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.

The proposed partnership will encompass three potential strategic pillars across supply of API, commercialization of prescription products, and co-development of pharmaceutical drug candidates.

TORONTO, February 14^th, 2022 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), an innovative, commercial-stage, and international biopharmaceutical company focused on the development, advancement, and commercialization of evidence-based, cannabinoid-based products, is pleased to announce that it has executed a non-binding term sheet with Tetra Bio-Pharma (“Tetra”) to assess entering into a strategic partnership comprising of three strategic pillars, including:

• The registration and commercialization of Tetra’s various prescription products (REDUVO™ AdVersa, QIXLEEF™ and CAUMZ™) across Avicanna’s channels in Latin/South America.
• Supply of Avicanna’s Active Pharmaceutical Ingredients (APIs) for Tetra’s pharmaceutical pipeline. The phyto-cannabinoid APIs would be sourced from Avicanna’s low cost and sustainable operations in Colombia.
• Co-development and support for Avicanna’s pharmaceutical pipeline for Health Canada and FDA level clinical development and registration.

Aras Azadian, CEO commented, “We look forward to collaborating with the Tetra team who in many ways been pioneers of cannabinoid- pharmaceutical products. As the global industry continues to mature and shift its focus towards evidence-based medicines, the two companies are well positioned to work in synergy across several projects and leverage their leadership positions into fruitful commercial results.”

Steeve Neron, Chief Commercial Officer at Tetra stated, “Tetra will need multiple reliable sources of API, like Avicanna’s, to support QIXLEEF™ operations leading to its successful marketing authorization. QIXLEEF™ is Tetra’s proprietary investigational new drug and is currently being evaluation in two U.S. FDA-authorized clinical trials. Additionally, Avicanna’s established distribution channels in Latin/South America may help advance Tetra’s product commercialization in select jurisdictions”.

About Tetra Bio-Pharma

Tetra Bio-Pharma (TSX: TBP) (OTCQB: TBPMF) (FRA:JAM1) is a leader in cannabinoid-derived drug discovery and development with a FDA and a Health Canada cleared clinical program aimed at bringing novel prescription drugs and treatments to patients and their healthcare providers. Their evidence-based scientific approach has enabled them to develop a pipeline of cannabinoid-based drug products for a range of medical conditions, including pain, inflammation, and oncology. With patients at the core of what they do, Tetra Bio-Pharma is focused on providing rigorous scientific validation and safety data required for inclusion into the existing biopharma industry by regulators, physicians and insurance companies.

For more information visit: www.tetrabiopharma.com

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, Avicanna conducts its research in Canada at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, located in the MaRS Discovery District. 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:

• 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.
• 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 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.

Future-oriented financial information

Financial outlook and future-oriented financial information contained in this news release about prospective financial performance, financial position or revenue is based on assumptions about future events, including economic conditions and proposed courses of action, based on management’s assessment of the relevant information currently available. In particular, this presentation contains 2022 financial outlook information for the Company, including expected revenue. These projections contain forward-looking information and are based on a number of material assumptions and factors set out above and are provided to give the reader a better understanding of the potential future performance of the Company in certain areas. Actual results may differ significantly from the projections presented herein. These projections may also be considered to contain future oriented financial information or a financial outlook. The actual results of the Company’s operations for any period will likely vary from the amounts set forth in these projections, and such variations may be material. See above together with 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 for a further discussion of the risks that could cause actual results to vary. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein.

Projected revenue of $9M for fiscal 2022 through its Canadian and global operations, including the international commercialization of cannabinoid-based pharmaceuticals

TORONTO, Feb. 02, 2022 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company “) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), an innovative, commercial-stage, and international biopharmaceutical company focused on the development, advancement, and commercialization of evidence-based, cannabinoid-based products, is pleased to provide fourth quarter 2021 results and highlights, as well as fiscal 2022 guidance.

Aras Azadian, CEO stated, “During 2021 we forged our path within the Canadian market and demonstrated our potential as a biopharmaceutical company with the commercialization of our proprietary wellness and medical products at a global level. We are optimistic about the early commercial success we have attained from our vertical integration which synergistically combines our sustainable input materials with our proprietary formulations to deliver a diverse portfolio of products competitively on the global stage.”

