TORONTO, March 28, 2023 (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 Shoppers Drug Mart® (“Shoppers”) has selected Avicanna as its partner to transition its Medical Cannabis by Shoppers business. Shoppers will continue to support patients throughout the transfer of assets and services to Avicanna, which it anticipates will take place over the next three months.
First launched in Ontario in January 2019, Medical Cannabis by Shoppers provides patients access to medical cannabis products from more than 30 licensed cannabis brands. Over the past four years, the platform has supported tens of thousands of patients, and has worked with patient groups to make access to medical cannabis easier.
“We are grateful for the trust placed in us by our medical cannabis patients over the past few years, and are confident we’ve found the right partner in Avicanna to continue to support them,” said Jeff Leger, President, Shoppers Drug Mart. “As we move away from medical cannabis distribution, we remain firm in our belief that this medication should be dispensed in pharmacies like all others and will continue our advocacy to that end.”
As part of the transition, Avicanna will introduce MyMedi.ca, a new medical cannabis care platform designed to enhance the patient journey. MyMedi.ca will have pharmacist-led patient support programs and aims to provide a similar product portfolio including various formats, brands, and competitive pricing.
“We are thankful to be selected as the partner for this transition and look forward to introducing MyMedi.ca, with a view towards supporting patients and facilitating continuity of care,” said Aras Azadian, CEO, Avicanna. “We are motivated towards furthering the work started by Shoppers to create Canada’s leading independent, comprehensive medical cannabis platform and continuing our efforts towards advancing access to medical cannabis and its long-term incorporation into the standard of care.”
With initial transitional support from the Medical Cannabis by Shoppers team, MyMedi.ca will provide a scientifically curated and diverse formulary of products in collaboration with Canadian licensed producers, and comprehensive training programs for the medical community. The online medical portal will also focus on patient education in areas such as harm reduction and will continue to provide specialty services to distinct patient groups including veterans in addition to reimbursement services for public and private providers.
About Shoppers Drug Mart Inc.
Shoppers Drug Mart Inc. is one of the most recognized and trusted names in Canadian retailing. The company is the licensor of full-service retail drug stores operating under the name Shoppers Drug Mart® (Pharmaprix® in Québec). With almost 1,350 Shoppers Drug Mart and Pharmaprix stores operating in prime locations in each province and two territories, the company is one of the most convenient retailers in Canada. The company also licenses or owns 47 medical clinic pharmacies operating under the name Shoppers Simply Pharmacy® (Pharmaprix Simplement Santé® in Québec). As well, the company owns and operates 43 corporate Wellwise by Shoppers Drug Mart™ stores and an ecommerce site Wellwise.ca, making it the largest Canadian retailer of home health care products and services. In addition to its retail store network, the company owns Shoppers Drug Mart Specialty Health Network Inc., a provider of specialty drug distribution, pharmacy and comprehensive patient support services, MediSystem Inc., a provider of pharmaceutical products and services to long-term care facilities and Lifemark Health Group, Canada’s leading provider of outpatient physiotherapy, massage therapy, occupational therapy, chiropractic, mental health, and other ancillary rehabilitation services. Shoppers Drug Mart is an independent operating division of Loblaw Companies Limited.
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 proprietary cannabinoid products containing varying ratios of cannabinoids. The full formulary of products includes oral, sublingual, topical, and transdermal product formats with controlled dosing, enhanced absorption and supported by pre-clinical data. The formulary is marketed with, patient and medical-community education and training.
• Pharmaceutical Pipeline: Leveraging Avicanna’s scientific platform, Avicanna has developed a pipeline of proprietary drug candidates that are aimed at specific medical indications and are 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.
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For more information about Avicanna, visit www.avicanna.com, contact Ivana Maric by email at email@example.com or follow us on social media on LinkedIn , Twitter , Facebook or Instagram .
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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.