Posted by AGORACOM-JC
at 12:04 PM on Tuesday, September 8th, 2020
AVICANNA AUGUST 2020 RECAP
Achievements and Announcements August has been another incredibly progressive month for the Avicanna team with major commercial milestones being achieved. This included the nation-wide launch of our leading medical cannabis brand RHO Phyto in partnership with Medical Cannabis by Shoppers Drug Mart in Canada, the closing of a private placement financing, export of rare cannabinoids including CBG into the Unites States and strategic partnership with Red White and Bloom to distribute Pura H&W in the United States.
See below highlights and press releases:
August 24, 2020
Avicanna Advances its Supply Chain Business with Commercial Exports of CBG And CBD into the United States and Germany as well as Industrial Scale THC Quota Granted by the Colombian Authorities
Avicanna majority owned subsidiary, Santa Marta Golden Hemp S.A.S. (“SMGH“) completed exports of CBG and CBD isolates into the United States, CBD isolate into Germany and the commencement of a pilot tracking system for the export of its active pharmaceutical ingredient (“API“) products in partnership with TruTrace Technologies Inc. (“TruTrace“) (CSE: TTT) (OTCQB: TTTSF). The export and sale of the commercial lot of isolated CBG into the United States was completed in parallel with commercial export of isolated CBD into the United States, as well as a pilot export for R&D purposes of CBD into Germany. The Colombian Ministry of Justice and Law granted SMGH a supplementary cultivation quota to cultivate 12,264 psychoactive cannabis plants. 11,587 plants will be destined to produce dry flower which will then be used to manufacture psychoactive derivatives for commercial production for export. The remaining 677 plants will be utilized for psychoactive derivatives for the purposes of research and development and pilot production of our RHO Phyto™ branded products in Colombia.
Avicanna Closes Non-Brokered Private Placement Raising $2.7 Million
Avicanna closed a non-brokered private placement (the “Offering“). Under the Offering, Avicanna issued an aggregate of 1,952,410 units (the “Units“) at a price of CAD$1.40 per Unit for aggregate gross proceeds of approximately CAD$2.7 million. Avicanna intends to use the proceeds from the Offering for corporate development and general working capital purposes.
Avicanna Reports Second Quarter 2020 Financial Results and Provides Corporate Update
Successfully launched advanced “medical cannabis 2.0” products under RHO Phyto™ brand nation-wide in Canada through Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart Revenue increase of 172% from $260,903 in Q1 2020 to $709,468 in Q2 2020, and a substantial increase from $16,571 in Q2 2019, coupled with 8% cost reduction from Q1 2020, and 31% cost reduction from Q2 2019 Continued to fortify cannabinoid research and clinical leadership position in Canada with advancements with several collaborations with world class institutions including the MC-RWE by UHN
Avicanna’s RHO Phyto™ Medical Product Line is Now Available Nation-Wide in Canada Through Medical Cannabis by Shoppers Inc.
RHO Phyto “Micro Drop” oil formulations are the first of the RHO Phyto formulary of advanced medical cannabis products available for patients and health care practitioners on the Medical Cannabis by Shoppers™ platform. This product line includes advanced formulations under the “Cannabis 2.0” regulations that have undergone years of research and development and been manufactured under GMP standards at MediPharm Labs Inc. The RHO Phyto products are also now available to clinicians and patients at the University Health Network through the Medical Cannabis Real World Evidence study in partnership with Medical Cannabis by Shoppers.
Avicanna and Red White & Bloom enter Exclusive Partnership for the Distribution and Commercialization of Pura H&W Hemp-Derived CBD-Based Topical Products in the United States
Avicanna entered into a distribution agreement for the exclusive distribution of our advanced and clinically backed CBD-based cosmetic and topical products Pura H&W™ by Red White Bloom (“RWB”) in the US and certain other markets. The launch of this innovative and premium hemp-derived CBD product line will leverage from the growing use of online platforms for shopping including Pura H&W’s own e-commerce platform, third party e-commerce channels, and “big box” retailers in addition to the existing commercial infrastructure of RWB in the United States.
Avicanna Inc. to Host Second Quarter 2020 Investor Conference Call Avicanna announced its first ever second quarter 2020 investor conference call on August 17, 2020.
Posted by AGORACOM-JC
at 9:13 PM on Monday, September 7th, 2020
The Tortoise and the Hare is the famous fable most of us grew up with that teaches this very important lesson – you can be more successful by doing things slowly and steadily than by acting quickly and carelessly. Said another way, slow and steady wins the race.
Avicanna (AVCN:TSX) (AVCNF:OTCQB) (0NN:Frankfurt) is the Hare. The company very few paid attention to because it started off the Cannabis stock market race slowly and surely, while all the other rabbits ran so quickly to win the race that they ended up tripping over themselves or getting so exhausted they couldn’t finish the race.
You know who those companies are. All flash, big promises, big promotions, big stock prices ….. and HUGE disappointments.
Avicanna has surpassed all of them and is starting to pick up speed. When Avicanna says it is vertically integrated, it isn’t a buzz word, it’s the real story with 4 fully operating divisions that are hitting on all cylinders including, Tier-1 National Partnerships, Global Distribution, Medical Acceptance and History Making Sales.
