Avicanna Announces Co-development of a Cannabinoid-based Formulation for Treatment of COVID-19 related Lung Inflammation with Support from the Mitacs Accelerate Program

Avicanna Announces Co-development of a Cannabinoid-based Formulation for Treatment of COVID-19 related Lung Inflammation with Support from the Mitacs Accelerate Program

Avicanna further expands its existing research collaboration with Dr. Christine Allen’s Research Group at the University of Toronto to include the development of a cannabinoid-based pharmaceutical for the treatment of COVID-19 induced lung inflammation

This project proposal has been peer-reviewed and has successfully obtained funding from the Mitacs research internship program

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Toronto, Ontario – June 23, 2020 – Avicanna Inc. (“Avicanna” or the “Company“) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products, announced today that the Company has expanded its research collaboration with Dr. Christine Allen’s Research Group (“CARG”) in the Leslie Dan Faculty of Pharmacy at the University of Toronto, to include the expedited development of a cannabinoid-based treatment for lung inflammation associated with COVID-19.

Dr. Christine Allen is a global leader in the research and development of pharmaceutical formulations with a proven track record of 100+ publications, patents, and awards. For the past three years, Avicanna and CARG have developed novel cannabinoid-based products, including Avicanna’s CBD-based derma-cosmetic product line Pura Earth™, the Company’s line of medical cannabis products Rho Phyto™, and Avicanna’s pharmaceutical product pipeline.

The combined expertise of Avicanna and CARG will fast-track the development of an advanced pharmaceutical formulation of cannabinoids and both its clinical development and route to market. The project aims to develop a formulation of cannabinoids that aid in the treatment of lung inflammation, in patients suffering from severe COVID-19.

Dr. Justin Grant, Avicanna’s Executive Vice President of Scientific Affairs, commented, “We are excited to expand our research collaboration with Dr Allen’s group at the University of Toronto with support from the Mitacs research internship program. This funding will allow us the necessary resources to complete preclinical studies of our most promising cannabinoid formulations. We feel this is a project that may provide a significant impact.”

Dr. Allen, Professor at the University of Toronto, commented, “I am very pleased to leverage our knowledge and expertise in cannabinoid research and drug formulation to mitigate the suffering of patients with severe COVID-19. This is another terrific example of our productive collaboration with Avicanna.”

About Mitacs

Mitacs is a not-for-profit organization that fosters growth and innovation in Canada by solving business challenges with research solutions from academic institutions. Mitacs is funded by the Government of Canada, the Government of Alberta, the Government of British Columbia, Research Manitoba, the Government of New Brunswick, the Government of Newfoundland and Labrador, the Government of Nova Scotia, the Government of Ontario, Innovation PEI, the Government of Quebec, and the Government of Saskatchewan.

About Avicanna Inc.

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

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

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

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

SOURCE Avicanna Inc.

Stay Connected

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

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the ability of Avicanna and CARG to fast-track the development of an advanced pharmaceutical formulation of cannabinoids as well as its clinical development and route to market, the ability of Avicanna and CARG to develop a formulation of cannabinoids to aid in the treatment of lung inflammation in patients suffering from severe COVID-19. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.

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

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

Avicanna to Host Virtual Symposium Titled “Medical Cannabis 2.0” on July 21st, 2020 in Partnership with Medical Cannabis By Shoppers™ in Anticipation of the Launch of its Rho Phyto™ Product Line

Avicanna to Host Virtual Symposium Titled “Medical Cannabis 2.0” on July 21st, 2020 in Partnership with Medical Cannabis By Shoppers™ in Anticipation of the Launch of its Rho Phyto™ Product Line

The symposium will present the evolution of medical cannabis including the Avicanna-led advancements in R&D for novel cannabinoid delivery forms and formulations in addition to enhanced access for patients by Medical Cannabis by Shoppers.

This year’s annual symposium coincides with the expected launch of Avicanna’s RHO Phyto advanced medical cannabis products and In the wake of COVID-19, a virtual format will be used that allows for a broader reach to global patients and the medical community.

Leading experts in R&D and clinical development will discuss the potential therapeutic benefits of medical cannabis to address the importance of working with healthcare practitioners for safe and effective dosing.

