The company is maintaining operations and its shares in its primary Majority-Owned Subsidiary, Santa Marta Golden Hemp, also based in Santa Marta Colombia.

TORONTO, June 24, 2022 (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 sale of its stake in Sativa Nativa S.A.S. (“Sativa Nativa”), which was the Company’s secondary majority owned Colombian subsidiary.

The aggregate price paid by the purchaser for the Company´s shares in Sativa Nativa was approximately CAD $675,000 in addition to a potential premium of CAD $130,000 subject to the accomplishment of specific short-term milestones. The transaction allows the Company to eliminate redundancies, reduce its operational costs and generate efficiencies across its South American operations by focusing its supply chain efforts at its much larger and more operationally advanced majority owned subsidiary Santa Marta Golden Hemp (“SMGH”). The operations at SMGH have been the source of the company’s Aureus-branded commercial exports to 16 countries and include the cultivation, extraction and production of cannabinoid raw materials including active pharmaceutical ingredients and seeds. SMGH is also the source of the Company’s cannabinoids for most of its cosmetic and pharmaceutical preparations.

Lucas Nosiglia, President of Avicanna LATAM, commented: “We are happy to announce this strategic transaction which allows us to increase efficiencies throughout our supply chain infrastructure and re-focus resources on our core business units including our pharmaceutical preparations. In parallel we continue to make progress in our supply chain business at SMGH through which we have the capacity to continue to supply Avicanna and its global partners with high quality inputs”.

About Aureus™

Avicanna’s supply chain business unit is based in Santa Marta, Colombia and provides a consistent source of cannabinoid raw materials for the global marketplace. These include active pharmaceutical ingredients and feminized seeds, for Avicanna’s cosmetic, medical, and pharmaceutical products, in addition to supplying the company’s partners around the world. Aureus-branded products are cultivated, extracted, and manufactured by Avicanna’s subsidiaries in Colombia where they leverage optimal environmental conditions to produce cannabinoid active pharmaceutical ingredients economically and sustainably with USDA organic and GACP certifications.

About Avicanna Inc.

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

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

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

Click to watch Avicanna’s Corporate Video 2022

SOURCE Avicanna Inc.

Stay Connected

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

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

Cautionary Note Regarding Forward-Looking Information and Statements

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

This export marks the 16^th international market entry for Avicanna and the first export of proprietary genetics into Africa.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

 

TORONTO, June 09, 2022 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company“) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products is pleased to announce that, through its majority owned Colombian subsidiary, Santa Marta Golden Hemp S.A.S. (“SMGH”) the Company has completed its first commercial export of feminized cannabis seeds to the African region with an initial export to Lesotho.

This export marks Avicanna’s 15th international new market for Avicanna.
 NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

 

TORONTO, May 24, 2022 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products is pleased to announce that, through its majority owned Colombian subsidiary, Santa Marta Golden Hemp S.A.S. (“SMGH”), SMGH has completed its first commercial export of high concentration THC and high concentration CBD full spectrum psychoactive cannabis extracts to Portugal.

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 12, 2022 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a commercial stage, international biopharmaceutical company focused on the commercialization of evidence-based, cannabinoid-based products, is pleased to announce the filing of its interim financial statements for the three-month period ending March 31, 2022 (“Q1 2022”) and the transition of the role of Chief Financial Officer.

“We are pleased to report on our continued progress and global commercialization efforts where we primarily focused on, and achieved, growth of our four brands in the Canadian marketplace. We also pursued continuous optimization of our operations which was demonstrated by significant cost reductions over the quarter, with the goal of self-sufficiency,” stated Aras Azadian, CEO at Avicanna Inc.

Q1 2022 highlights:

Approximately 35,000 products sold representing a 41% increase in sales over last quarter and representing a 765% increase over Q1 2021. This was driven by a 44% increase in the number of Canadian product listings over the last quarter across medical and adult use channels.

Revenue of $1.04M, representing 283% increase in revenue over Q1 2021 and $0.01 net income per share compared to ($0.14) net loss per share in Q1 2021.