Here is a snapshot of what we are referring to, followed by an incredible interview with CEO, Aras Azadian, whose quiet confidence sends the following powerful message –
“Watch Us Cross The Finish Line”
CONSUMER RETAIL – COSMETICS
The Only Known CBD Cosmetics Backed By Clinical Trials
Full Line Of High End CBD Based Skin Care Products
Already Commercializing In Colombia
Global Distribution In H2 2020 In United States, Europe and Canada
Canadian Distribution Through Shoppers Drug Mart
MEDICAL CANNABIS
Medical Cannabis 2.0 – Superior Products To Products Currently On The Market
Evidence Backed Medical Cannabis So Doctors Can Prescribe With Confidence
Successfully launched advanced products under RHO Phyto™ brand nation-wide in Canada through Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart
Global Distribution Through US, U.K, Australia, Colombia in H2 2020
PHARMACEUTICALS
A Full Pipeline Of Pharmaceuticals In Various Stages Of Trials To Address Dermatology, Psychiatry, Neurology, Pain and Oncology
3 Products Already As Far As PHASE 2
CULTIVATION
500,000 Sq Ft Of Low Cost and USDA certified Organic Cannabis Cultivation In Colombia First Ever Export Of Feminized Hemp Seeds From Colombia (To United States).
7,000,000 Seeds For $380,000Additional 75,000,000 Seeds Available For Export In Several Pending Transactions
Q2 HIGHLIGHTS
Revenue increased 172% from $260,903 in Q1 2020 to $709,468 in Q2 2020, and a substantial increase from $16,571 in Q2 2019, coupled with 8% cost reduction from Q1 2020, and 31% cost reduction from Q2 2019
Posted by AGORACOM-JC
at 8:31 AM on Friday, September 4th, 2020
Company has completed exports of CBD water soluble formula into the United States and CBD-based cosmetics into the United Kingdom
Company is also pleased to announce that the Colombian Ministry of Health has granted SMGH a commercial and industrial fabrication quota to produce psychoactive THC derivatives.
The export and sale of the commercial lot of isolated CBD water soluble formula into the United States was completed in parallel with an export of CBD-based cosmetics into the United Kingdom
The cultivation, extraction and purification of these products were all completed through Avicanna’s vertical integration at SMGH and validate the Company’s innovation and leadership in natural rare cannabinoid production
TORONTO, Sept. 4, 2020 – Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products announces that through its majority owned subsidiary, Santa Marta Golden Hemp S.A.S. (“SMGH“), the Company has completed exports of CBD water soluble formula into the United States and CBD-based cosmetics into the United Kingdom. The Company is also pleased to announce that the Colombian Ministry of Health has granted SMGH a commercial and industrial fabrication quota to produce psychoactive THC derivatives.
The Company also announces that it has amended and refiled its interim financial statements for the period ended June 30, 2020 (the “Interim Financial Statements”) which amend the Company’s interim financial statements for the same period originally filed on SEDAR on August 14, 2020. At the request of the Ontario Securities Commission, the Interim Financial Statements have been updated to include comparative financial information for the corresponding interim period in the immediately preceding financial year as such information was inadvertently omitted in the initial filing. The changes are for presentation purposes and no figures have been restated. The Company has updated the Statement of Changes in Equity to include the immediately preceding financial year June 30, 2019 balances as required by Section 4.3(2)(b) of National Instrument 51-102 – Continuous Disclosure Obligations.
The export and sale of the commercial lot of isolated CBD water soluble formula into the United States was completed in parallel with an export of CBD-based cosmetics into the United Kingdom. The cultivation, extraction and purification of these products were all completed through Avicanna’s vertical integration at SMGH and validate the Company’s innovation and leadership in natural rare cannabinoid production. The CBD water soluble formula is part of the Aureus™ product portfolio that now includes feminized seeds and advanced formulations as well as CBD, CBG and THC API products. The CBD-based cosmetics were manufactured using CBD produced by SMGH and formulas developed by Avicanna.
The Colombian Ministry of Health granted SMGH a supplementary fabrication quota to receive 1.4 tons of dry flower and transform them into approximately 150 kg of psychoactive derivatives which will be used for commercial exports.
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 Avicanna
Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.
Avicanna is an established leader in cannabinoid research and development, which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:
Pura H&W™: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and,
RHO Phyto™: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.
With ongoing clinical trials on its derma-cosmetic (Pura H&W), medical cannabis (RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.
Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a range of cannabis and hemp cultivars dominant in CBD, CBG, THC, and other cannabinoids for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June 2020, Avicanna made history with a shipment of hemp seeds to the United States of America by completing the first ever export of hemp seeds from Colombia.
Stay Connected
For more information about Avicanna, visit www.avicanna.com, call 1-647-243-5283, or contact Setu Purohit, President by email at [email protected].
Cautionary Note Regarding Forward-Looking Information and Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the ability of the Company to complete additional exports of CBD water soluble formula to the United States, the ability of the Company to complete additional exports of CBD-based cosmetics in to the United Kingdom, the ability of the Company to continue manufacturing CBD-based cosmetics using CBD produced by SMGH, the ability of SMGH to receive 1.4 tons of dry flower for the purposes of extracting psychoactive derivatives, and the ability of SMGH to produce 150 kg of psychoactive derivatives. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.
Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 15, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com.
The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Posted by AGORACOM-JC
at 8:17 AM on Monday, August 24th, 2020
The export of the CBG isolates into the United States is part of the first known industrial cultivation, extraction, and purification of cannabigerol (“CBG”) in Colombia, validating the Company’s early mover advantage in proprietary genetics, extraction, and high margin input materials.
The commercial THC cultivation quota for 11,587 psychoactive plants will be used for commercial production of THC derivatives for exports.
The group of exports into the United States were also piloted as a part of a global tracking system through StrainSecure™, a brand of TruTrace Technologies.