Q4 2021 Highlights and Guidance

• Projected record revenue of $1.3M, representing the fourth consecutive quarter over quarter increase of at least 30%.
• Projected total fiscal 2021 revenue of $3.3M, representing a 133% growth from $1.5M in 2020.
• 70,000 units of proprietary cannabinoid-based product sold across global channels, representing a 160% growth from Q3, resulting in124,000 units during 2021 versus 4,100 units in 2020.
• A total of 34 “cannabis 2.0” product listings across medical and adult-use channels in Canada, signifying an increase of 36% from the Q3-21.
• Total of 18 “cannabis 2.0” SKUs launched in Canada, through four brands which included the successful launch of Viola and re+Play brands during the quarter.
• Strengthened its position with the Medical Cannabis by Shoppers™ online portal with a total of 12 SKUs available to patients and the medical community by the end of fiscal 2021.
• The Company’s international distribution channels also progressed during the quarter with the opening of the Company’s 14^th international market across four continents.
• The 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.

2022 Strategy and Guidance

2022 is expected to be a pivotal year for the Company, where it’s focus on commercial initiatives through its proprietary medical, wellness, skincare and pharmaceutical products are expected to yield more quantitative milestones across its international commercial channels.

• Projected $9M in consolidated revenue from global operations, which is expected to be led by the anticipated sales of approximately 300,000 units of proprietary cannabinoid-based products.
• Anticipated increase in the number of “cannabis 2.0” SKUs across all four brands, coupled with additional listings that are expected to reach 60 by the end of 2022 in Canada.
• Expected expansion of existing evidence-based products to new medical channels and market share in Canada, motivated by the initial successful outcome of the partnership with Medical Cannabis by Shoppers™.

The Company is very optimistic about the combination of its market-tested intellectual property with its Latin American operations, which are transforming into a global supply and manufacturing infrastructure for its active pharmaceutical ingredients (API) and finished products. This is further encouraged by the progressive regulations towards medical and pharmaceutical applications of cannabinoid-based products at a global level. It is expected that the Company’s international operations will achieve significant growth, fortify its brands, achieve operational efficiencies, and facilitate new international market entrances, all while advancing commercialization efforts in existing markets.

• Anticipated marketing authorization and commercialization of its first pharmaceutical preparation into three new international markets.
• Anticipated expansion of proprietary and evidence-based skincare and wellness topical products into new international markets including the United Kingdom, European Union, and South America.
• New international markets expected for Aureus™ branded raw-material business units, including its standardized seeds and API, while delivering to existing partners.
• Projected progression of innovation and advancements of its scientific platform, product pipeline and Intellectual property portfolio, which is expected to be further secured with the expected scientific evidence yielded through several clinical collaborations with leading Canadian institutions.
• Management expected to concentrate on further operational efficiencies and optimization of the Company’s commercial activities by focusing on strategic and market-tested business models with the aim of achieving self sufficiency towards the end of 2022.

Guidance webinar

On February 3^rd, 2022 at 11:00m EST, the Company will be hosting a webinar where CEO, Aras Azadian will be providing further details related to the Q4-21 and 2022 guidance and expectations. This event will feature a Q&A whereby participants will get an opportunity to submit their inquiries in advance for potential discussion during the event. To join this webinar, please register here. For more information or to submit question to the Company in advance, please contact Jordan Shafi at CHF Capital Markets.

Correction of Error in January 28, 2022 News Release

As previously announced in the Company’s news release dated January 28, 2022 (the “Closing Release”), the Company closed a non-brokered private placement (the “Offering”) of convertible debenture units of the Company (the “Units”), with each Unit consisting of an aggregate of $1,000 principal amount of secured subordinated convertible debentures and 545 common share purchase warrants, at a price of $800 per Unit, for aggregate gross proceeds to the Company of approximately $1,550,400. There were a total of 1,938 Units issued on January 28, 2022 in connection with the Offering, rather than 1,626 Units as erroneously stated in the Closing Release.

