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 the Company
has entered into an exclusive intellectual property licensing and
royalty agreement (the “
Licensing Agreement”) with
Heritage Cannabis Holdings Corp. (“
Heritage”) for
the commercialization of a number of Avicanna’s advanced CBD-based
topical products under Heritage’s medical cannabis brands (the
“
Branded Products”) targeting patients registered
to purchase medical cannabis in Canada.
The Branded Products include Avicanna’s
proprietary cannabinoid topical formulations developed through
years of extensive research by Avicanna’s team of scientists. The
specific products are all supported with pre-clinical studies in
addition to two of the SKUs that are supported by completed human
studies. The Branded Products are planned to launch by Q4 2021
through Heritage’s extensive medical sales channels in Canada and
aim to address unmet medical needs of the mass market with
evidence-based and standardized cannabinoid products.
Under the Licensing Agreement, which has an
initial three-year term, Avicanna has exclusively licensed, subject
to certain conditions and exceptions, the use of certain
proprietary product formulations to Heritage to be marketed and
sold under Heritage’s medical Opticann branded products in
non-competing medical channels in Canada. For the exclusive
license, Heritage is required to meet certain minimum sales
requirements every year for each Branded Product licensed under the
Licensing Agreement and will pay Avicanna a fee for each product
manufactured and a royalty for each product sold to its medical
cannabis consumers.
“We are excited to add Avicanna’s innovative
topical products to our portfolio of highly effective medical CBD
products. They are a great strategic fit. We are very impressed
with Avicanna’s diligent R&D approach for developing highly
effective topical products formulated with pharmaceutical
technology and which are supported with evidence of efficacy, much
like the existing Opticann portfolio that includes oral products
that use the patented VESIsorb® technology and sublingual CBD
filmstrips that use the patented Versafilm® technology. The
Licensing Agreement offers Heritage speed-to-market with highly
effective topicals and we see this as beginning of a highly
successful commercial partnership,” said Umar Syed, President of
Heritage’s medical division.
In commenting on the Licensing Agreement, Aras
Azadian, CEO of Avicanna said, “We look forward to collaborating
with the Heritage team to extend our proprietary and evidence-based
topical formulations to more Canadian patients and expand into more
medical channels nationwide. We believe that the alignment of both
companies to offer the highest standards for cannabinoid-based
medicine and education will yield fruitful and long-term commercial
success.”
About Heritage Cannabis Holdings
Corp.
Heritage is a leading cannabis company offering
innovative products to both the medical and recreational legal
cannabis markets in Canada and the U.S., operating under two
licensed manufacturing facilities in Canada. The company has an
extensive portfolio of high-quality cannabis products under the
brands Purefarma, Pura Vida, RAD, Premium 5, feelgood., CB4 and
ArthroCBD.
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:
- RHO Phyto™: an advanced line of
medical cannabis products containing varying ratios of CBD and THC
currently available nationwide across Canada in medical channels in
partnership with Medical Cannabis by Shoppers™, a subsidiary of
Shoppers Drug Mart, and in adult use channels through provincial
retailers. RHO Phyto is the first medical formulary of advanced
“Cannabis 2.0” products, containing oils, sprays, capsules, creams,
and gels, all developed with scientific rigor, manufactured under
GMP standards and supported by pre-clinical data; and,
- Pura H&W™: an advanced and
clinically tested line of functional CBD consumer derma-cosmetic
products currently available nationwide across Canada in medical
channels in partnership with Medical Cannabis by Shoppers™, a
subsidiary of Shoppers Drug Mart, in adult use channels through
provincial retailers in Canada and nation-wide across
Colombia.
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
laws of Canada, the Company’s ability to license its intellectual
property to Heritage, Heritage ability to sell the Branded
Products, the market demand for the Branded Products, and the
Company’s and Heritage’s ability to engage suitable contract
manufacturers. 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.
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