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TORONTO, June 22nd, 2020 /CNW/ – Avicanna Inc. (“Avicanna” or the “Company“) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products, is pleased to announce that on July 21st, 2020 it will be hosting a virtual symposium titled “Medical Cannabis 2.0” in partnership with Medical Cannabis by Shoppers. Patients and health care practitioners globally can join the virtual symposium to learn more about the potential advantages of medical cannabis and the advancement of product offerings including Avicanna’s RHO phyto product offerings and advanced cannabinoid research collaboration at the University of Toronto. In addition, experts will discuss the pharmacology, safety, and dosing guidelines of medical cannabis for therapeutic conditions.  This includes presentations on the, efficacy of cannabinoids for chronic pain, anxiety, depression, and other comorbidities as well as an overview of the patient pathway to Medical Cannabis by Shoppers.

“In this unprecedent time, where patients and practitioners have many questions and are seeking alternative and natural solutions, we are pleased to welcome you all to our virtual symposium on medical cannabis. My talk on Common Medical Comorbidities will discuss how medical cannabis can be used for the management of clinical conditions that have common associated comorbidities of anxiety, depression and appetite and sleep disorders. Alongside my colleagues and collaborators, we hope you will find value in all our presentations and that they will provide important information, as patients and health care practitioners seeking to learn more about medical cannabis.” – Dr. Amza Ali, Chief Medical Officer of Avicanna

Discussions will be led by clinicians and scientists from the Avicanna team as well as from prestigious Canadian academic and clinical research organizations including the University of Toronto and University Health Network’s Toronto General Hospital.

The agenda for the virtual symposium is as follows:

  • An Introduction to Cannabinoids and Their Pharmacology – Dr. Ruth Ross (Professor and Chair, Department of Pharmacology & Toxicology, Faculty of Medicine, University of Toronto, Senior Scientist, Campbell Family Mental Health Research Institute, CAMH)
  • Advanced Cannabinoid Research and drug development at the University of Toronto – Dr. Pauric Bannigan (Post-Doctoral Fellow from Dr Christine Allen’s laboratory at the Leslie Dan Faculty of Pharmacy, University of Toronto)
  • Medical Cannabis 2.0 and Avicanna’s RHO Phyto product offerings– Dr. Justin Grant (Executive Vice President of Scientific Affairs, Avicanna)
  • The Potential of Cannabinoids for Chronic Pain – Dr. Hance Clarke (Staff Anesthesiologist
    Director Pain Services, Director Good Hope Ehlers Danlos Clinic, Medical Director of The Pain Research Unit, Department of Anesthesia and Pain Management, Toronto General Hospital, University Health Network, Associate Professor, Department of Anesthesia, University of Toronto)
  • Anxiety, Depression and Other Comorbidities in Patients to be Treated with Cannabinoids: Implications for Optimal Care – Dr. Amza Ali (Chief Medical Officer, Avicanna)
  • An Introduction to Medical Cannabis by Shoppers Drug Mart – Neil D’Souza (Senior Manager, Operations, Medical Cannabis by Shoppers Drug Mart)
  • The Future of Medical Cannabis Panel Discussion– (Aras Azadian, CEO of Avicanna Inc. / Pat McCutcheon, CEO MediPharm Labs / Kaveh Kahen, CEO of Sigma Analytics)

To register for the virtual symposium please follow: www.avicanna.com/symposium

About Avicanna Inc.

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

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

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

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

Stay Connected

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

Cautionary Note Regarding Forward-Looking Information and Statements

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

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

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

SOURCE Avicanna Inc.

Avicanna Completes First Ever Export of Feminized Hemp Seeds For Cultivation Use to the United States and Closes the Initial Sale

Avicanna Completes First Ever Export of Feminized Hemp Seeds For Cultivation Use to the United States and Closes the Initial Sale

Seven million CBG dominant feminized seeds have been successfully exported to the US from Colombia and an additional seventy-five million seeds remain in inventory for sale to international markets.

The successful export marks the commencement of revenue generation from Avicanna’s seed business unit and another validation of it’s diversified income streams.

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

TORONTO, June 18, 2020 /CNW/ – Avicanna Inc. (“Avicanna” or the “Company“) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products, is pleased to announce that, through its cultivation subsidiary Santa Marta Golden Hemp S.A.S. (“SMGH“), it has pioneered the first ever export feminized of hemp seeds to the US and completed the first sale of seeds for net revenue of CAD$380,000.

The export is the first ever export of cannabis seeds from Colombia and was accomplished thanks to the support and coordination of the Colombian Institute of Agriculture (the “ICA“), and the Ministries of Agriculture and Justice for Colombia.