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, Avicanna conducts most of its research in Canada at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, located in the MaRS Discovery District. 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 twenty products across four main market segments:

• Medical Cannabis & Wellness Products: Marketed under the RHO Phyto™ brand, or Magisterial Preparations, these medical and wellness products are an advanced line of pharmaceutical-grade cannabis 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. Avicanna’s medical and wellness product portfolio also forms the foundation of the Company’s pharmaceutical pipeline with the contribution of the formulations that form the basis of the products as well as the data generated from sales and participation of the products in real-world evidence studies.
• 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 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.
• Cannabis Raw Materials, Seeds, and Bulk Formulations: Marketed under the Aureus™ brand, the Company’s raw material business has successfully completed sales to 11 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, and bulk formulations derived from hemp and cannabis cultivars through its sustainable, economical, and industrial-scale subsidiaries based in Colombia. The majority of the Aureus™ products are produced at Santa Marta Golden Hemp S.A.S. (“SMGH”), the Company’s majority-owned subsidiary, which is also Good Agricultural and Collection Practices (“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 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. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, the availability of licenses, approvals and permits, and the utility and potential application of certain drugs, cannabinoids, compounds and products. 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.

Future-oriented financial information

Financial outlook and future-oriented financial information contained in this news release about prospective financial performance, financial position or revenue is based on assumptions about future events, including economic conditions and proposed courses of action, based on management’s assessment of the relevant information currently available. In particular, this presentation contains 2022 financial outlook information for the Company, including expected revenue. These projections contain forward-looking information and are based on a number of material assumptions and factors set out above and are provided to give the reader a better understanding of the potential future performance of the Company in certain areas. Actual results may differ significantly from the projections presented herein. These projections may also be considered to contain future oriented financial information or a financial outlook. The actual results of the Company’s operations for any period will likely vary from the amounts set forth in these projections, and such variations may be material. See above together with 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 for a further discussion of the risks that could cause actual results to vary. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein.

Expansion and fortification of relationship since 2020 with established pharmaceutical company in Chile

Supply of Avicanna’s active pharmaceutical ingredients for existing commercial and pipeline of pharmaceutical products in South America

TORONTO, January 14^th, 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 subsidiary Santa Marta Golden Hemp (“SMGH”) the company has entered into a Master Supply Agreement with established Chilean pharmaceutical company Knop Laboratorios S.A. (“Knop”) to supply a range of cannabinoid-based active pharmaceutical ingredients (“API”) for the manufacturing, and commercialization of proprietary cannabinoid-based pharmaceutical products in Latin America.

Since 2018, Avicanna and Knop have developed a collaborative enterprise which has led to commercial imports of Avicanna´s API, including CBD and THC, which has been used in the development, production and commercialization of several cannabinoid-based products. Through this Master Supply Agreement between SMGH and Knop the two companies are further fortifying their commitments to a fruitful partnership and preparing for industrialization of Knop’s cannabinoid-based pharmaceuticals manufactured using Avicanna’s organic, sustainable inputs.

About Knop Laboratorios S.A.

Knop Laboratorios S.A. is a Chilean pharmaceutical company and pioneer in herbal medicine with more than 90 years of experience in the field and active presence in several Latin American countries including Chile, Ecuador, Colombia, Bolivia, Paraguay, and Peru. With a GMP certified plant located in Quilpué, Chile, Knop Laboratorios serves its markets with high-quality pharmaceutical products. Knop has a wide portfolio of registered products, including Cannabiol®, a cannabinoid-based product already registered in Perú, and its own commercial infrastructure including strategic partnerships with 80+ “Knop Pharmacies” in Chile. In 2021, Knop opened the first R&D Center in Chile for phytomedicines and active ingredients of natural origin.

Knop is carrying out various Clinical Studies for their cannabinoid-based products, with authorization from the appropriate health authorities.

“We are happy to announce the fortification of our partnership with Knop and further expand into the Chilean market through our active pharmaceutical ingredient (API) offerings with an established pharmaceutical leader and pioneer in the cannabinoid sector in Chile. Over the past few years, we have worked closely together and are thrilled about the potential of what the two companies can accomplish jointly in the emerging medical and pharmaceutical industry, of the Southern Cone of Latin America.” stated Lucas Nosiglia, President of Avicanna LATAM.