TORONTO, Aug. 24, 2020 – Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products announces that through its majority owned subsidiary, Santa Marta Golden Hemp S.A.S. (“SMGH“), the company has completed exports of CBG and CBD isolates into the United States, CBD isolate into Germany and the commencement of a pilot tracking system for the export of its active pharmaceutical ingredient (“API“) products in partnership with TruTrace Technologies Inc. (“TruTrace“) (CSE: TTT) (OTCQB: TTTSF). The Company is also pleased to announce that the Colombian Ministry of Justice and Law has granted SMGH a commercial and industrial cultivation quota for 12,264 THC plants by.
The export and sale of the commercial lot of isolated CBG into the United States was completed in parallel with commercial export of isolated CBD into the United States, as well as a pilot export for R&D purposes of CBD into Germany. The cultivation, extraction and purification of these cannabinoids including the rare cannabinoid, CBG, were all completed through Avicanna’s vertical integration at SMGH and validate the company’s innovation and leadership in natural rare cannabinoid production. The products are part of the Aureus™ product portfolio that now includes feminized seeds and advanced formulations as well as CBD, CBG and THC API products.
“This is another massive accomplishment for our team in Colombia as we enter the largest market in the world for non-psychoactive cannabinoids with our proprietary CBG offering. As the cannabinoid-derived products sector continues to evolve, our Aureus branded portfolio continues to advance in order to cater to the needs of our cosmetics and pharmaceutical partners, which require an innovative, credible, thoroughly-tested, organic, sustainable and economical source of input materials. Additionally, with the support of TruTrace, the Aureus products will be provided with traceability and trackability all the way back to the seed through a secured blockchain system.” – Aras Azadian, Chief Executive Officer of Avicanna.
The Colombian Ministry of Justice and Law granted SMGH a supplementary cultivation quota to cultivate 12,264 psychoactive cannabis plants. 11,587 plants will be destined to produce dry flower which will then be used to manufacture psychoactive derivatives for commercial production for export. The remaining 677 plants will be utilized for psychoactive derivatives for the purposes of research and development and pilot production of Avicanna’s RHO Phyto™ branded products in Colombia.
Lucas Nosiglia, President of Avicanna LATAM commented: “This achievement took years of characterization, evaluation and planning which will finally allow Avicanna to produce our THC products and export THC derivatives to our international partners. As one of the only companies permitted to produce THC commercially for the global market, we can focus on less competitive and high margin products.”
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 StrainSecure™ by TruTrace
Designed specifically by TruTrace for the cannabis industry, StrainSecure™ is a fully integrated software platform, secured on blockchain which aggregates and authenticates all testing and quality assurance data on products and verifies the quality of each batch and lot in distribution. Furthermore, this deployment will mark the first utilization by TruTrace of the OrionOne™ global freight and logistics solution in the cannabis sector thereby providing dynamic visibility of verified Aureus products through the entire international shipping process.
About Avicanna
Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.
Avicanna is an established leader in cannabinoid research and development, which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:
Pura H&W™: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and,
RHO Phyto™: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.
With ongoing clinical trials on its derma-cosmetic (Pura H&W), medical cannabis (RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.
Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a range of cannabis and hemp cultivars dominant in CBD, CBG, THC, and other cannabinoids for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June 2020, Avicanna made history with a shipment of hemp seeds to the United States of America by completing the first ever export of hemp seeds from Colombia.
Stay Connected
For more information about Avicanna, visit www.avicanna.com, call 1-647-243-5283, or contact Setu Purohit, President by email at [email protected].
Cautionary Note Regarding Forward-Looking Information and Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the ability of SMGH to continue to complete exports of CBD and CBG isolates to the United States and Germany, SMGH’s ability to continue selling CBD and CBG isolates in the United States and Germany, SMGH’s ability to make use of the supplementary cultivation quota granted by the Colombian Ministry of Justice and Law, the ability of the Company to produce THC products using API produced by SMGH, and the ability of SMGH to export THC derivatives internationally. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.
Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 15, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com.
The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Tags: cannabinoids, CSE, Marijuana, Medical Cannabis by Shoppers, Rho Phyto Posted in Avicanna Inc., Featured | Comments Off on Avicanna $AVCN.ca Advances its Supply Chain Business with Commercial Exports of #CBG And #CBD into the United States and Germany as well as Industrial Scale #THC Quota Granted by the Colombian Authorities $KHRN.ca $TRUL.ca $VFF.ca
Posted by AGORACOM-JC
at 4:51 PM on Tuesday, August 18th, 2020
Closed a non-brokered private placement
Under the Offering, the Company has issued an aggregate of 1,952,410 units at a price of CAD$1.40 per Unit for aggregate gross proceeds of approximately CAD$2.7 million.
TORONTO, Aug. 18, 2020 – Avicanna Inc. (“Avicanna” or the “Company“) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of organic and sustainable plant-derived cannabinoid-based products, is pleased to announce that it has closed a non-brokered private placement (the “Offering“). Under the Offering, the Company has issued an aggregate of 1,952,410 units (the “Units“) at a price of CAD$1.40 per Unit for aggregate gross proceeds of approximately CAD$2.7 million.
Setu Purohit, President of Avicanna commented, “We are very grateful for the continued support from our long-term and strategic investors who continue to demonstrate confidence in our business model and management team, especially in this challenging socio-economic environment. With this financing, we are able to strengthen our balance sheet, which coupled with our efforts to lower costs and see increase revenues gives us the bandwidth to continue to execute our business model.”