The seeds sold were produced from Avicanna’s CBG dominant cultivar registered by SMGH in Colombia. A total of seven million (7,000,000) seeds have been successfully imported into the US so far for sale. Initial sales have resulted in revenue of CAD$380,000, with more revenue expected to be generated from several pending transactions.

SMGH has current inventory of an additional seventy-five million (75,000,000) premium, stabilized and feminized seeds available for export and sale. Avicanna intends to leverage the expertise of its breeding and seed production division, branded as Avesta Genetica, to produce seeds for a global marketplace in which there is increasing demand at both a business-to-business and business-to-consumer level for hemp and cannabis seeds for growing. The Avesta Genetica program continues to evolve its already advanced catalogue with genetics expressing rare cannabinoids and advancing its commercial genetics expressing commercial cannabinoids such as CBD and THC.

Aras Azadian, CEO of Avicanna said: “We are proud to see another one of our business units mature into revenue generation as a part of our diversified income streams within the global marketplace. Since inception we have focused on the development and advancement of our intellectual property, which ranges from seeds to finished products, and are happy to see the industry continue to evolve to find utility for our IP.

About Avicanna Inc.

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

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

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

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

Stay Connected

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

Cautionary Note Regarding Forward-Looking Information and Statements

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

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

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

SOURCE Avicanna Inc.

Source

Avicanna Successfully Registers the First Group of its Pura Earth™ CBD-Based Derma-Cosmetic Product Line in the European Union in Preparation for its Commercialization

Avicanna Successfully Registers the First Group of its Pura Earth™ CBD-Based Derma-Cosmetic Product Line in the European Union in Preparation for its Commercialization

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The initial registration is the final step in authorization of the brand’s launch of the full suite of 9 products which will be permitted to be sold in the European Union and United Kingdom.

The registration marks Avicanna’s Pura Earth CBD products as the first registered CBD-based derma-cosmetic brand in the European Union backed with human clinical studies. 

TORONTO, June 9, 2020 /CNW/ – Avicanna Inc. (“Avicanna” or the “Company“) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of organic and sustainable plant-derived cannabinoid-based products, is pleased to announce that the Company has satisfied all regulatory requirements to successfully register the first three products of its premium CBD-based derma-cosmetic product line, Pura Earth™, on the European Commission’s Cosmetic Product Notification Portal (the “CPNP“). The first group of products registered with the CPNP are Pura Earth’s Anti-Aging Cream, Intensive Moisturizing Cream and Clear Skin Gel products.

In addition to the clinical studies conducted on two of the registered products, the Company has provided the CPNP with long-term stability studies on its initial SKUs along with primary skin irritation evaluations for the entire portfolio in order to certify the safety and stability of the Pura Earth formulations. Two additional SKUs will be registered in Q3 followed by the rest of the portfolio in Q4.

Aras Azadian, CEO of Avicanna said: “We take pride in our scientific and evidence-based approach within all of our product categories including our consumer products and have taken the appropriate steps to ensure our products would meet the European Union quality and safety standards prior to commercialization. We are thrilled to be getting closer to launch, what we believe to be, the most advanced and the only clinically backed CBD derma-cosmetic line into the European marketplace with potential for incredible success.”

About Avicanna Inc.

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

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

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

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

Stay Connected

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

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the ability of Avicanna to register additional products with the CPNP, the Company’s ability to maintain any product registrations with the CPNP in good standing, and the Company’s ability to commercialize the Anti-Aging Cream, Intensive Moisturizing Cream and Clear Skin Gel products in the United Kingdom.. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.

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

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

SOURCE Avicanna Inc.

Avicanna Reports First Quarter 2020 Financial Results and Provides Corporate Update

Avicanna Reports First Quarter 2020 Financial Results and Provides Corporate Update

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TORONTO, May 25, 2020 /CNW/ – Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products announces results for the first quarter ended March 31, 2020.

Aras Azadian, Chief Executive Officer of Avicanna, commented “Our management team demonstrated incredible execution ability by first ensuring the safety of our team and in parallel reducing costs, all while continuing to advance our commercial activities. We are also pleased to demonstrate the maturity of the company’s global vertical integrated commercial infrastructure which is exhibited through significantly reduced capex and increased efficiencies in our global operations.”