About Avicanna

Avicanna is a Canadian commercial-stage biopharmaceutical company established in cannabinoid research, development, and evidence-based products for the global consumer, as well as medical and pharmaceutical market segments. In leading global cannabinoid advancements, Avicanna conducts most of its research in Canada at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, located in the MaRS Discovery District. 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 which has led to the commercialization of over twenty products across four main market segments:

• Medical Cannabis & Wellness Products: Marketed under the RHO Phyto™ brand, or Magisterial Preparations, these medical and wellness products are an advanced line of pharmaceutical-grade cannabis 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. Avicanna’s medical and wellness product portfolio also forms the foundation of the Company’s pharmaceutical pipeline with the contribution of the formulations that form the basis of the products as well as the data generated from sales and participation of the products in real world evidence studies.
• 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 which 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.
• Cannabis Raw Materials, Seeds, and Bulk Formulations: Marketed under the Aureus™ brand, the Company’s raw material business has successfully completed sales to 11 countries. Aureus offers cannabis dried flower, standardized seeds, full spectrum extracts, and cannabinoid distillates, isolated cannabinoids (CBD, THC, cannabigerol (“CBG”) and other rare cannabinoids), and bulk formulations derived from hemp and cannabis cultivars through its sustainable, economical, and industrial-scale subsidiaries based in Colombia. The majority of the Aureus products are produced at Santa Marta Golden Hemp S.A.S. (“SMGH”), the Company’s majority-owned subsidiary, which is also Good Agricultural and Collection Practices (“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 press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions.  Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, the availability of licenses, approvals and permits, and the utility and potential application of certain drugs, cannabinoids, compounds and products. 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 press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Toronto, Ontario – January 10th, 2021 – Avicanna USA Inc. together with Avicanna Inc. (“Avicanna” or the “Company“) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing, and commercialization of organic and sustainable plant-derived cannabinoid-based products, is pleased to announce the appointment of Stephen Kim as the Avicanna’s   Chief Legal Officer & General Counsel.

Mr. Kim comes with over twenty years of legal experience with highly regulated and innovative industries.  He has significant pharmaceutical industry experience and is very familiar with the complex overlay of corporate, commercial, IP, governance, compliance, and regulatory considerations associated with development, approval, and launch of multiple pharmaceutical products, which he has executed in the US, Canada, and globally. 

Prior to joining Avicanna, Mr. Kim held various roles of progressive responsibility at global biotechnology and pharmaceutical companies including Bayer Inc., Celgene Corporation, and Indivior Inc., and also held roles as an associate with leading US and International law firms in New York City and Toronto. Mr. Kim graduated with a US law degree from University of Detroit Mercy (JD) and a Canadian law degree from the University of Windsor (LLB).

“I am delighted to be joining Avicanna at such an exciting time and looking forward to partnering and working with the dynamic and visionary Management Team and with the accomplished and experienced members of the Board of Directors.” Stephen Kim commented “With my background and experience in domestic and cross-border transactions, as well as pharmaceutical product development, approval, and launch, I am particularly excited about the Company’s work in the areas of evidence-based and pharmaceutical products and global business.” 

“We are thrilled to bring someone of Mr. Stephen Kim’s calibre onboard as we evolve into the next phase of commercialization and development of our pharmaceutical pipeline. Stephen’s experience and track record coupled with his alignment of vision with the Management Team is precisely what the Company needs to achieve its growth potential.” Aras Azadian, Chief Executive Officer, commented.

Mr. Kim will join the Company at his role as the Chief Legal Officer on January 17, 2022, where he will oversee all legal and regulatory affairs at a global level.

About Avicanna

Avicanna is a Canadian commercial-stage biopharmaceutical company established in cannabinoid research, development, and evidence-based products for the global consumer, as well as medical and pharmaceutical market segments. In leading global cannabinoid advancements, Avicanna conducts most of its research in Canada at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, located in the MaRS Discovery District. 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 which has led to the commercialization of over twenty products across four main market segments:

• Medical Cannabis & Wellness Products: Marketed under the RHO Phyto™ brand, or Magisterial Preparations, these medical and wellness products are an advanced line of pharmaceutical-grade cannabis 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. Avicanna’s medical and wellness product portfolio also forms the foundation of the Company’s pharmaceutical pipeline with the contribution of the formulations that form the basis of the products as well as the data generated from sales and participation of the products in real world evidence studies.
• 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 which 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.
• Cannabis Raw Materials, Seeds, and Bulk Formulations: Marketed under the Aureus™ brand, the Company’s raw material business has successfully completed sales to 11 countries. Aureus offers cannabis dried flower, standardized seeds, full spectrum extracts, and cannabinoid distillates, isolated cannabinoids (CBD, THC, cannabigerol (“CBG”) and other rare cannabinoids), and bulk formulations derived from hemp and cannabis cultivars through its sustainable, economical, and industrial-scale subsidiaries based in Colombia. The majority of the Aureus products are produced at Santa Marta Golden Hemp S.A.S. (“SMGH”), the Company’s majority-owned subsidiary, which is also Good Agricultural and Collection Practices (“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 press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions.  Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, the availability of licenses, approvals and permits, and the utility and potential application of certain drugs, cannabinoids, compounds and products. 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 press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

TORONTO, Jan. 04, 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 appointment of Eileen McCormack to, and the resignation of Setu Purohit from, its board of directors effective immediately.