Each Unit is comprised of one (1) common share in the capital of the Company (each, a “Common Share“) and one-half of one (1/2) common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant is exercisable into one common share in the capital of the Company (each, a “Warrant Share“) at a price of CAD$2.00 per Warrant Share until August 18, 2022, subject to the Company’s right to accelerate the expiry date of the Warrants on not less than thirty (30) days’ notice in the event that the volume weighted average trading price of the Common Shares exceeds CAD$3.00 for any ten (10) consecutive trading days on the Toronto Stock Exchange.
The Company intends to use the proceeds from the Offering for corporate development and general working capital purposes.
All securities issued under the Offering, including securities issuable on exercise thereof, are subject to a hold period expiring four months and one day from the date hereof. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.
The issuance and sale of 48,970 Units pursuant to the Offering to certain directors and officers of the Company constituted related party transactions within the meaning of Multilateral Instrument 61-101-Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1) (a) of MI 61-101, on the basis that the fair market value of the participation in the Offering by the insiders does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the Offering, which the Company deems reasonable in the circumstances so as to be able to avail itself of the proceeds of the Offering in an expeditious manner.
About Avicanna
Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.
Avicanna is an established leader in cannabinoid research and development, which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:
Pura H&W: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and,
RHO Phyto: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.
With ongoing clinical trials on its derma-cosmetic (Pura H&W), medical cannabis (RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.
Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a range of cannabis and hemp cultivars dominant in CBD, CBG, THC, and other cannabinoids for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June 2020, Avicanna made history with a shipment of hemp seeds to the United States of America by completing the first ever export of hemp seeds from Colombia.
Stay Connected
For more information about Avicanna, visit www.avicanna.com, call 1-647-243-5283, or contact Setu Purohit, President by email [email protected].
Cautionary Note Regarding Forward-Looking Information and Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the use of proceeds of the Offering. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.
Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 15, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com.
The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Posted by AGORACOM-JC
at 7:36 AM on Monday, August 17th, 2020
Successfully launched advanced “medical cannabis 2.0” products under RHO Phyto™ brand nation-wide in Canada through Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart
Revenue increase of 172% from $260,903 in Q1 2020 to $709,468 in Q2 2020, and a substantial increase from $16,571 in Q2 2019, coupled with 8% cost reduction from Q1 2020, and 31% cost reduction from Q2 2019
Continued to fortify cannabinoid research and clinical leadership position in Canada with advancements with several collaborations with world class institutions including the MC-RWE by UHN
TORONTO, Aug. 17, 2020 – Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products announces results for the three and six months ended June 30, 2020.
Aras Azadian, Chief Executive Officer of Avicanna, commented “We continued to make strategic, scientific and commercial progress during the quarter while optimizing our global operations, which is demonstrated through quarter to quarter revenue increases and cost reductions. We are at an inflection point where our differentiated and advanced product lines are commencing sales in major markets and we are demonstrating evidence of our diversified business model which is comprised of seeds, API, advanced finished products, and royalties from intellectual property. Furthermore, we continue to fortify our thought leadership position within the medical community in Canada with various world class research collaborations, which now include the strategically significant real-world evidence trials on our RHO Phyto products available in the Canadian market.”
First Quarter Financial and Operational Highlights
The Company continued to make strides in its strategic commercial initiatives, leading to an increase in revenues of 172% from $260,903 in the first quarter of 2020 to $709,468 in the second quarter of 2020, and an increase of 4,181% from $16,571 in the second quarter of 2019. In addition, the Company was able to reduce general and administrative costs by approximately 8% from $3,185,943 in the first quarter of 2020 to $2,924,462 in the second quarter of 2020 and a decrease of 31% from $4,243,276 in the second quarter of 2019. The Company has approximately $3.9M of inventory available for sale.
Three Month
Q2 2020
Q1 2020
Q2 2019
Revenue
$709,486
$260,903
$16,571
G&A
$2,924,462
$3,185,943
$4,243,276
The Company announced the co-development of a cannabinoid-based product for treatment of COVID-19 related lung inflammation in partnership with the University of Toronto, with additional support and funding from the Mitacs Accelerate Program grant (the “Mitacs Grant“). Dr. Christine Allen is a global leader in the research and development of pharmaceutical formulations and for the past three years, Avicanna and Dr. Christine Allen’s research group (“CARG“) have developed novel cannabinoid-based products for commercialization. The combined expertise of Avicanna and CARG will fast-track the development of advanced pharmaceutical formulations of cannabinoids and their route to market.
The Company announced the successful registration of the Company’s initial line of products for its CBD-based derma-cosmetic product line, Pura H&W, in the European Union. The Company is anticipating the commercial launch of its Pura H&W line in the United Kingdom in the third quarter of 2020. Avicanna successfully met all regulatory requirements of the European Commission’s Cosmetic Product Notification Portal (the “CPNP“). In addition to the clinical studies conducted on two of the registered products, Avicanna has provided the CPNP with long-term stability studies on these initial SKUs along with primary skin irritation evaluations for the entire portfolio in order to certify the safety and stability of the Pura H&W formulations.
Through its genetics and seed division, Avesta Genetica, Avicanna completed its first industrial-scale seed harvest in Colombia. Approximately 80 million premium and feminized cannabigerol (“CBG“) dominant seeds were successfully harvested. The seeds have been tested for germination and attained feminization rates of 99%, which are considered premium within the global seed market. The seeds will be utilized for sales, exports, and local production. Additionally, the Company’s first ever export of hemp seeds (genetics) was approved by the Colombian government, which was also the first export of cannabis or hemp seeds in Colombian history.
