The agreement showcases Avicanna's expertise
in cannabinoid product development and drug delivery across several
delivery mechanisms
/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, Sept 29, 2020 /CNW/ - 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 entered into an agreement (the
"Agreement") whereby Avicanna will develop certain
hemp-derived cannabinoid-based products including sublingual and
sustained released tablets intended for the sleep market ( the
"Development Products") for a US distributor
("USCo").
Under the Agreement, Avicanna will develop the intellectual
property (the "Development IP") that forms the basis of the
Development Products for a development fee. Based on the
Development IP, USCo will manufacture, distribute and market the
Development Products and will pay Avicanna an ongoing royalty
payment based on the gross revenue of the Development Products.
Avicanna will also have the opportunity to supply the cannabinoids
for the manufacture of the Development Products.
Aras Azadian, CEO of Avicanna,
commented: "We continue to demonstrate our advanced capabilities in
formulation development, optimization and drug delivery for the
cannabinoid industry which has utilities across CPG, adult use,
medical and pharmaceutical applications. We also take pride in
being selected by world class partners to provide our technology
and intellectual property which in turn provides additional sources
of revenue in the form of royalties."
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 info@avicanna.com.
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 USCo to perform under the Agreement, the ability of the
Company to develop the Development IP to form the basis of the
Development Products, the ability of USCo to manufacture and
distribute the Development Products, and the ability of the Company
to supply the cannabinoids to be used in the manufacture of the
Development Products. 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.
SOURCE Avicanna Inc.