On-going cost reduction, resulting in $2M SG&A and a 28% reduction compared to $2.85M SG&A in Q1 2021.

Entered Supply Agreement with Chilean based pharmaceutical company Knop Laboratorios S.A. to supply Aureus branded products.

Changes to the board and executive team with the appointment of two experienced pharmaceutical executives, Eileen McCormack to the Board of Directors and Stephen Kim as the Chief Legal Officer.

Commenced Epidermolysis Bullosa Studies with the Hospital for Sick Children. The study led by Dr. Elena Pope is designed to analyze the efficacy of the Company’s dermatological products on a rare skin disease.

Closed a $2.5M, non-brokered private placement at $0.35 cents per unit, where each common share would entitle the holder to half warrant exercisable at $0.40 cents per share.

Advancements in the pharmaceutical and medical cannabis pipeline, including the completion of the company’s first international drug dossier for Trunerox™ in Brazil and the advancement of several medical cannabis pipeline products including water soluble formulations.

Other highlights subsequent to Q1 2022

Entered into Exclusive License and Supply Agreement with South American based pharmaceutical company, to commercialize up to four (4) of Avicanna’s proprietary cannabinoid-based pharmaceutical preparations. Avicanna may possibly earn up to $1.3M CAD in initial licensing fees through achieving various milestones.

Closed $1.5M strategic private placement with lead investor Ei. Ventures, Inc., a technology company which seeks to empower mental wellness through psychoactive compounds, nutraceuticals, and technology, and with participation from other investors.

Expanded RHO Phyto^TM formulary with Cannabigerol-based (“CBG”) products into the Canadian market, including oral, sublingual, and transdermal formulations which is anticipated to be made available through various medical and adult-use channels across Canada by Q3 2022.

Entered Importation & Distribution Agreement with Bio-Gate AG in Germany, to expand derma-cosmetics Brand Pura H&W™ into the European Union. Pura H&W’s evidence-based derma-cosmetics portfolio will be commercialized through Bio-Gate’s existing distribution channels with initial launches planned for Germany, Austria, and Switzerland in Q2 2022.

CFO Transition

The Company has accepted the resignation of its Chief Financial Officer, Dave Sohi, effective May 18, 2022. He will leave to pursue another opportunity and will for a period provide transition advisory services to the Company. The Company is pleased to announce Mr. Phillip Cardella, CPA, CA to the position of Interim Chief Financial Officer effective May 18, 2022. Previously, Mr. Cardella held the position of Senior Vice President of Finance at the Company, and prior to joining the Company practiced accounting with MNP LLP, one of the largest full service professional accountancy and business advisory firms in Canada.

“We want to thank Dave for his 5 years of service where he helped deliver our common vision into a commercial stage multinational company and helped weather the many challenges associated with building a company operating in a novel and regulated industry. We wish Dave all the best in his future endeavours,” stated Azadian. “We are also delighted that Phil is able to assume the role of Interim CFO with the perspectives of, and familiarity with, the Company that only someone that has as already been working here can have,” continued Azadian.

About Avicanna Inc.

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

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

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

Click to watch Avicanna’s Corporate Video 2022

SOURCE Avicanna Inc.

Stay Connected

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

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

Cautionary Note Regarding Forward-Looking Information and Statements

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

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

TORONTO, May 06, 2022 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a commercial stage, international biopharmaceutical company focused on the commercialization of evidence-based, cannabinoid-based products, is pleased to announce that it has closed a strategic non-brokered private placement offering of 4,210,931 ‎‎units of the Company (the “Units”) at a price of $0.35 per Unit for aggregate gross proceeds of approximately $1.475 million (the “Offering”). Each Unit is comprised of one common share in the capital of the Company (each, a “Common Share”) and one-half of one (0.5) Common Share purchase warrant of the Company (each whole warrant, a “Warrant”). Each Warrant shall entitle the holder thereof to acquire one (1) Common Share at an exercise price of $0.40 per share, subject to adjustment in certain events, for a period of 36 months.