First Quarter Operational Highlights

  • Early in 2020, the Company reacted immediately to the COVID-19 crisis and initiated several cost cutting and optimization initiatives to ensure that it directed its resources to its strategic and commercial, revenue-focused activities. These measures resulted in operating expenditures decreasing by approximately 45% from Q4 2019 to Q1 2020. In addition, the Company reduced its headcount by approximately 70 persons in the quarter, which represented approximately 30% of the overall global headcount. Furthermore, management reduced their pay by approximately 30% in an effort to conserve cash and resources. This, coupled with the completion of capex-heavy projects, significantly reduced the company’s cash burn rate. In addition, our minority partners in our cultivation subsidiaries, Santa Marta Golden Hemp S.A.S. (“SMGH”) and Sativa Nativa S.A.S. (“Sativa Nativa”), contribute their portion of capital on an ongoing basis. As such the Company does not carry full cash burden of operations or capital expenditures.

  • In parallel with the cost cutting initiatives, the Company’s commercial preparations and initiatives continue to progress and saw growth in its revenue by approximately 112% over the fourth quarter of 2019. The Company is expecting revenues to continue to increase through fiscal 2020 putting it in the position to generate positive cash flow by the end of 2020.

  • Entered into an exclusive supply agreement with Medical Cannabis by Shoppers Drug Mart Inc. (“Shoppers”), Canada’s largest and most trusted pharmacy chain. Under the terms of the agreement the Company’s proprietary brands, Rho Phyto and Pura Earth will be distributed by Shoppers in Canada. Rho Phyto products to be distributed under this agreement have been approved for commercial sale by Health Canada.

  • Entered into an exclusive import and distribution agreement with Cannvalate Pty. Ltd (“Cannvalate”), an Australian based cannabis company. Under the terms of the agreement Cannvalate will distribute the Rho Phyto line of products in Australia. The Company is expecting initial orders in the final quarter of 2020.

  • Completed all 3 clinical trials for Pura Earth products that were commenced during the third quarter of 2019. The products involved were Avicanna’s formulations targeted at cosmetic factors associated with aging, acne prone skin, and eczema prone skin. The successfully completed trials involved 156 patients that were tested for both safety and certain derma-cosmetics endpoints. The results of all three studies were positive with no adverse effects, making Pura Earth one of the only cannabinoid consumer product lines with human safety and efficacy data.

  • Received amendment by Health Canada to the Cannabis Research Licence to include an additional lab within JLABS @ Toronto, Avicanna’s R&D headquarters in the MaRS Discovery District.

  • The Company ranked highest amongst global cannabis companies in the SAM Corporate Sustainability Assessment (“CSA”), a sustainability index that has become the basis for numerous S&P Global ESG indices and showcases the sustainability performance of some of the world’s largest companies.

Financial Highlights

  • The Company recognized revenue of $260,903 from the commencement of sales through various divisions. There were no write-downs or impairments for 2019.

  • In January, the Company closed a financing round, at a premium to the then market price of the Company’s stock, which added approximately CAD$2.06 million of cash to the Company’s balance sheet.

  • Subsequent to quarter end, at the height of the COVID-19 pandemic, the Company closed a strategic non-brokered private placement for $2.56 million, issuing 3,200,000 units at a price of $0.80 per unit. The financing primarily included strategic partners, including Tasly International Capital Limited, a division of Tasly Holding Group Co., Ltd., a large healthcare and pharmaceutical group in China.

Recent Developments

  • In April 2020, through its Avesta Genetica genetics and seed division, SMGH completed the first known industrial scale seed harvest in Colombia which included approximately 80 million premium and feminized cannabigerol (“CBG”) dominant seeds. The seeds have been tested for germination and attained feminization rates of 99%, which are deemed premium within the global seed market. The seeds will be utilized for local production, sales and exports.

  • In May 2020, the Company was approved for the first ever export of hemp seeds (genetics) from Colombia from its majority owned subsidiary Santa Marta Golden Hemp S.A.S. (“SMGH”) in Santa Marta, Colombia. This export was authorized with support from the Colombian ministries of justice and agriculture.