The Company entered a strategic manufacturing and intellectual property (“IP“) licensing agreement with MediPharm Labs Inc. (“MediPharm“). Under the terms of the agreement, MediPharm will use its manufacturing capabilities under its Good Manufacturing Practice (“GMP“) certification in Canada to produce Avicanna’s advanced RHO Phyto medical cannabis products, and Pura H&W topicals for sale by Medical Cannabis by Shoppers. The partnership provides Avicanna with a route to market for Canadian and international sales, as well as pharmaceutical manufacturing for clinical trials with its Canadian research hospital collaborators. Additionally, Avicanna will grant MediPharm a license to use proprietary Avicanna formulations to develop additional white label branded products for the domestic and international market. MediPharm’s pharmaceutical and GMP-certified manufacturing capabilities and its international supply chain capabilities will be leveraged to produce and deliver the proprietary finished products to partners worldwide.
At the height of the COVID-19 pandemic, the Company closed a non-brokered private placement for approximately $2.56 million, issuing 3,200,000 units at a price of $0.80 per unit. The financing primarily included strategic partners, including Tasly International Capital Limited, a division of Tasly Holding Group Co., Ltd., a large healthcare and pharmaceutical group in China.
The Company reduced its operating cash outflows by approximately 40%, for the six months ending June 30, 2020, compared to the six months ending June 30, 2019.
Recent Developments
The Company’s RHO Phyto medical cannabis products launched on the Medical Cannabis by Shoppers portal, commencing with the “Micro Drop” oil formulations. Micro Drop oil formulations are the first of the RHO Phyto formulary of advanced medical cannabis products available for patients and health care practitioners on the Medical Cannabis by Shoppers platform. This product line includes advanced formulations under the “Cannabis 2.0” regulations that have undergone years of research and development and been manufactured under GMP standards by MediPharm. RHO Phyto sublingual sprays and topical products are expected to be available through the Medical Cannabis by Shoppers platform in the third quarter of 2020, with capsules to follow in the fourth quarter. Medical Cannabis by Shoppers is a subsidiary of Shoppers Drug Mart Inc.
On August 11, 2020, the Company announced a strategic partnership with Red White & Bloom Brands Inc. (“RWB”), a multi-state operator active in the U.S. cannabis and hemp sectors, for the distribution of and commercialization of Pura H&W Hemp-Derived CBD-Based Topical Products in the United States. RWB will pay Avicanna an upfront fee in the amount of CAD$250,000 in cash, along with minimum purchase requirements, including the purchase of USD$250,000 worth of product within the first six months of the term, for the rights to be the exclusive distributor of Avicanna’s Pura H&W branded cosmetic products in the US. Under the agreement, RWB also has the right to purchase Avicanna’s cosmetic products for distribution into the US and certain other territories under brands of RWB’s choosing. The initial product offerings under the agreement will include body and face lotions, cosmetic creams, gels and serums, as well as soaps and bath bombs.
Avicanna, in collaboration with CARG at the Leslie Dan Faculty of Pharmacy at the University of Toronto, was awarded additional non-dilutive funding in the form of a peer-reviewed grant by the Natural Sciences and Engineering Research Council of Canada (“NSERC“) to develop a cannabinoid-based formulation for the treatment of COVID-19 related lung inflammation. This peer reviewed grant provides funding support in addition to the recently awarded Mitacs Grant.
In collaboration with Dr. Jibran Khokhar, an Assistant Professor at the University of Guelph, Avicanna was also awarded a two-year NSERC Alliance grant to evaluate the neurobiological underpinnings of cannabis toxicosis in a preclinical model, and to test the potential efficacy of Avicanna’s naturally-derived cannabinoids and formulations for treatment of tetrahydrocannabinol (“THC“) overdose.
In anticipation of the launch of the RHO Phyto product line in Canada, Avicanna hosted its third annual symposium, “Medical Cannabis 2.0”, on July 21st, 2020 through a virtual format. The presentations focused on the evolution of medical cannabis including the Avicanna led advancements in R&D for novel cannabinoid delivery forms and formulations. Presenters including Dr. Ruth Ross (Professor and Chair, Department of Pharmacology & Toxicology, Faculty of Medicine, University of Toronto, Senior Scientist, Campbell Family Mental Health Research Institute, Centre for Addiction and Mental Health) and Dr. Hance Clarke (Staff Anesthesiologist, Director Pain Services, Director Good Hope Ehlers Danlos Clinic, Medical Director of The Pain Research Unit, Department of Anesthesia and Pain Management, Toronto General Hospital, University Health Network, Associate Professor, Department of Anesthesia, University of Toronto). Over 1,000 participants attended the symposium.
Avicanna announced that its RHO Phyto line of products will be participating in a Medical Cannabis Real-World Evidence (“MC-RWE“) clinical study at the University Health Network (“UHN“) in partnership with Medical Cannabis by Shoppers. The study will be led by Dr. Hance Clarke, Director of Pain Services at Toronto General Hospital, and will examine the efficacy of a select group of medical cannabis products including Avicanna’s RHO Phyto line of products on patient reported outcomes of pain, sleep and anxiety. All products used in MC-RWE must complete analytical testing through select testing laboratories and entered through the TruTrace StrainSecure™ platform. This provides Avicanna with a second commercial channel to the Medical Cannabis by Shoppers portal for its medical products to UHN, which is Canada’s largest network of research hospitals and doctors.
