive supply agreement is for the Company’s proprietary topical products that have been commercialized in the Canadian market under the RHO Phyto brand across several medical cannabis platforms including MyMedi.ca.

Products Selected:

  • The Ultra-CBD cream is a 3% CBD localized cream developed to target dermatology conditions. The cream is enrolled in previously announced observational real world evidence clinical trial with the Hospital for Sick Children related to Epidermolysis Bullosa.

  • The CBG Transdermal Gel is a 2% CBD and 0.5% CBG gel developed to target local inflammatory and pain conditions. The gel is enrolled in previously announced observational real world evidence clinical trial on musculoskeletal pain and inflammation.

The products have completed dossiers and will be registered and commercialized under applicable cosmetics legislation providing a route to market with the expected launch during the first half of 2024. The products will be manufactured using the Company’s Colombian operations while utilizing Avicanna’s own source of cannabinoids from majority owned subsidiary, Santa Marta Golden Hemp S.A.S.  

Additionally, the two companies have entered into a separate right of first refusal agreement related to the Company’s SEDDS technology capsules for the same region.

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.

About MyMedi.ca

MyMedi.ca is a medical cannabis care platform formed with the aim to better serve medical cannabis patients’ needs and enhance the patient journey. MyMedi.ca is operated by Northern Green Canada Inc., and features a diverse portfolio of products and pharmacist-led patient support programs. MyMedi.ca also provides specialty services to distinct patient groups such as veterans and collaborates with public and private providers for adjudication and reimbursement. MyMedi.ca provides educational resources to facilitate the incorporation of medical cannabis into health care regimens. 

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 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, 2023 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 Ease Labs Pharma Granted Commercialization Approval for Pharmaceutical Preparation in Brazil

Shoppers Drug Mart partners with Avicanna to transition Medical Cannabis by Shoppers
Avicanna and Ease Labs Pharma Granted Commercialization Approval for Pharmaceutical Preparation in Brazil

The first THC containing pharmaceutical preparations produced in Brazil approved by the Brazilian Health Regulatory Agency (Agencia Nacional de Vigilancia Sanitaria, “ANVISA”). 

TORONTO, January 30, 2024 (GLOBE NEWSWIRE) – Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products is pleased to announce ANVISA has granted commercialization approval of Ease Labs Pharma (“Ease Labs”) pharmaceutical preparation produced in Brazil containing Avicanna’s Aureus branded active pharmaceutical ingredient (“API”).

Ease Labs, a GMP-certified pharmaceutical company in Brazil, was granted approval from ANVISA to commercialize a pharmaceutical preparation product containing 2.5% of CBD and up-to 0.2% THC. This is the first product containing THC granted sanitary authorization under the RDC 327 and GMP certified manufacturing standards in Brazil. Ease Labs expects the product to be available in pharmacies with a medical prescription by March 2024.

“This is the first full spectrum product containing THC manufactured in Brazil approved by ANVISA under the RDC 327 regulations, which we believe will provide new treatment options to patients with different diseases. We are confident that the combination of local infrastructure and agreement with Avicanna will allow us to deliver these products into the market at a rapid rate and at accessible pricing for the patients. ” explains Gustavo Palhares, Ease Labs CEO and Co-Founder.

The full spectrum API is supplied by Avicanna’s majority owned subsidiary Santa Marta Golden Hemp SAS, under a multi-year API supply agreement entered in 2021.

“We are appreciative of the confidence and trust Ease Labs placed in us and the work done these past years which resulted in the achievement of this incredible milestone. We are happy to see the new treatment options will be made available to patients with greater accessibility and look forward to the continued relationship,” stated Aras Azadian, Avicanna CEO.

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 with GACP and USDA organic certifications. 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.
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:

• 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: MyMedi.ca is Avicanna’s medical cannabis care platform formed with the aim to better serve medical cannabis patients’ needs and enhance the patient journey. MyMedi.ca features 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 also provides specialty services to distinct patient groups such as veterans and collaborates with public and private providers for adjudication and reimbursement. 

• 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.

SOURCE Avicanna Inc.

About Ease labs.

Established in 2018, Ease Labs Group is a group of companies formed by Ease Labs Pharma focused on the development, production, and distribution of innovative natural solutions. Ease Labs Pharma is the first Brazilian pharmaceutical company that is fully verticalized, specializing in Cannabis products.

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 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, 2023, 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 because of new information, future events or results or otherwise, other than as required by applicable securities laws.

Avicanna Reports Q3 2023 Results

Shoppers Drug Mart partners with Avicanna to transition Medical Cannabis by Shoppers
Avicanna Reports Q3 2023 Results

Acquisition of Medical Cannabis by Shoppers assets leading to the launch of MyMedi.ca.

Record revenue of $6.27M, representing an increase of 90% over Q2, and 713% year-over-year.

Improvements in performance including 46% consolidated gross margins and adjusted EBITDA of ($400k) 

TORONTO, NOVEMBER 14, 2023 (GLOBE NEWSWIRE) – Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the commercialization of proprietary cannabinoid-based products and medical cannabis care platform is pleased to announce the results of Q3 2023.

“We had the boldness to take on the challenge of acquiring the Medical Cannabis by Shoppers business and executed on integrating it into the newly developed MyMedi.ca to with a goal of being able to offer a comprehensive medical cannabis care platform and improve access for Canadian patients. We have remained dedicated and focused on evidence based medical application of cannabinoids and during this quarter we have solidified our business model and our capability to scale the business” stated Aras Azadian, CEO of Avicanna Inc.

Financial highlights:

  • Record revenue of $6.27M, representing an increase of 90% over the previous quarter and 713% over the same period last year.
  • A 9-month revenue of $10.7M, representing a major milestone in the Company’s history a 269% growth from the same period last year.
  • Scalability of the business model was demonstrated with a comparable increase of 23% in SG&A for the nine-month period.
  • Best three-month financial performance in the Company’s history with an adjusted EBITDA loss of $473,000 or loss of $0.01 per share during the third quarter.
  • Improved consolidated gross margins of 47% through developments in operational efficiencies.

Phil Cardella, CFO added “We are extremely proud to have turned the corner and accomplished the major milestone of an eight-digit revenue figure for the first time in the Company’s history. The substantial increase in high margin revenue, coupled with improvements in our working capital, and balance sheet are a testament to the Company’s innovation and commercial platforms delivering a great portfolio of products and services. We look forward to our own going efforts towards sustainable growth, profitability, and self-reliance.”

Launch of MyMedi.ca medical cannabis care platform: Launch of MyMedi.ca saw over 96% of active patients from Medical Cannabis by Shoppers business transitioned to the Company’s new medical cannabis care platform and has since increased its new medical patient base by approximately 10%. The Company developed infrastructure to offer insurance reimbursement services for patients through several private insurance providers and public institutions including eight provincial worker safety boards which combined account for over 60% of the platform’s revenue.

The integration of MyMedi.ca’s platform and patient support programs, improved access and enhanced education have resulted an 40% increase of the Company’s product sales on the platform when compared to the previous quarter.

Canadian commercial advancements: The launch of new proprietary formulations totalling 27 commercially active SKUs in Canada across 131 listings in medical and adult use channel. Access to the Company’s proprietary medical products improved for patients with availability on new medical platforms such as Canna Farms and Spectrum Therapeutics.

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.
  • Medical Cannabis Care: 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 features 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 also provides 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 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, 2023 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.