  • In May 2020, the Company entered into a strategic manufacturing and intellectual property licensing agreement with MediPharm Labs Inc. (“MediPharm”) involving licensed production, domestic and international distribution and intellectual property licensing. Under the terms of the agreement, MediPharm use the specialized contract manufacturing capabilities resident at its state-of-the-art Canadian production facility to produce Avicanna’s advanced Rho Phyto medical cannabis products and Pura Earth topicals under license for commercial sales through Medical Cannabis by Shoppers. The partnership provides Avicanna with a commercial pathway to Canadian and international sales, as well as pharmaceutical manufacturing of its products destined for clinical development with its Canadian clinical partners. Additionally, Avicanna will grant MediPharm a license to use proprietary Avicanna formulations to develop additional MediPharm Labs and white label branded products for the domestic and international market. MediPharm has proven expertise in product development and will leverage its in-house sensory testing, processing and packaging capabilities to manufacture finished products using these formulations. MediPharm Labs’ pharmaceutical and GMP-certified capabilities and international supply chain expertise will be deployed to produce and deliver the proprietary finished products to partners worldwide.

Source

Avicanna Signs Wide-Ranging Strategic Manufacturing and IP Licensing Agreement with World-Class Canadian Manufacturer MediPharm Labs

Avicanna Signs Wide-Ranging Strategic Manufacturing and IP Licensing Agreement with World-Class Canadian Manufacturer MediPharm Labs

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS
Toronto, Ontario – May 13, 2020 – Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of organic and sustainable plant-derived cannabinoid-based products, is pleased to announce that the Company has entered into a multi-faceted strategic manufacturing agreement with MediPharm Labs Corp., (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm Labs”) involving production for domestic and international distribution and intellectual property licensing. MediPharm Labs is a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative product manufacturing.

Under the agreement, which has an initial three-year term, MediPharm Labs will use the specialized contract manufacturing capabilities resident at its state-of-the-art Canadian production facility to produce Avicanna’s advanced Rho Phyto™ medical cannabis products and Pura Earth™ topicals under license for commercial sales through Medical Cannabis by Shoppers™. The partnership provides Avicanna with a commercial pathway to Canadian and international sales, as well as pharmaceutial manufacturing of its products destined for clinical development with its Canadian clinical partners.

Additionally, Avicanna will grant MediPharm Labs a license to use proprietary Avicanna formulations to develop additional MediPharm Labs and white label branded products for the domestic and international market. MediPharm Labs has proven expertise in product development and will leverage its in-house sensory testing, processing and packaging capabilities to manufacture finished products using these formulations. MediPharm Labs’ pharmaceutical and GMP-certified capabilities and international supply chain expertise will be deployed to produce and deliver the proprietary finished products to partners worldwide.

In commenting on the agreement, Aras Azadian, CEO of Avicanna said: “This best-in-class partnership combines years of our leading R&D, pre-clinical development and intellectual property with MediPharm Labs’ unparalleled quality and pharmaceutical-level manufacturing capacity. This alliance will provide the medical community, and more importantly patients, with the most advanced product offerings backed by scientific rigour, data and world-class quality standards which the cannabis industry has yet to see. Furthermore, this signifies the evolution of the industry whereby leading companies are combining their competitive advantages for synergistic benefit for all stakeholders.”

Avicanna’s initial product offerings under the agreement will include oral drops, sublingual sprays and topicals. Avicanna also has a rich pipeline of formulations for sustained release tablets, transdermal patches, and other drug delivery mechanisms that it has developed over the past four years in collaboration with leading Canadian research institutions.

“This is an important and far-reaching agreement that makes great use of MediPharm Labs advanced pharma capabilities, GMP-certified production and international distribution expertise,” said Pat McCutcheon, CEO of MediPharm Labs. “Since earning our first GMP certification in December to serve the global medical cannabis market, we have made significant strides in developing our business. This partnership with Avicanna, a market leader and proven innovator, is a great example. We intend to deploy our capabilities including our knowledge of consumer and patient categories to ensure this collaboration lives up to its great potential.”

About MediPharm Labs

Founded in 2015, MediPharm Labs specializes in the production of purified, pharmaceutical quality cannabis oil and concentrates and advanced derivative products utilizing a Good Manufacturing Practices certified facility with ISO standard-built clean rooms. MediPharm Labs has invested in an expert, research driven team, state-of-the-art technology, downstream purification methodologies and purpose-built facilities with five primary extraction lines for delivery of pure, trusted and precision-dosed cannabis products for its customers. Through its wholesale and white label platforms, they formulate, consumer-test, process, package and distribute cannabis extracts and advanced cannabinoid-based products to domestic and international markets. As a global leader, MediPharm Labs has completed commercial exports to Australia and is nearing commercialization of its Australian Extraction facility. MediPharm Labs Australia was established in 2017.