Eileen McCormack is an experienced senior marketing executive with more than 30 years of international experience in the bio-pharmaceutical industry. Ms. McCormack retired from AstraZeneca US where she led commercial and cross-functional teams responsible for launch planning and business development in the US market. Ms. McCormack has experience in bio-pharmaceutical product development, portfolio strategy in complex regulated environments and brings significant multi-market and international commercial experience. Ms. McCormack gives back to her community by having served on a number of national and Toronto-based non-for-profit boards over the last 10 years.

“I am excited to be joining the Avicanna board of directors,” said Eileen McCormack. “I believe Avicanna has a strong business model and talented management team that uniquely positions it to capitalize on the evolving cannabinoid-based biopharmaceutical industry. I look forward to contributing to Avicanna’s future growth and success as the company executes development and launch activities for its evidence-based products.”

“We are pleased to add Ms. McCormack to our board of directors at an appropriate time where her experience and wisdom can support the next phase of evolution of the Company, including pipeline analysis and global commercialization efforts,” stated Aras Azadian, CEO Avicanna Inc.

About Avicanna

Avicanna is a Canadian commercial-stage biopharmaceutical company established in cannabinoid research, development, and evidence-based products for the global consumer, as well as medical and pharmaceutical market segments. In leading global cannabinoid advancements, Avicanna conducts most of its research in Canada at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, located in the MaRS Discovery District. 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 which has led to the commercialization of over twenty products across four main market segments:

• Medical Cannabis & Wellness Products: Marketed under the RHO Phyto™ brand, or Magisterial Preparations, these medical and wellness products are an advanced line of pharmaceutical-grade cannabis 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. Avicanna’s medical and wellness product portfolio also forms the foundation of the Company’s pharmaceutical pipeline with the contribution of the formulations that form the basis of the products as well as the data generated from sales and participation of the products in real world evidence studies.

• 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 which 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.

• Cannabis Raw Materials, Seeds, and Bulk Formulations: Marketed under the Aureus™ brand, the Company’s raw material business has successfully completed sales to 11 countries. Aureus offers cannabis dried flower, standardized seeds, full spectrum extracts, and cannabinoid distillates, isolated cannabinoids (CBD, THC, cannabigerol (“CBG”) and other rare cannabinoids), and bulk formulations derived from hemp and cannabis cultivars through its sustainable, economical, and industrial-scale subsidiaries based in Colombia. The majority of the Aureus products are produced at Santa Marta Golden Hemp S.A.S. (“SMGH”), the Company’s majority-owned subsidiary, which is also Good Agricultural and Collection Practices (“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 press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, the availability of licenses, approvals and permits, and the utility and potential application of certain drugs, cannabinoids, compounds and products. 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 press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Avicanna’s first commercial export of Cannabigerol (CBG), a rare cannabinoid, into the European Union

This export represents the 12^th international market for Aureus branded products and the 14^th for all Avicanna products

TORONTO, December 24, 2021 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company“) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products, is pleased to announce that, through its majority owned Colombian subsidiary, Santa Marta Golden Hemp S.A.S. (“SMGH”), it has expanded reach for its Aureus raw materials in the European Union with a commercial export of purified cannabigerol (“CBG”) into the Czech Republic.

The completed export into the Czech Republic marks the Company’s first commercial export of CBG into the European Union and the twelfth (12^th) market that the Aureus branded products has entered. The new market entrance further demonstrates the company’s rapidly expanding international business model and validates the company’s leadership in innovation and the commercialization of rare cannabinoids. Aureus branded CBG is cultivated through it’s organic certified and sustainable practices at Avicanna’s Santa Marta Golden Hemp (SMGH) facilities. The CBG is also extracted and purified through Avicanna’s proprietary processes to provide an isolated and purified form.

