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 completed its first commercial
export of high concentration THC full spectrum psychoactive
cannabis extracts to Austria. Additionally, the company welcomes
the new Colombian regulation aimed at progressing the cannabis
industry and its commercialization processes which positively
impacts several of Avicanna’s business units and infrastructure in
Colombia.
Initial shipment of THC extracts into
the European Union
This shipment marks the 9th country to which
SMGH has exported the Aureus™ branded products, which include a
range of CBD, THC and CBG extracts and feminised seeds. Avicanna’s
SVP, European Operations, Jens Kramer, commented: “We are
very happy to further progress our
long-term strategy to expand our API business into the
emerging European market. With Avicanna’s dedication to
quality standards and pharmaceutical positioning we
are poised to be a significant long-term player in the European
medical market that is predominantly focused
on medical utility of cannabinoids and where meeting EU
pharmacopeia standards are essential.”
New progressive regulation on cannabis
in Colombia
Decree number 811, which was issued on July 23,
2021, modifies the regulatory framework and establishes a new and
more progressive framework that will revitalize and industrialize
the Colombian cannabis industry. The new regulatory framework
brings new dispositions and mechanisms that: (i) improve approval
times for cultivation and manufacturing quotas; (ii) create the
possibility to develop and commercialize food products with
cannabis; (iii) remove the prohibition to export cannabis dry
flower; (iv) broaden the authorized dispensation mechanisms for
cannabis compound formulas; and (v) removes the prohibition
regarding the promotion or advertisement of cannabis, cannabis
by-products, and products containing cannabis.
Expected benefits to Avicanna’s business
units and infrastructure in Colombia
The improvements brought upon by this new
regulatory framework are expected to have a positive impact in
several segments of the cannabis industry in Colombia, and more
specifically in several business units of Avicanna’s vertically
integrated infrastructure in Colombia:
- The increase in efficiency in the
quota approval process for cultivation and manufacturing and the
possibility to export cannabis dry flower is expected to enhance
the market opportunity for Avicanna’s supply chain business under
the Aureus™ brand that has been shipping cannabinoid extracts and
feminized seeds into 4 continents from its Colombian base, as well
as generate a new demand for Avesta Genetica’s feminized seeds
catalog among the approximately 700 licensed cannabis cultivators
in Colombia.
- Creation of a new category of food
products for B-B and finished products that can also benefit from
Avicanna’s proprietary water soluble and highly bio-available
formulations
- The inclusion of drugstores as
viable dispensation locations for cannabis compound formulas is
expected to invigorate Avicanna’s currently commercial compound
pharmacy business unit by creating thousands of potential
dispensation establishments.
- The removal of the prohibition
regarding the promotion or advertisement of products containing
cannabis, is expected to stimulate Avicanna’ s finished product
segment by permitting a more direct and comprehensive marketing
approach for brands such as Pura H&W™ and RHO Phyto™ in
Colombia.
Lucas Nosiglia, President of Avicanna LATAM,
commented: “We are pleased to see Colombian cannabis regulations
progressing, opening new opportunities in addition to fortifying
the existing business models we have already established with
strict limitation. This further validates our vision and decision
to build our infrastructure in Colombia where we expect to be able
to supply our partners and all Avicanna’s cannabinoid needs.”
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 Aureus™
Avicanna’s supply chain business units are based
out of Santa Marta, Colombia and are primarily dedicated to
providing consistent source of cannabinoid raw materials for
Avicanna’s current commercial products and pharmaceutical pipeline
for the global marketplace.
Additionally, under the Aureus™ brand,
standardized cannabis extracts and feminized seeds are made
available to cultivation, cosmetic and pharmaceutical partners
around the world. Aureus branded products are cultivated,
extracted, and manufactured by Avicanna’s subsidiaries in Colombia
where they benefit from optimal environmental conditions to produce
cannabinoid active pharmaceutical ingredients economically and
sustainably and include a range of extracts of CBD, THC and rare
cannabinoids such as CBG. Avicanna’s supply chain business also
benefits from federally regulated legislation in Colombia where the
company is well positioned to be a global supplier of the less
competitive psychoactive extracts including CBD and THC crude oil
to meet the growing global demand.
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 studies 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.
SOURCE Avicanna Inc.
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.
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
ability of SMGH to complete additional exports of Cannabis Extracts
to Austria, the ability of SMGH to continue to cultivate, extract,
and manufacture the Cannabis Extracts and the ability of SMGH to
supply drugstores, pharmacies, and pharmaceutical and cosmetic
companies with cannabinoids (including rare cannabinoids) and
cannabis-derived products, in addition to supplying global
cultivation companies with standardized and feminized seeds.
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, 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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e93726ec-de78-4bba-8a85-9ab50e6f8fc4
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