About Avicanna Inc.

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

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

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

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

SOURCE Avicanna Inc.

Stay Connected

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

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the ability of Avicanna or MediPharm Labs to perform under the agreement, the manufacturing of the products, the shipping and delivery of the products to customers in Canada and worldwide, and the appropriate education and marketing efforts. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.

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

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

Avicanna Receives Government Support and Approval for First Ever Export of Hemp Seeds From Colombia

Avicanna Receives Government Support and Approval for First Ever Export of Hemp Seeds From Colombia

/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 7, 2020 /CNW/ – Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products, is pleased to announce that, through its cultivation subsidiary Santa Marta Golden Hemp S.A.S. (“SMGH”), it has received the approval from the Colombian government for the industrial export of hemp seeds to the US.

The export, which is expected to be completed in the next two weeks, is the first ever export of cannabis seeds from Colombia and will be accomplished thanks to the support and coordination of the Colombian Institute of Agriculture (the “ICA”), and the Ministries of Agriculture and Justice for Colombia.

“For the Colombian government, under the leadership of the Ministry of Justice and Law and during the COVID-19 sanitary emergency, this is a very important achievement for the medical cannabis industry” said Dumar Cardenas Poveda, Subdirector of Control and Inspection of Narcotic Drugs and Chemical Substances of the Ministry of Justice and Law.

“This is a very important achievement because it can mark the way for an escalation of future exports in this industry. The ICA, considering the framework of Decree 613 of 2017, has given the technical support and reviewed the necessary information to materialize this first exportation. We are opening these new opportunities for this industry, in which there is a significant business expectation” said Deyanira Barrero León, Director General of the Colombian Institute of Agriculture.

“The cannabis industry in Colombia, being a nascent sector, has faced great challenges of establishing its pathways and standardizing its regulatory processes. For this reason, in the particular case of this export, the advice of ICA and the support of the Ministries of Agriculture and Justice have been pivotal factors in allowing us to harvest in the times demanded by the client in the United States.” said Lucas Nosiglia, President of Avicanna’s Latin American operations.

Mr. Nosiglia explained that rather than a single company milestone, this is an achievement for the whole cannabis industry in Colombia as it also adds a novel and less visited business market opportunity of genetics and seeds to the global markets. Mr. Nosiglia emphasized “This export is the faithful proof that the cannabis sector is in a position to support the socio-economic revival that the country requires in the midst of the COVID-19 pandemic. Medical cannabis attracts foreign investment, generates employment, increases the nation’s tax revenues, expands the export matrix and contributes to the development of rural areas.”

About Avicanna Inc.

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

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

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

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

Stay Connected

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

Cautionary Note Regarding Forward-Looking Information and Statements

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

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

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

SOURCE Avicanna Inc.

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Avicanna Closes Non-Brokered Private Placement with Group of Strategic Investors and Announces Warrant Re-Pricing

Avicanna Closes Non-Brokered Private Placement with Group of Strategic Investors and Announces Warrant Re-Pricing

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

TORONTO, April 21, 2020 /CNW/ – Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products, is pleased to announce that it has closed a non-brokered private placement (the “Offering“) with a group of strategic investors led by Tasly International Capital Limited, a division of Tasly Holding Group Co., Ltd., a large healthcare and pharmaceutical group in China (“Tasly“).

Non-brokered Private Placement

Aras Azadian, Chief Executive Officer of Avicanna, commented, “We are very happy to have concluded this financing during such challenging market conditions. When we initiated the financing, our stock price was depressed and the COVID-19 pandemic was making it difficult for all companies to raise money. However, we are fortunate to have reached our target raise and to have done so with strategic investors, including our long-term shareholders and new strategic partner, Tasly. Coupled with our reduced expenditure and re-focused business model, the money raised gives us the runway to execute our business plan. We are excited to announce the strategic investment from Tasly, as we believe this investment from the global pharmaceutical company is validation of Avicanna’s pharmaceutical approach and a strategic first step in developing a working relationship which we anticipate will involve their participation in our pharmaceutical pipeline.”