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 Cannabigerol (CBG)

CBG has strong anti-inflammatory properties, making it an exciting potential option for formulating topical treatments for arthritis, and muscle and joint pain, as well as prospective oral treatments to address gut inflammation on a cellular level. CBG is considered a rare and non-psychoactive cannabinoid that acts as the precursor to other more commonly known cannabinoids including CBD and THC. CBG is typically expressed in low amounts in common cultivars of cannabis, however, Avicanna has propagated proprietary cultivars that expresses exceptionally high amounts of the rare cannabinoid. CBG has been shown to have anti-inflammatory, anti-bacterial and neuroprotective properties^1-6. CBG also has the potential to be formulated across various delivery forms including topical and ingestible for a given therapeutic focus. 

¹ Aqawi, M., Sionov, R. V., Gallily, R., Friedman, M., & Steinberg, D. (2021). Anti-Bacterial Properties of Cannabigerol Toward Streptococcus mutans. Frontiers in microbiology, 12, 656471.

² Borrelli, F., Fasolino, I., Romano, B., Capasso, R., Maiello, F., Coppola, D., Orlando, P., Battista, G., Pagano, E., Di Marzo, V., & Izzo, A. A. (2013). Beneficial effect of the non-psychotropic plant cannabinoid cannabigerol on experimental inflammatory bowel disease. Biochemical pharmacology, 85(9), 1306–1316.

³ Gugliandolo, A., Pollastro, F., Grassi, G., Bramanti, P., & Mazzon, E. (2018). In Vitro Model of Neuroinflammation: Efficacy of Cannabigerol, a Non-Psychoactive Cannabinoid. International journal of molecular sciences, 19(7), 1992.

⁴ Henshaw, F. R., Dewsbury, L. S., Lim, C. K., & Steiner, G. Z. (2021). The Effects of Cannabinoids on Pro- and Anti-Inflammatory Cytokines: A Systematic Review of In Vivo Studies. Cannabis and cannabinoid research, 6(3), 177–195.

⁵ Robaina Cabrera, C. L., Keir-Rudman, S., Horniman, N., Clarkson, N., & Page, C. (2021). The anti-inflammatory effects of cannabidiol and cannabigerol alone, and in combination. Pulmonary pharmacology & therapeutics, 69, 102047.

⁶ Stone, N. L., Murphy, A. J., England, T. J., & O’Sullivan, S. E. (2020). A systematic review of minor phytocannabinoids with promising neuroprotective potential. British journal of pharmacology, 177(19), 4330–4352.

About Avicanna

Avicanna is a Canadian commercial-stage biopharmaceutical company established in cannabinoid research, development, and evidence-based products for the global consumer, as well as medical and pharmaceutical market segments. In leading global cannabinoid advancements, Avicanna conducts most of its research in Canada at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, located in the MaRS Discovery District. 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 which has led to the commercialization of over twenty products across four main market segments:

• Medical Cannabis & Wellness Products: Marketed under the RHO Phyto™ brand, or Magisterial Preparations, these medical and wellness products are an advanced line of pharmaceutical-grade cannabis 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. Avicanna’s medical and wellness product portfolio also forms the foundation of the Company’s pharmaceutical pipeline with the contribution of the formulations that form the basis of the products as well as the data generated from sales and participation of the products in real world evidence studies.
• 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 which 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.
• Cannabis Raw Materials, Seeds, and Bulk Formulations: Marketed under the Aureus™ brand, the Company’s raw material business has successfully completed sales to 11 countries. Aureus offers cannabis dried flower, standardized seeds, full spectrum extracts, and cannabinoid distillates, isolated cannabinoids (CBD, THC, cannabigerol (“CBG”) and other rare cannabinoids), and bulk formulations derived from hemp and cannabis cultivars through its sustainable, economical, and industrial-scale subsidiaries based in Colombia. The majority of the Aureus products are produced at Santa Marta Golden Hemp S.A.S. (“SMGH”), the Company’s majority-owned subsidiary, which is also Good Agricultural and Collection Practices (“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 press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions and includes statements with respect to the Company’s ability to generate data to support a final patent application, the Company’s ability to conduct further research on the Formulation Candidate, the grant of any patent for the Formulation Candidate.  Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, the availability of licenses, approvals and permits, and the utility and potential application of certain drugs, cannabinoids, compounds and products. 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 press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.