The lead investor in the Offering was Ei.Ventures, Inc., or Emotional Intelligence Ventures, (“Ei.Ventures”), a technology company which seeks to empower mental wellness through psychoactive compounds, nutraceuticals and technology, with additional participation from other investors.

David Nikzad, CEO of Ei.Ventures commented, “We are excited to make this strategic investment in Avicanna. We believe in the Avicanna team for the development and advancement of proprietary plant-based formulations, and we intend to bring our blockchain, Web3 and Metaverse assets to support the continued success of Avicanna and its products.”

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

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

About Avicanna Inc.

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

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

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

Click to watch Avicanna’s Corporate Video 2022

SOURCE Avicanna Inc.

Stay Connected

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

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

Cautionary Note Regarding Forward-Looking Information and Statements

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

Avicanna introduces the rare cannabinoid CBG into its RHO Phyto product formulary which includes oral, sublingual, and transdermal formulations

RHO Phyto CBG products will be made available through various medical and adult-use channels across Canada by Q3 2022

TORONTO, April 28, 2022. (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company“) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products, is pleased to announce that it will be expanding its RHO Phyto formulary in Canada with Cannabigerol (“CBG”) formulations into medical and adult-use channels across Canada.

Avicanna expands its trusted RHO Phyto brand to include several CBG formulations which will be made available across various medical cannabis channels including Medical Cannabis by Shoppers^TM and adult use channels beginning with its two listings on the Ontario Cannabis Store (“OCS”) in Q3 2022. As the Canadian cannabis market continues to expand, Avicanna is leveraging its R&D capabilities to deliver differentiated medical and wellness products including rare cannabinoid formulations into established commercial channels. The initial CBG formulations will include:

RHO Phyto Rapid Act THC:CBG Spray: A combination of THC and CBG in a lemon-mint flavoured spray that utilizes Avicanna’s sublingual delivery technology to provide fast onset.

RHO Phyto Micro Drop THC:CBG:CBD Oil: A combination of THC, CBG and CBD in a blood orange flavoured oil which utilizes Avicanna’s inverted emulsion technology to provide enhanced absorption and shelf-life stability.

RHO Phyto CBG Transdermal Relief Gel: A combination of CBG and CBD in a fast absorbing, water-based gel. The gel employs Avicanna’s proven deep tissue technology and combines cannabinoids with synergistic natural ingredients and terpenes including menthol and beta-caryophyllene.

About CBG

CBG is a rare and non-psychoactive cannabinoid which acts as the precursor to other more commonly known cannabinoids including CBD and THC, CBG, interacts with several receptors throughout the skin and body that are known to be targets for inflammation, infection, pain, as well as neurological and mood related disorders. Specifically, modern research has investigated CBG and its potential role in analgesia, anti-inflammation, anti-bacterial, and for its neuroprotective properties^1-5. In particular, the use of CBG in topical formulations provides local applications for various conditions such as arthritis, muscle aches and pain due to its anti-inflammatory properties. Additionally, oral applications of CBG such as the Rapid Act sublingual spray or Micro Drops oils are expected to have systematic effects.

Avicanna’s research into CBG

Avicanna continues to research the potential therapeutic areas of CBG with its academic and clinical partners including ongoing studies with Thompson River University investigating the potential anti-microbialand anti-inflammatory capabilities of CBG. The results of these studies will provide further guidance towards product development and clinical trials while supporting existing commercial efforts. Moreover, the new additions to the RHO Phyto formulary will be enrolled into Avicanna’s medical cannabis – real world evidence trial (“MC-RWE”) conducted by the University Health Network (UHN). This longitudinal study evaluates the efficacy of medical cannabis on patient-reported outcomes of pain, anxiety, sleep and depression.

Additionally, Avicanna has been conducting research on CBG through its cultivation projects in Colombia where the Company has developed a genetic strain of cannabis expressing up to 17% CBG in its biomass. The proprietary genetic has also undergone extraction and is likely the first local source of pure CBG to be available in Colombia from where it has also been exported to the United States and Czech Republic.

