Avicanna Announces Management Change
06 November 2021 - 12:19AM
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 announces that, with
immediate effect, Setu Purohit will no longer serve as President
and Chief Legal Officer of the Company. He will remain a member of
the Company’s board of directors.
The Company continues to execute on its
transitional plans as it evolves from a pre-revenue R&D stage
company into a rapidly expanding bio-pharmaceutical company with
global operations and sales. The company would like to thank Mr.
Setu Purohit for his service and his contributions and wishes him
all the best in his future endeavours.
Aras Azadian, Chief Executive Officer,
commented:
“I would like to express my gratitude to Setu
for his dedication to our shared vision and contributions to
bringing Avicanna from a concept to a multi-national company over
the past 5 years. His belief in cannabinoid-based medicine and his
ability to help navigate the stigmatized and emerging cannabis
industry from a global perspective has helped form the company’s
platform.”
The Company is actively engaged in discussions
with a suitable candidate for the position of Chief Legal Officer
and expects to provide an update shortly.
About Avicanna Inc.Avicanna is
a commercial stage Canadian biopharmaceutical company and an
established leader in cannabinoid research, development, and
evidence-based products for the global consumer, medical, and
pharmaceutical market segments. Avicanna conducts its research in
Canada including its R&D headquarters in the Johnson &
Johnson Innovation Centre, JLABS @ Toronto, Canada, located in the
MaRS Discovery District, and in collaboration with leading Canadian
academic and medical institutions. Avicanna has established an
industry leading scientific platform including advanced R&D and
clinical development which has led to the commercialization of over
twenty products across four main market segments:
- RHO Phyto™: these medical and wellness
products are an advanced line of pharmaceutical-grade cannabis
products containing varying ratios of CBD and THC. The product
portfolio contains a full formulary of products including oral,
sublingual, topical, and transdermal deliveries that have
controlled dosing, enhanced absorption and stability studies
supported by pre-clinical data. These products are developed using
pharmaceutical drug development processes and are supported with
pre-clinical data. The advanced formulary is marketed with
consumer, patient and medical community education and
training.
- Pura H&W™: these registered,
clinically tested, cosmetic products include a portfolio of
functional CBD consumer derma-cosmetic and topical products.
- Aureus™: as a part of Avicanna’s vertical
integration based out of Santa Marta, Colombia its raw material
business units are primarily dedicated to providing consistent
source of cannabinoid raw materials for Avicanna and its global
partner’s food, cosmetic, medical and pharmaceutical needs. Aureus
branded products are cultivated, extracted, and manufactured by
Avicanna’s subsidiaries in Colombia including SMGH which is GACP
and USDA organic certified and where they benefit from optimal
environmental conditions to produce cannabinoid active
pharmaceutical ingredients economically, organically, and
sustainably and include a range of CBD, THC and rare cannabinoids
such as CBG extracts and standardized seeds. Company is well
positioned to be a global supplier of cannabinoid raw materials
demand and has already successfully exported its products to over
11 countries in 4 continents.
- Pharmaceutical pipeline: leveraging from
the company’s scientific platform, vertical integration, and
real-world evidence, Avicanna has established a pipeline of
indication specific cannabinoid-based drug candidates that are in
various stages of clinical development and commercialization.
Avicanna’s drug candidates are in pre-clinical stage and are
dedicated to providing solutions for unmet medical needs in the
areas of dermatology, chronic pain and various neurological
disorders.
SOURCE Avicanna Inc.
Stay Connected
For more information about Avicanna, visit
www.avicanna.com, call 1-647-243-5283, or contact Ivana Maric 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 includes statements containing
certain "forward-looking information" within the meaning of
applicable securities law ("forward-looking statements").
Forward-looking statements are frequently characterized by words
such as "plan", "continue", "expect", "project", "intend",
"believe", "anticipate", "estimate", "may", "will", "potential",
"proposed" and other similar words, or statements that certain
events or conditions "may" or "will" occur. These forward-looking
statements are only predictions. Various assumptions were used in
drawing the conclusions or making the projections contained in the
forward-looking statements throughout this news release.
Forward-looking statements are based on the opinions, estimates and
assumptions of management in light of management's experience and
perception of historical trends, current conditions and expected
developments at the date the statements are made, such as current
and future market conditions, the current and future regulatory
environment and future approvals and permits. Forward-looking
statements are subject to a variety of risks, uncertainties and
other factors that management believes to be relevant and
reasonable in the circumstances could cause actual events, results,
level of activity, performance, prospects, opportunities or
achievements to differ materially from those projected in the
forward-looking statements, including general business and economic
conditions, changes in laws and regulations, product demand,
changes in prices of required commodities, competition, the effects
of and responses to the COVID-19 pandemic and other risks,
uncertainties and factors set out under the heading “Risk Factors”
in the Company’s annual information form dated April 15, 2020 (the
“AIF”) and filed with Canadian securities
regulators available on the Company’s issuer profile on SEDAR at
www.sedar.com. The Company cautions that the list of risks,
uncertainties and other factors described in the AIF is not
exhaustive and other factors could also adversely affect its
results. Readers are urged to consider the risks, uncertainties and
assumptions carefully in evaluating the forward-looking statements
and are cautioned not to place undue reliance on such information.
The Company is under no obligation, and expressly disclaims any
intention or obligation, to update or revise any forward looking
statements, whether as a result of new information, future events
or otherwise, except as expressly required by applicable securities
laws.
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