Summary of Operations ($CDN)
Three Months Ended
Six Months Ended
June 30, 2020
June 30, 2019
June 30, 2020
June 30, 2019
$
$
$
$
Revenues
709,468
16,571
970,371
40,594
Inventory Production Costs expensed to Cost of Sales
(133,481)
–
(234,288)
–
Fair value changes in biological assets included in inventory sold
(540,884)
–
(569,552)
–
Unrealized gain on changes in fair value of biological assets
(88,849)
–
1,827,271
–
General and administrative
2,924,462
4,243,276
6,110,405
6,930,482
Share-based compensation
1,277,770
674,929
1,615,962
1,719,568
Depreciation and amortization
330,685
128,822
839,828
185,117
Impairment of goodwill
686,845
–
686,845
–
Total Expenses
(5,219,762)
(5,047,027)
(9,253,040)
(8,835,167)
Other income (loss)
(2,372,674)
522,257
(2,496,480)
400,898
Net loss before taxes
(7,646,182)
(4,508,199)
(9,755,718)
(8,393,675)
Future income tax recovery
–
–
–
–
Net loss after taxes
(7,646,182)
(4,508,199)
(9,755,718)
(8,393,675)
Weighted average number of Common Shares outstanding – basic and diluted
24,889,167
18,139,300
24,345,387
16,825,405
Loss per share – basic and diluted
(0.36)
(0.25)
(0.48)
(0.49)
Summary of Balance Sheet ($CDN)
As at June 30,2020
As at December 31,2019
Assets
$
$
Cash
81,697
441,757
Amounts receivable
1,428,490
1,202,924
Prepaid assets
930,962
704,632
Biological assets
31,285
117,367
Inventory
3,926,691
1,484,371
Right to use asset
441,581
539,710
Property and equipment
20,990,033
22,622,322
Intangible assets
10,686,561
11,063,900
Derivative asset
1,500,574
3,780,000
Investments
72
72
Goodwill
2,520,382
3,207,227
Total Assets
42,538,328
45,164,282
Liabilities and Equity
Amounts payable
6,335,553
5,177,634
Due to related party
2,249,862
3,319,116
Convertible debentures
742,810
715,626
Derivative liability
825
23,434
Lease liability
464,691
555,339
Term loan
–
–
Deferred revenue
3,228,592
3,323,518
Deferred tax liability
2,173,834
2,173,834
Total Liabilities
15,196,167
15,288,501
Shareholder’s equity
27,342,161
29,875,781
Total Liabilities and Shareholder’s Equity
42,538,328
45,164,282
About Avicanna
Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.
Avicanna is an established leader in cannabinoid research and development, which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:
Pura H&W: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and,
RHO Phyto: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.
With ongoing clinical trials on its derma-cosmetic (Pura H&W), medical cannabis (RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.
Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a range of cannabis and hemp cultivars dominant in CBD, CBG, THC, and other cannabinoids for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June 2020, Avicanna made history with a shipment of hemp seeds to the United States of America by completing the first ever export of hemp seeds from Colombia.
Stay Connected
For more information about Avicanna, visit www.avicanna.com, call 1-647-243-5283, or contact Setu Purohit, President by email at [email protected].
Cautionary Note Regarding Forward-Looking Information and Statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Avicanna’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Avicanna’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein may include, but is not limited to, the ability of the combined expertise of the Company and CARG to fast-track the development of advanced pharmaceutical formulations of cannabinoids and their route to market, the ability of the Company to certify the safety and stability of the Pura H&W formulations not yet registered with the CPNP, the ability of the Company to sell, export and use CBG seeds for local production in Colombia, the ability of the Company to sell the RHO Phyto products in Canada and internationally, the ability of the Company to manufacture pharmaceutical grade products for clinical trials in Canada, and that the RHO Phyto sublingual spray and topical products will be available through Medical Cannabis by Shoppers in Q3 2020 and that capsules will be available for sale through Medical Cannabis by Shoppers in Q4 2020.
By identifying such information and statements in this manner, Avicanna is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Avicanna to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, Avicanna has made certain assumptions.
Among others, the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: decreases in the prevailing prices for cannabis and cannabis products in the markets in which the Company operates; adverse changes in applicable laws; adverse changes in the application or enforcement of current laws, including those related to taxation; increasing costs of compliance with extensive government regulation; changes in general economic, business and political conditions, including changes in the financial markets and in particular in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; risks related to licensing, including the ability to obtain the requisite licenses or renew existing licenses for the Company’s proposed operations; dependence upon third party service providers, skilled labor and other key inputs; risks inherent in the agricultural and retail business; intellectual property risks; risks related to litigation; dependence upon senior management; and the other risks disclosed in the Company’s annual information form dated April 15, 2020 filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
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.
Posted by AGORACOM-JC
at 8:08 AM on Wednesday, August 12th, 2020
RHO Phyto “Micro Drop” oil formulations are the first of the RHO Phyto formulary of advanced medical cannabis products available for patients and health care practitioners on the Medical Cannabis by Shoppers™ platform.
This product line includes advanced formulations under the “Cannabis 2.0” regulations that have undergone years of research and development and been manufactured under GMP standards at MediPharm Labs Inc.
The RHO Phyto products are also now available to clinicians and patients at the University Health Network through the Medical Cannabis Real World Evidence study in partnership with Medical Cannabis by Shoppers.
TORONTO, Aug. 12, 2020 – Avicanna Inc. (“Avicanna” or the “Company“) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products, is pleased to announce that its advanced RHO Phyto™ Micro Drop oils are now officially available nationwide in Canada on the Medical Cannabis by Shoppers™ (“Shoppers“) platform as well as through the Medical Cannabis Real-World Evidence study (“MC-RWE study“) at the University Health Network (“UHN“) as announced by the Company on July 15, 2020.