1. G Navarro, K Varani, I Reyes-Resina, VS Medina, RR Santisteban, CSC Callado, F Vincenzi, S Casano, CF Vera, EI Canela, PA Borea, X Nadal, R Franco (2018) Cannabigerol Action at Cannabinoid CB1 and CB2 Receptors and at CB1–CB2 Heteroreceptor Complexes. Front Pharmacol 9: 632
2. Perez E, Fernandez JR, Fitzgerald C, Rouzard K, Tamura M, Savile C. In Vitro and Clinical Evaluation of Cannabigerol (CBG) Produced via Yeast Biosynthesis: A Cannabinoid with a Broad Range of Anti-Inflammatory and Skin Health-Boosting Properties. Molecules. 2022; 27(2):491. https://doi.org/10.3390/molecules27020491

 

3. Nachnani, R.; Raup-Konsavage, W.M.; Vrana, K.E. The Pharmacological Case for Cannabigerol. J. Pharmacol. Exp. Ther. 2021, 376, 204–212.

 

4. Schuetz, M.A., Savile, C.K., Webb, C., Rouzard, K., Fernández, J.R., & Pérez, E. (2021). 480 Cannabigerol: The mother of cannabinoids demonstrates a broad spectrum of anti-inflammatory and anti-microbial properties important for skin. Journal of Investigative Dermatology, 141.

 

5. Kogan NM, Lavi Y, Topping LM, Williams RO, McCann FE, Yekhtin Z, Feldmann M, Gallily R, Mechoulam R. Novel CBG Derivatives Can Reduce Inflammation, Pain and Obesity. Molecules. 2021; 26(18):5601. https://doi.org/10.3390/molecules26185601

 

About Avicanna Inc.

Avicanna is a commercial-stage international biopharmaceutical company focused on the development, advancement, and commercialization of evidence-based cannabinoid products for the global consumer, medical and pharmaceutical market segments. Leading global cannabinoid advancements, The Company actively collaborates with renowned Canadian academic and medical institutions in research and commercialization. Avicanna has established an industry-leading scientific platform including advanced R&D and clinical development that has led to the commercialization of more than thirty products across its main market segments:

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

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

SOURCE Avicanna Inc.
Stay Connected

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

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

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Forward-looking information contained in this news release includes, without limitation, statements related to anticipated financial and/or operational results and outlook, including projected revenues, projected sales growth, anticipated expansion of product listings, the Company’s anticipated application of its products, projected growth, anticipated geographical expansion, receipt of authorizations and regulatory approvals, success of clinical trials, scientific advancements and developments, successful commercialization of products, the Company’s our priorities, goals and strategies, industry trends and their anticipated impact, the anticipated impact of current market conditions on each of our segments and near term expectations, components and supply chain constraints, and the Company’s financial statement estimates and assumptions. 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 September 3, 2021 and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

TORONTO, April 13, 2022 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development and commercialization of plant-derived medical and pharmaceutical cannabinoid-based products, is pleased to announce that it has entered into an exclusive license and supply agreement with an established South American pharmaceutical company to commercialize up to four (4) of Avicanna’s proprietary cannabinoid-based pharmaceutical preparations.

The intellectual property related to Avicanna’s proprietary cannabinoid-based pharmaceutical preparations was originally developed through the company’s well established drug delivery platform and further studied through various Canadian research collaborations where the formulations demonstrated stability and bioavailability. The pharmaceutical form of these formulations was then manufactured in Colombia, through the Company’s global vertical integration, where the cannabinoid raw material is also sourced from the Company’s cultivation and extraction infrastructure.

Through the license and supply agreement, the South American pharmaceutical company will license Avicanna’s intellectual property and supply finished pharmaceutical products starting initially with its proprietary 10% cannabidiol oral preparation. In connection with the partnership Avicanna can earn up to $1.3M CAD in initial licensing fees through achieving near-term milestones.

About Avicanna Inc.

