Avicanna Inc. (the “
Company” or
“
Avicanna”) (TSX: AVCN) is pleased to announce
closing of the previously announced secured term loan financing
(the “
Term Loan”) in the principal amount of
$2,118,000. The Term Loan is subject to an original issue discount
of approximately 15%, such that $1,800,000 was advanced by the
lender thereof (the “
Lender”) to the Company. The
Term Loan is due October 19, 2022.
The terms of the Term Loan are consistent with
those previously disclosed in the Company’s press release of August
3, 2021 (the “Prior Release”). As contemplated in
the Prior Release, in connection with the Term Loan, the Company
intends to issue common share purchase warrants (the
“Warrants”) to the Lender following a full
revocation of the failure-to-file cease trade order (the
“FFCTO”) issued by the Ontario Securities
Commission (the “OSC”) on June 11, 2021 in respect
of the Company and the resumption of trading of the common shares
of the Company (the “Common Shares”) on the
Toronto Stock Exchange (the “TSX”).
As previously announced, the OSC issued an order
dated July 30, 2021 partially revoking the FFCTO, which permitted
the Company to complete the transactions contemplated by the Term
Loan, including the issuance of the Warrants. The FFCTO continues
to apply in all other respects.
The Warrants to be issued and any Common Shares
issued on exercise thereof will be subject to a statutory hold
period of four months and one day following the issuance of the
Warrants in accordance with applicable securities laws. Additional
resale restriction may be applicable under the laws of other
jurisdictions.
The Term Loan and issuance of the Warrants are
subject to certain conditions including, but not limited to, the
receipt of all necessary approvals, including the final approval of
the TSX.
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 concerning the use of
proceeds of the Term Loan, the Company’s intent to obtain a full
revocation of the FFCTO, reinstatement of trading on the TSX, and
the ability to obtain the necessary approvals in connection with
the Term Loan and issuance of the Warrants. 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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