Following years of research and development in collaboration with world class academic and clinical organizations, Avicanna is proud to be launching RHO Phyto, a full formulary of advanced medical cannabis products, for patients and the medical community in Canada. Following the Micro Drop oils, Avicanna expects to launch two advanced sublingual spray formulations in the upcoming weeks. The RHO Phyto product line includes oil drops, sublingual sprays, capsules and topicals with varying ratios of CBD and THC. The RHO Phyto products are designed to address a range of medical conditions that may require various rates of relief. For example, the “Rapid Act” sublingual sprays provide a faster onset of effects than the “Simple Dose” capsules and “Micro Drop” oils. To ensure batch-to-batch consistency and high-quality products, these formulations are manufactured under Good Manufacturing Practices (“GMP“) in partnership with MediPharm Labs Inc. and GMP-level analytical testing is performed by Sigma Analytical Services Inc. All RHO Phyto products will be tracked using blockchain technology developed by TruTrace Technologies Inc. to manage, track and trace each step of the supply chain.
Aras Azadian, CEO of Avicanna commented, “We believe that our RHO Phyto formulary is designed to address numerous gaps in the current medical cannabis framework with respect to patient needs and provide an opportunity to attract new prescribers and patients to medical cannabis solutions. The introduction of a strictly medical line of products, backed by extensive research, pre-clinical data, GMP manufacturing and offered by Shoppers, has the opportunity to set a new standard of care and establish RHO Phyto as the leading medical product line in the medical cannabis market.”
With the patient in mind, RHO Phyto Micro Drop oils are formulated with enhanced absorption, prolonged stability, and consistency. The blood orange flavoured Micro Drop oil 1.6 CBD – 0.06 THC and Micro Drop oil 0.6 CBD – 0.16 THC are available in a 25:1 and 4:1 CBD to THC ratio, respectively. The product name includes the amount in milligrams (mg) of CBD and THC that is delivered per dose. Detailed guidelines about dosing and titration for Health Care Practitioners (“HCPs“) and patients is available on the RHO Phyto website at www.rhophyto.com, as well as on the Avicanna Academy website at https://www.avicanna.com/the-avicanna-academy/, along with additional product information, product guidelines for patients, and frequently asked questions.
As a part of Avicanna’s commercialization strategy, the Company will be providing education and training for HCPs, patients, and medical institutions about medical cannabis and the RHO Phyto product line. Educational materials can be found on the Avicanna Academy website at https://www.avicanna.com/the-avicanna-academy/, including a recording of Avicanna’s 3rd annual symposium that was hosted virtually in partnership with Shoppers on July 21st and was live-streamed by over 1,000 participants.
The Company has also re-branded and re-launched its subsidiary, My Cannabis Clinic (formerly known as MyCannabis), which specializes in assisting patients to gain access to medical cannabis and cannabinoid-based products for medical use. My Cannabis Clinic is devoted to providing HCPs and patients with the support and education needed for medical cannabis use. My Cannabis Clinic believes in providing quality care and education to their patients on the considerations and benefits that medical cannabis has to offer. Information about My Cannabis Clinic can be found at https://mycannabisclinic.org/.
About Avicanna Inc.
Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.
Avicanna is an established leader in cannabinoid research and development, which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:
Pura H&W: an advanced and clinically tested line of CBD consumer dermacosmetic products; and,
RHO Phyto: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.
With ongoing clinical trials on its dermacosmetic (Pura H&W), medical cannabis (RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.
Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a range of cannabis and hemp cultivars dominant in CBD, CBG, THC, and other cannabinoids for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June 2020, Avicanna made history with a shipment of hemp seeds to the United States of America by completing the first ever export of hemp seeds from Colombia.
About My Cannabis Clinic
My Cannabis Clinic, a wholly-owned subsidiary of Avicanna, is an online health care platform that specializes in providing residents of Canada with access to cannabis and cannabinoid products for medical use. My Cannabis Clinic is devoted to providing its patients with support and education needed while using medical cannabis. My Cannabis Clinic believes in providing quality care and education to our patients about the medicinal benefits that cannabis has to offer.
Stay Connected
Cautionary Note Regarding Forward-Looking Information and Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the ability of the Company to launch the RHO Phyto sublingual spray at Shoppers, the ability of the RHO Phyto products to address a range of medical conditions that may require various rates of relief, the ability of the RHO Phyto formulary to address numerous gaps in the current medical cannabis framework as well as patient needs, the ability of the Company to conduct clinical trials using various RHO Phyto products in collaboration with various leading Canadian medical institutions and the likelihood of such clinical trials evaluating the safety, tolerability and efficacy of the RHO Phyto products for treating a range conditions such as chronic pain, inflammatory bowel disorder, and their associated co-morbidities. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.
Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 15, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com.
The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Posted by AGORACOM-JC
at 8:06 AM on Tuesday, August 11th, 2020
Entered into a distribution agreement for the exclusive distribution of Avicanna’s advanced and clinically backed CBD-based cosmetic and topical products Pura H&W™ by RWB in the US and certain other markets.
The partnership allows for both companies to stake a claim in the expanding $532 billion beauty industry with the most advanced and only clinically backed CBD skin care line
TORONTO, Aug. 11, 2020 – Avicanna Inc. (“Avicanna”) (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, and Red White & Bloom Brands Inc. (CSE: RWB) (OTC: RWBYF) (“RWB” or “Red White & Bloom”) are pleased to announce that they have entered into a distribution agreement for the exclusive distribution of Avicanna’s advanced and clinically backed CBD-based cosmetic and topical products Pura H&W™ by RWB in the US and certain other markets.