Avicanna is an innovative, commercial-stage, and international biopharmaceutical company focused on the development, advancement, and commercialization of evidence-based cannabinoid-based products for the global consumer, as well as medical and pharmaceutical market segments. In leading global cannabinoid advancements, The Company actively collaborates with leading Canadian academic and medical institutions in research and commercialization. Avicanna has established an industry-leading scientific platform including advanced R&D and clinical development that has led to the commercialization of more than thirty products across its main market segments:

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

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

SOURCE Avicanna Inc.
Stay Connected

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

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

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Forward-looking information contained in this news release includes, without limitation, statements related to anticipated financial and/or operational results and outlook, including projected revenues, projected sales growth, anticipated expansion of product listings, the Company’s anticipated application of its products, projected growth, anticipated geographical expansion, receipt of authorizations and regulatory approvals, success of clinical trials, scientific advancements and developments, successful commercialization of products, the Company’s priorities, goals and strategies, industry trends and their anticipated impact, the anticipated impact of current market conditions on each of our segments and near term expectations, components and supply chain constraints, and the Company’s financial statement estimates and assumptions. 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 September 3, 2021 and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

The exclusive distribution agreement includes 5 SKUs from Pura H&W’s evidence-based derma-cosmetics portfolio

The products will be commercialized through Bio-Gate’s existing distribution channels with initial launches planned for Germany, Austria, and Switzerland in 2022

TORONTO, April 05, 2022 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company“) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products, is pleased to announce that it has expanded its previously announced R&D collaboration with Bio-Gate AG (“Bio-Gate”) with a 5-year exclusive distribution agreement for Pura H&W branded CBD derma-cosmetics.

Avicanna and Bio-Gate are expanding their existing research collaboration with the commercial distribution of Avicanna’s evidence-based derma-cosmetic line Pura H&W into the European Market. The initial focus of the launch is the German-speaking regions of the continent including Germany, Austria and Switzerland, where Bio-Gate has an established distribution network of pharmacies and retail channels. In addition, Bio-Gate has the right to select 3 additional European countries for exclusive distribution within the first 12 months of the agreement.

“We are very pleased to launch the Pura H&W™ product line from Avicanna, a leader in the cannabidiol (CBD) market, in the European market. We are convinced that the Pura product line is an ideal extension to our product portfolio for our dermatology division. We are looking forward to a successful cooperation,” commented Marc Lloret-Grau, CEO of Bio-Gate AG.

“We are thrilled to expand Pura H&W into the European market where we believe that it is well positioned as a clinically backed over the counter cosmetic line. We are also happy to be expanding our strategic partnership with Bio-Gate AG and accessing their experience and proven distribution channels in the region,” commented Aras Azadian, CEO, Avicanna.

With retail sales valued at EUR 76.7 billion in 2020¹, the European cosmetics and personal care market is the largest market for cosmetic products in the world. In Europe, Germany has the highest consumption value for beauty and personal care products and its per capita annual spending on cosmetics is relatively high at EUR 153/year, with high interest in premium cosmetics.

Pura H&W Portfolio for The European Union

The derma-cosmetic products are registered at the cosmetic products notification portal (CPNP) which allows them to be commercialized over the counter as cosmetic products in every jurisdiction within the European Union.

Derma-Cosmetic Clinical Studies

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

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 Pura H&W

Pura Health & Wellness (Pura H&W) is Avicanna’s derma-cosmetic line which utilizes a combination of purified CBD and other synergistic botanical ingredients designed to naturally regulate and nourish the skin. The Pura H&W product line was developed by Avicanna and specific products have undergone clinical trials. The products are now commercial under Pura H&W or Pura Earth in Canada, Colombia, Ecuador, the U.S.

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

¹ Cosmetic Europe https://cosmeticseurope.eu/cosmetics-industry/

About Bio-Gate AG

Bio-Gate AG is a health technology company and a leading provider of innovative technologies and products for health, infection control and hygiene that can make living together safer and healthier, and improve the well-being of each individual. Bio-Gate specializes in providing materials and surfaces with antiviral, antimicrobial or biologically active properties. Bio-Gate AG enhances materials and products, particularly in the field of medical technology, for example in the coating of implants or wound dressings. In addition, Bio-Gate technologies are used in dermatological active cosmetics and wound care products, as well as consumer and industrial products.