Pursuant to the Offering, the Company has issued an aggregate of 3,200,000 units (the “Units“) at a price of CAD$0.80 per Unit, for gross proceeds of CAD$2.56 million. Each Unit is comprised of one (1) common share in the capital of the Company (each, a “Common Share“) and one-quarter (1/4) of one common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant is exercisable into one common share in the capital of the Company (each, a “Warrant Share“) at a price of CAD$1.20 per Warrant Share until April 20, 2022, subject to the Company’s right to accelerate the expiry date of the Warrants upon no less than thirty (30) days’ notice in the event that the volume weighted average trading price of the Common Shares exceeds CAD$2.00 for any ten (10) consecutive trading days on the Toronto Stock Exchange.

The Company intends to use the proceeds from the Offering for commercialization, corporate development and general working capital purposes.

All securities issued under the Offering, including securities issuable on exercise thereof, are subject to a hold period expiring four months and one day from the date of issuance. 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 (the “TSX“).

The issuance and sale of 93,750 Units pursuant to the Offering to certain directors of the Company constituted related party transactions within the meaning of Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1) (a) of MI 61-101, on the basis that the fair market value of the participation in the Offering by the insiders does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the Offering, which the Company deems reasonable in the circumstances so as to be able to avail itself of the proceeds of the Offering in an expeditious manner.

Warrant Re-Pricing

The Company further announces that it is proposing to amend the exercise price of 411,360 warrants (the “Outstanding Warrants“) effective as at the close of business on May 5, 2020.

The Outstanding Warrants were originally issued by the Company pursuant to a CAD$2.06 million non-brokered private placement financing of units on January 24, 2020. Each Outstanding Warrant entitles the holder thereof to purchase one (1) common share in the capital of the Company on or before January 24, 2023 at an exercise price of CAD$3.00 per common share. None of the Outstanding Warrants are held by insiders of the Company.

The exercise price of the Outstanding Warrants is proposed to be amended to CAD$1.40 per common share, which is at a premium to the five (5) day volume weighted average price of the common shares as of the date of this press release (the “Warrant Amendment“). Except for the Warrant Amendment, no other amendments to the Outstanding Warrants are proposed to be made by the Company and the Outstanding Warrants shall otherwise remain outstanding on identical terms and conditions. The Warrant Amendment is subject to the approval of the TSX.

About Avicanna Inc.

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

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

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

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

About Tasly International Capital Limited

Tasly International Capital Limited is a division of Tasly Holding Group Co., Ltd. and is the international investment arm of the Tasly Holding Group.

About Tasly Holding Group Co., Ltd.

Tasly Holding Group Co., Ltd. operates biological medicine research and production businesses. Tasly produces traditional Chinese medicines, chemical drugs, biological pharmaceuticals and other healthcare products. Tasly Holding Group also conducts medical service businesses domestically and internationally.

Stay Connected

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

Cautionary Note Regarding Forward-Looking Information and Statements

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

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

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

SOURCE Avicanna Inc.

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Avicanna Reports Fourth Quarter 2019 Financial Results and Provides Corporate Update

Avicanna Reports Fourth Quarter 2019 Financial Results 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, April 15, 2020 /CNW/ – Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products announces results for the fourth quarter ended December 31, 2019.

Aras Azadian, Chief Executive Officer of Avicanna, commented “This was a transformational quarter for Avicanna as we evolved from years of R&D and build-out of our infrastructure into a revenue generating company. During this period we launched two separate business units into the global market, raised efficiencies across all platforms, completed our agricultural infrastructure, fortified our leadership position on cannabinoid R&D and clinical development and have validated our vision of being a vertically integrated and data driven biopharmaceutical enterprise positioned to set the standards in the medical cannabis industry.”

Fourth Quarter Operational Highlights

  • Executed strategy of becoming vertically integrated and executing on commercial initiatives. This included the completion of approximately 480,000 square feet of cultivation space, achieving full extraction and analytical capabilities, manufacturing finished products for commercial distribution, and continued advancements in research and development initiatives.

  • Increase of capacity to approximately 31,000 kilograms of dried flower annually, which increased from the third quarter estimates that by year end our capacity would be approximately 29,000 kilograms of dried flower annually. Extraction capacity is 300kg of biomass per day.

  • Commenced revenue generation for two major business lines including CBD-based derma-cosmetic product line, Pura Earth™, through 59 retail locations across Colombia and the launch of Aureus B-B brand of raw material cannabinoids (API) with sales in Colombia, South Africa and the United Kingdom and, subsequent to December 31, 2019, Argentina.

