Psilly™ branded functional fungi-based products will be developed by Avicanna utilizing Avicanna’s proprietary delivery systems and scientific platform

TORONTO, July 20, 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 the Company has entered into an Intellectual Property Licensing & Royalty Agreement (“IPLRA”) with Ei.Ventures, Inc. (“Ei.”) to develop and commercialize functional fungi-based products.

“Over the past six years our team established a scientific platform that has led to the commercialization of several products across international commercial channels in the regulated cannabis industry. As a part of our continued growth, we are thrilled to be entering into this agreement where our goal will be to demonstrate our scientific capabilities across alternative natural products and developing new fungi-based functional products. We look forward to working towards developing the new products in the nutraceutical area in a standardized and evidence-based way, as we have with our initial cannabinoid-based products.” stated Aras Azadian, CEO of Avicanna.

The initial focus of the research and development efforts will be on functional, apoptogenic, fungi-based formulations in the form of consumer friendly and single dosed products. The new product development efforts are to be led by Avicanna’s R&D team, leveraging the company’s existing scientific platform and proprietary delivery systems to develop appropriately dosed and synergistic formulations.

“We are excited to enter into this agreement with Avicanna to develop and commercialize the Psilly™ brand of products, starting with functional mushroom blends, gummies and chocolates, and which relationship can potentially evolve to botanical psychedelic pharmaceutical products” states David Nikzad, CEO of Ei. Nikzad continues, “we believe in the Avicanna team and their mission to develop advanced and proprietary plant-based formulations, and we will bring our blockchain, Web3 and Metaverse assets to scale and support the success of the products developed under our agreement.”

About Avicanna Inc.

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

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

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

Click to watch Avicanna’s Corporate Video 2022

SOURCE Avicanna Inc.

About Ei.Ventures, Inc.

Ei.Ventures Inc. is an early-stage tech company empowering mental wellness through psychoactive compounds, nutraceuticals and technology. Ei is leveraging blockchain, emerging technologies and the Metaverse to deliver governmental approved therapeutic treatment options that address the current global mental healthcare pandemic. It is the goal of Ei to utilize the development of these technologies, to create a safe, efficient, and secure way to provide telehealth services in general and specifically to the psychoactive therapeutics. Additional information on Ei can be found on the Ei’s website at: https://www.ei.ventures.

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.

A photo accompanying this announcement is available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/d9d10bb5-5453-4115-acc9-ff4385d04cbd

The performance-based wellness and recovery line created by Harrington Wellness will partner with the NBPA to bring topicals and technologically advanced products to the masses via Amazon and Walmart

NEW YORK, NY, July 12, 2022 – Re+Play, the performance-based wellness and recovery line of Harrington Wellness, is pleased to announce a new multi-year partnership with The National Basketball Players Association (NBPA), designating Re+Play as an official partner. The equity partnership will allow Re+Play to bring the latest in recovery promoting products and technology to athletes of all levels. 

The landmark multi-year product development plan brings recovery-promoting technology to the masses, with offerings from topicals, kinesiology tape, and massage guns, among other naturally infused-pain products.

“Re+Play’s partnership with the NBPA will provide consumers with a wealth of trusted, technology-driven products, to help them recover like a pro,” said Al Harrington, CEO of Harrington Wellness and former NBPA member. “As we move into the next phase of the Re+Play brand with our strategic partners at Amazon, the NBPA, and Walmart, we are excited to once again reimagine how we help athletes of all levels recover from pain with CBD and other innovative technology.”

“Harrington Wellness is a leader and innovator in recovery products for consumers and we are excited to join them in this landmark equity partnership to support and promote their Re+Play line of products,” said Que Gaskins, Interim President of THINK450. The first product release from this new partnership is a line of proprietarily formulated recovery creams — developed in partnership with Avicanna, a biopharmaceutical company focused on the development of plant-derived cannabinoid based products.

“It was important that we developed a product that was clearly evidence-based and targeted at improving muscle recovery,” stated Dr. Sanford Kunkel, Chief Medical Officer, Harrington Wellness & Re+Play. “Through our partnership with Avicanna—we were able to develop our line at its R&D headquarters in the Johnson & Johnson Innovation Center, JLABS, giving us a significant competitive product advantage.’’

This new Re+Play product can be purchased at www.replayrecovery.com and will soon be available through the Replay Recovery Store at Amazon.com and Walmart.com.

“By partnering with Amazon and Walmart, two leading retailers, we can continue our mission to bring high-quality recovery-promoting products to the everyday customer in places that they are looking for them,” said Erin Hackney, President of Harrington Wellness. “Gaining access to a new set of pain relief-seeking consumers allows Re+Play the opportunity to further establish itself as a trusted brand in the recovery category.

###

About Harrington Wellness Harrington Wellness’ Re+Playis the performance-based recovery brand founded by NBA Veteran Al Harrington, renowned trainer Joe Abunasser and Dr. Sanford Kunkel, the team physician for both the Indiana Pacers and the USA national basketball team.

Built with the fundamentals and combined knowledge of scientists, athletes, doctors, and certified athletic trainers, the line uses the latest technology and delivers the powerful benefits of CBD through advanced formulations that have undergone extensive research and development to meet the quality and consistency standards that athletes, physicians, and the everyday consumer can be confident in.

About the NBPA
The National Basketball Players Association is the union for current professional basketball players in the National Basketball Association (NBA). Established in 1954, the NBPA’s mission is to protect and support the rights and talents of our players, magnify the power of their collective will, and amplify their voices as leaders who will transcend sport and society globally.

The NBPA advocates on behalf of the best interests of all NBA players, including through the negotiation of collective bargaining agreements, the filing of grievances on behalf of the players, and counseling players on benefits, educational and post-NBA career opportunities. Business opportunities are generated by THINK450, the subsidiary of the NBPA charged with managing the players’ group licensing rights. 

Dedicated to preserving the legacy of its members, the NBPA Foundation provides support and assistance to persons, communities, and organizations around the world that seek to improve the lives of those in need. 

About THINK450
THINK450 is the innovation and partnership engine of the NBPA, dedicated to uncovering shared interests between the 450 players and leading brands to build more engaging partnerships. Together with its partners, THINK450 creates original ideas that engage fans, stir them to action, and earn brands the right to participate in cultural conversations.

For more information, visit THINK450.com.

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

Initial portfolio launch is planned for Germany, Austria, and Switzerland in Q3 2022

TORONTO, July 07, 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 the Company has completed its first commercial export of its evidence-based derma-cosmetic line Pura H&W (“Pura” or “Pura Health & Wellness”) into the European Market as a part of its supply and distribution agreement with Bio-Gate AG (“Bio-Gate”).

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bab76054-b480-4a1c-9d7a-0b8d3813b05b

Avicanna’s evidence-based derma-cosmetics portfolio has now been successfully imported into Germany where Bio-Gate prepare to launch this summer. The portfolio of products will initially be available online at http://www.purahw.com and then further expanded into other online, retail and pharmacy channels across Germany, Austria, and Switzerland during 2022.

“We are pleased to be entering the European market with our first line of branded products and to be doing so in collaboration with Bio-Gate. Both teams are excited about the launch of the skincare portfolio in the coming months and are happy to see the Pura Health and Wellness brand establish a new European foothold,” commented Jens Kramer, VP of European Operations at Avicanna.

To its knowledge, Avicanna 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.

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 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.

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.

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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.