About Avicanna Inc.

Avicanna is an innovative, commercial-stage, and international biopharmaceutical company focused on the development, advancement, and commercialization of evidence-based cannabinoid-based products for the global consumer, as well as medical and pharmaceutical market segments. In leading global cannabinoid advancements, The Company actively collaborates with leading Canadian academic and medical institutions. Avicanna has established an industry-leading scientific platform including advanced R&D and clinical development that has led to the commercialization of more than thirty products across four main market segments:

CBD Derma-Cosmetic Products: Marketed under the Pura H&W™ or Pura Earth™ brands, these registered, clinically tested, derma-cosmetic products include a portfolio of functional CBD topical products.

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

Pharmaceutical Pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has created a pipeline of patent-pending drug candidates that are indication-specific and in various stages of clinical development and commercialization. These cannabinoid-based drug candidates provide solutions for 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.

Cannabinoid Raw Materials: Marketed under the Aureus™ brand, the Company’s raw material business has successfully completed sales to 12 countries. Aureus™ offers cannabis dried flower, standardized seeds, full-spectrum extracts, and cannabinoid distillates, isolated cannabinoids such as CBD, THC, cannabigerol (“CBG”) and other rare cannabinoids. Aureus™ products are produced at Santa Marta Golden Hemp S.A.S, the Company’s majority-owned subsidiary in Colombia, which is also GACP certified and has United States Department of Agriculture USDA National Organic Program certification for its hemp cultivar.

SOURCE Avicanna Inc.
Stay Connected

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

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

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Forward-looking information contained in this news release includes, without limitation, statements related to anticipated financial and/or operational results and outlook, including projected revenues, projected sales growth, anticipated expansion of product listings, the Company’s anticipated application of its products, projected growth, anticipated geographical expansion, receipt of authorizations and regulatory approvals, success of clinical trials, scientific advancements and developments, successful commercialization of products, the Company’s our priorities, goals and strategies, industry trends and their anticipated impact, the anticipated impact of current market conditions on each of our segments and near term expectations, components and supply chain constraints, and the Company’s financial statement estimates and assumptions. 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 September 3, 2021 and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/14bbf744-e652-4c71-9a2c-937957b85ed0 

$3.3M in revenue representing 108% Y-Y growth, significant growth in finished product sales

Total of 4 brands, 16 SKU’s and 35 “cannabis 2.0” listings across medical and retail channels in Canada

Expansion of international footprint with entrance into Avicanna’s 14^th international market

TORONTO, March 31, 2022 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company “) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products, is pleased announce the filing of its annual financial statements for the year ended December 31^st, 2021 and provide a corporate update.

Aras Azadian, CEO stated, “2021 was the most progressive and successful year for our team which managed to accomplish numerous remarkable milestones while navigating unprecedented internal and external challenges. We have successfully commercialized and demonstrated the differentiated value of our proprietary products through four brands across both medical and retail channels in Canada and in parallel have established strategic footprints across several international markets.”

2021 corporate highlights

• Total fiscal 2021 revenue of $3.3M representing growth of 108% from fiscal 2020 ($1.57M). Record quarterly revenue of approximately $1.2M in the fourth quarter of 2021, representing the fourth consecutive quarter-over-quarter increase of approximately 20%, minimum.
  
  
• Revenue growth driven by sales of proprietary cannabinoid-based products sold across global sales channels. This includes 69,000 units sold in the fourth quarter of 2021, representing a 160% growth from the third quarter 2021. A total of 124,000 units was delivered in fiscal 2021 compared to 4,100 units delivered in fiscal 2020.

• Launched a total of 16 “cannabis 2.0” proprietary product SKUs as of December 31, 2021, in Canada including RHO Phyto, Pura HW, Viola, and re+Play branded products. Expanded distribution channels through a total of 35 “cannabis 2.0” product listings across medical and adult-use channels in Canada, signifying an increase of 37% from the third quarter of 2021.