  • Advanced discussions with Health Canada with respect to the pharmaceutical Phase II clinical trial to test Avicanna’s dermatological product on the effect on a severe and rare genetic dermatological condition, Epidermolysis Bullosa, in partnership with Toronto’s Hospital for Sick Children, with an expectation of receiving approval to commence the trial in Q3 2020.

  • Further solidified its global leadership position as an organic and sustainable source of cannabinoids with the receipt by Santa Marta Golden Hemp S.A.S. (“SMGH”) of the first Colombian USDA National Organic Program certification of the cultivation processes of its hemp (CBD dominant) genetic strain, and ranked highest amongst global cannabis companies on the SAM Corporate Sustainability Assessment by S&P Global, results of which were received subsequent to December 31, 2019.

  • The launch of Avicanna’s Rho Phyto™ brand in the State of California through a licensing agreement with LC2019 Inc. (“LC2019”). In keeping with its obligations as a TSX issuer, Avicanna does not receive any compensation from the agreement with LC2019; however, Avicanna has an option to acquire LC2019 upon certain events occurring, such as cannabis becoming federally legal in the US. The launch of products manufactured using Avicanna IP and sold under Avicanna’s brand is a further validation of Avicanna’s R&D and commercialization strength and serves as a model for global expansion.

  • As at December 31, 2019, the Company had approximately 1.075 kilograms of dried flower on hand, and 117 kilograms of active pharmaceutical ingredients (“API”) on hand and available for sale. The build up of inventory is expected to support anticipated global sales in future periods.

  • Commenced trading on the OTCQX Best Market in the United States under the symbol “AVCNF” and on the Frankfurt Stock Exchange under the symbol “0NN”.

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Avicanna to Supply Australian Market with Cannabis-Based Medicinal Products Through Distribution Agreement with Cannvalate

Avicanna to Supply Australian Market with Cannabis-Based Medicinal Products Through Distribution Agreement with Cannvalate

/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, Feb. 24, 2020 /CNW/ – Avicanna Inc. (“Avicanna” or the “Company“) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of organic and sustainable plant-derived cannabinoid-based products, is pleased to announce that the Company has entered into an importation and distribution agreement (the “Agreement“) with Cannvalate Pty Ltd. (“Cannvalate“), to supply its Rho Phyto™ advanced medical cannabis products (the “Rho Products“) to provide to patients under the Australian Therapeutic Goods Administration Special Access Scheme, as well cannabis active pharmaceutical ingredients (the “APIs“). Avicanna has also agreed to supply Cannvalate with a line of advanced cannabinoid phyto-therapeutic products that Avicanna has chosen to offer on a white-labelled basis (the “White-Label Products“, collectively with the Rho Products and APIs, the “Products“).

“After significant due diligence into the Australian market and its operators we are pleased to be able to introduce Cannvalate as our partners in the region. Our two companies are aligned on a strictly medical approach backed by sustainable processes, data driven R&D and clinical development which will be to the benefit of the Australian patients and medical community at large.”  stated Aras Azadian, Chief Executive Officer of Avicanna.

“We are delighted to assist Avicanna with market entry to Australia which is one of the fastest growing pureplay medicinal cannabis markets globally. We have been particularly impressed by their attention to quality processes and firm stance on providing validated clinical research. We look forward to assisting Avicanna with meeting the stringent Office of Drug Control testing requirements and designing TGA-compliant physician education/ detailing campaigns.” stated Sud Agarwal, Chief Executive Officer of Cannvalate.

Under the Agreement, Avicanna has appointed Cannvalate as an exclusive distributor for the Rho Products in Australia, subject to Cannvalate meeting minimum purchase requirements. It is expected that the Products which have been developed optimized and clinically developed in Canada will be manufactured in Colombia using Avicanna’s proprietary processes and formulations, using cannabis extracts from Santa Marta Golden Hemp S.A.S., a subsidiary of Avicanna, and manufactured at the facilities of Avicanna’s exclusive Colombian manufacturer, Altea Farmaceutica S.A. which follows Good Manufacturing Practices (GMP).

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

About Cannvalate

Cannvalate is Australia’s largest business-to-business end-to-end solution provider company helping Licensed Producers of medicinal cannabis fast track their growth into the Australian market. Their three key services include (i) Australian Cannabis Market Access; (ii) Medicinal Cannabis Research Collaboration; and (iii) Expert Consulting.

About Avicanna

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

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

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

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

Stay Connected

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

Cautionary Note Regarding Forward-Looking Information and Statements

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

SOURCE Avicanna Inc.

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