The $532 billion beauty industry continues growing rapidly and new trends such as the introduction of CBD cosmetics is anticipated to establish a strong market presence in markets that permit retail sales such as the United States. The Pura H&W branded products utilize hemp-derived CBD, the non-psychoactive and non-controlled cannabinoid, which allows for cosmetic designation and retail sales.
The launch of this innovative and premium hemp-derived CBD product line will leverage from the growing use of online platforms for shopping including Pura H&W’s own e-commerce platform, third party e-commerce channels, and “big box” retailers in addition to the existing commercial infrastructure of RWB in the United States.
Brad Rogers, chairman and chief executive officer of RWB, stated: “Throughout my career, I have seen tremendous success licensing brands, strategically leveraging them for the demographics that recognize the best in class quality & efficacy, and then listing them in big box and specialty retailers. This agreement paves a path that will allow RWB and Avicanna to grow together well into the future beyond our news today.”
Under the agreement, which has an initial five-year term, RWB will exclusively distribute the Pura H&W™ brand and certain other white label brands at RWB’s direction. Having been developed by researchers and collaborators from world class medical and academic institutions, the Pura H&W™ line of products has been developed through a scientific and evidence-based approach. This approach in product development has allowed Avicanna to synergistically combine natural ingredients with hemp-derived CBD in advanced and proprietary formulations that have completed 3 cosmetic human clinical studies. Product development is always commenced with the consumer in mind and specific needs are addressed through analysis in observational as well as interventional clinical studies. Avicanna’s hemp-derived CBD infused cosmetics and topicals equip RWB with the opportunity to set the standards with advanced research and development for hemp-derived CBD cosmetics and GMP manufacturing.
The 3 cosmetic clinical studies were completed on Avicanna’s formulations targeted at cosmetic factors associated with aging, acne-prone skin, and eczema-prone skin. The successfully completed studies involved 156 patients that were tested for both safety and certain derma-cosmetic endpoints, including hydration and excess oil production. The results of all three studies achieved positive results in the endpoints with no adverse effects, making products part of one of the only cannabinoid consumer product lines with human safety and efficacy data.
Aras Azadian, CEO of Avicanna, commented: “After years of R&D and clinical development of what we believe is the most advanced line of CBD skin care products, we are thrilled to have partnered up with the team at RWB, who provide an ideal partner for Avicanna and the Pura H&W line of products. We believe their access and expertise in the US market through commercial and retail channels will allow the Pura H&W branded products to reach their potential as the leading skin care brand.”
Terms of the agreement
RWB will pay Avicanna an upfront licensing fee in the amount of two hundred fifty thousand Canadian dollars (CAD$250,000) in cash, along with minimum purchase requirements for the rights to be the exclusive distributor of Avicanna’s Pura H&W branded cosmetic products in the US. Under the agreement, RWB also has the right to purchase Avicanna’s cosmetic products for distribution into the US and certain other territories under brands of RWB’s choosing. The initial product offerings under the agreement will include body and face lotions, cosmetic creams, gels and serums, as well as soaps and bath bombs.
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 Red White & Bloom Brands Inc.
The Company is positioning itself to be one of the top three multi-state cannabis operators active in the U.S. legal cannabis and hemp sector. RWB is predominately focusing its investments on the major US markets, including Michigan, Illinois, Massachusetts, California, and Florida with respect to cannabis, and the US and internationally for hemp-based CBD products.
For more information about Red White & Bloom Brands Inc., please contact:
Avicanna is an Ontario, Canada based corporation focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products through its two main business segments, cultivation and research and development.
Avicanna’s two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia are the base for Avicanna’s cultivation activities. These two companies are licensed to cultivate and process cannabis for the production of cannabis extracts and purified cannabinoids including cannabidiol (CBD) and tetrahydrocannabinol (THC).
Avicanna’s research and development business is primarily conducted out of Canada at its headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto. Avicanna’s scientific team develops products, and Avicanna has also engaged the services of researchers at the Leslie Dan Faculty of Pharmacy at the University of Toronto for the purpose of optimizing and improving upon its products.
Avicanna’s research and development and cultivation activities are focused on the development of its key products, including plant-derived cannabinoid pharmaceuticals, phyto-therapeutics, derma-cosmetics, and Extracts (defined as plant-derived cannabinoid extracts and purified cannabinoids, including distillates and isolates), with a goal of eventually having these products manufactured and distributed through various markets.
For more information about Avicanna, visit www.avicanna.com, call 1-647-243-5283, or contact Setu Purohit, President by email at [email protected].
Cautionary Note Regarding Forward-Looking Information and Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the ability of Avicanna or RWB to perform under the agreement, the manufacturing of the products, the shipping and delivery of the products to customers in the United States and worldwide, and the appropriate education and marketing efforts. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.
Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, the delay or failure to receive regulatory approvals, and the risk factors set out in the Company’s annual information form dated April 15, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com.
The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Tags: cannabinoids, CSE, Marijuana, Medical Cannabis by Shoppers, Rho Phyto, stocks Posted in Avicanna Inc., Featured | Comments Off on Avicanna $AVCN.ca and Red White & Bloom Enter Exclusive Partnership for the Distribution and Commercialization of Pura H&W Hemp-Derived #CBD-Based Topical Products in the United States $WEED.ca $CL.ca $HEXO.ca $RWB.ca