• Expanded its partnership with the Medical Cannabis by Shoppers™ online portal with a total of 13 SKUs available to patients and the medical community including all four commercial brands as at December 31, 2021.
  
  
• The launch of re+Play branded CBD topicals across medical and adult use channels in Canada. re+PLAY is a sports performance and recovery-focused brand founded by National Basketball Association (“NBA”) veteran Al Harrington with evidence-based CBD formulations developed in partnership with Avicanna.
  
  
• Viola Brands Nationwide launch in Canada through medical channels in partnership with Medical Cannabis by Shoppers™ and across adult use channels in Ontario, New Brunswick, and Saskatchewan. Avicanna’s partnership with Viola brings the US equity-focused brand founded by NBA veteran, Al Harrington, to Canada for the first time.
  
  
• The Company filed a patent on its advanced oral cannabinoid drug delivery system related to neurological disorders including a range of liquids, capsules, powders, and controlled release tablets utilizing proprietary self-emulsifying drug delivery systems (SEDDS) technology. The formulations offer enhanced stability, bioavailability and controlled release of cannabinoids including (CBD, THC, CBG, CBN and THCv) and are intended to be utilized in global medical and pharmaceutical products.
  
  
• IP licensing and distribution partnership with established Argentinian pharmaceutical company. The partnership will focus on the licensing, supply and expected commercialization of the Company’s drug candidate Trunerox™ in Argentina in the second half of fiscal 2022.
  
  
• Avicanna’s subsidiary obtains Good Agricultural and Collection Practices (“GACP”) Certification in Colombia, which will allow the Company’s Aureus-branded raw material include low cost and sustainable cannabis biomass and flower for sale and export to the global marketplace.
  
  
• The opening of the Company’s 14^th international market across four continents including the initial export and commercialization of its CBD skin care line Pura H&W™ in the United States and its medical cannabis brand RHO Phyto™ into the Caribbean region.
  
  
• International expansion of Aureus branded products including the first commercial export of CBG, a rare cannabinoid, into the European Union and initial export of psychoactive cannabinoids into Chile. Additionally, the Company completed initial exports of its proprietary genetics with completed exports of feminized seeds into Argentina and Peru.

Other highlights subsequent to Q4 2021

• 2022 strategy and guidance release including the Company’s forecasted revenue of $9M from global operations, which is expected to be led by the anticipated sales of approximately 310,000 units of proprietary cannabinoid-based products.
• Supply Agreement with Chilean Pharmaceutical Pioneer Knop Laboratorios S.A. Expansion of the relationship, originally established in 2020. Supply of Avicanna’s active pharmaceutical ingredients for existing commercial and pipeline of pharmaceutical products in South America.
• Changes to the Board of Directors and executive team with two experienced pharmaceutical executives including the appointment of Eileen McCormack to the Board of Directors and Stephen Kim as the Chief Legal Officer.
• Strategic Partnership with Tetra Bio-Pharma, which will encompass three potential strategic pillars across supply of API, commercialization of prescription products, and co-development of pharmaceutical drug candidates.
• Commenced of Epidermolysis Bullosa studies with the Hospital for Sick Children, the study led by Dr. Elena Pope is analyzing the efficacy of the company’s dermatological pharmaceutical product on rare skin disease.

The Company is also hosting an update webinar on Tuesday April 5^th in collaboration with CHFIR, if you are interested in attending, please sign up through the provided link. https://tinyurl.com/AVCN050422

About Avicanna Inc.

Avicanna is an innovative, commercial-stage, and international biopharmaceutical company focused on the development, advancement, and commercialization of evidence-based cannabinoid-based products for the global consumer, as well as medical and pharmaceutical market segments. In leading global cannabinoid advancements, the Company actively collaborates with leading Canadian academic and medical institutions. Avicanna has established a scientific platform including R&D and clinical development that has led to the commercialization of more than thirty products across four main market segments:

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

CBD Derma-Cosmetic Products: Marketed under the Pura H&W™ or Pura Earth™ brands, these registered, clinically tested, derma-cosmetic products include a portfolio of functional CBD topical products.

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

Cannabinoid Raw Materials: Marketed under the Aureus™ brand, the Company’s raw material business has successfully completed sales to 12 countries. Aureus™ offers cannabis dried flower, standardized seeds, full-spectrum extracts, and cannabinoid distillates, isolated cannabinoids such as CBD, THC, cannabigerol (“CBG”) and other rare cannabinoids. Aureus™ products are produced at Santa Marta Golden Hemp S.A.S, the Company’s majority-owned subsidiary in Colombia, which is also GACP certified and has United States Department of Agriculture USDA National Organic Program certification for its hemp cultivar.

SOURCE Avicanna Inc.

Stay Connected

For more information about Avicanna, visit www.avicanna.com, contact Ivana Maric by email at info@avicanna.com or Perry Rapagnap at perry@chfir.com or 416-868-1079 x 230.

Follow us on social media on LinkedIn, Twitter, Facebook or Instagram.

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

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Forward-looking information contained in this news release includes, without limitation, statements related to the Offering, the use of the proceeds of the Offering, the receipt of all approvals of the Toronto Stock Exchange in connection with the Offering, statements with respect to the Company’s future business operations, the opinions or beliefs of management and future business goals. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated September 3, 2021 and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

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

TORONTO, March 31, 2022 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a commercial stage, international biopharmaceutical company focused on the development advancement, and commercialization of evidence-based, cannabinoid-based products, is pleased to announce that it has closed a non-brokered private placement offering of 7,210,194 ‎‎units of the Company (the “Units”) at a price of $0.35 per Unit for aggregate gross proceeds of approximately $2.5 million (the “Offering”). Each Unit is comprised of one common share in the capital of the Company (each, a “Unit Share”) and one-half of one (0.5) common share purchase warrant of the Company (each whole warrant, a “Warrant”); and, each Warrant shall entitle the holder thereof to acquire one (1) common share in the capital of the Company at an exercise price of $0.40 per share, subject to adjustment in certain events, until March 31, 2025.

The Company has paid an aggregate total of approximately $32,500 in cash finders’ fees and issued an aggregate total of 92,857 finder’s warrants (each a “Finder Warrants”) in connection with the Offering to certain finders in connection with subscriptions for Units made by purchasers introduced to the Company by such finders. Each Finder Warrant entitles the holder thereof to acquire one common share in the capital of the Company at an exercise price of $0.40 per share, subject to adjustment in certain events, until March 31, 2025.

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

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

About Avicanna Inc.

Avicanna is an innovative, commercial-stage, and international biopharmaceutical company focused on the development, advancement, and commercialization of evidence-based cannabinoid-based products for the global consumer, as well as medical and pharmaceutical market segments. In leading global cannabinoid advancements, the Company actively collaborates with leading Canadian academic and medical institutions. Avicanna has established an scientific platform including R&D and clinical development that has led to the commercialization of more than thirty products across four main market segments:

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

CBD Derma-Cosmetic Products: Marketed under the Pura H&W™ or Pura Earth™ brands, these registered, clinically tested, derma-cosmetic products include a portfolio of functional CBD topical products.

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

Cannabinoid Raw Materials: Marketed under the Aureus™ brand, the Company’s raw material business has successfully completed sales to 12 countries. Aureus™ offers cannabis dried flower, standardized seeds, full-spectrum extracts, and cannabinoid distillates, isolated cannabinoids such as CBD, THC, cannabigerol (“CBG”) and other rare cannabinoids. Aureus™ products are produced at Santa Marta Golden Hemp S.A.S, the Company’s majority-owned subsidiary in Colombia, which is also GACP certified and has United States Department of Agriculture USDA National Organic Program certification for its hemp cultivar.

SOURCE Avicanna Inc.

Stay Connected

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

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

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Forward-looking information contained in this news release includes, without limitation, statements related to the Offering, the use of the proceeds of the Offering, the receipt of all approvals of the Toronto Stock Exchange in connection with the Offering, statements with respect to the Company’s future business operations, the opinions or beliefs of management and future business goals. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated September 3, 2021 and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.