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 it has
entered into an importation and distribution agreement with
Alliancepharma Technologies S.A.
(“
Alliancepharma”) for the distribution of
Avicanna’s advanced and clinically supported medical and
pharmaceutical formulations in Ecuador. Avicanna has also entered
into an agreement with Spenta S.A. (“
Spenta”), an
Ecuadorian cosmetic distributor, for the distribution of its Pura
Earth branded derma-cosmetic product line nationwide. As part of
its commercial expansion plans, Avicanna has also completed an
export of feminized seeds to Uruguay from its majority-owned
cultivation subsidiary, Santa Marta Golden Hemp S.A.S.
(“
SMGH’) in Santa Marta, Colombia.
Avicanna’s exclusive agreement with
Alliancepharma will take advantage of the upcoming Ecuadorian
regulations of cannabis-based products and allow for the
registration and commercialization of Avicanna’s advanced
cannabinoid-based consumer and pharmaceutical products in the
Ecuadorian market. The product offerings include Avicanna’s deep
tissue topical formulations marketed as consumer products in
addition to several pharmaceutical products that are intended to be
registered as indication specific drugs and natural medicines.
Alliancepharma, a part of the Naturex group and one of the largest
pharmaceutical companies in Ecuador, is expected to leverage its
in-house distributionand commercialization capabilities as well as
its network of nation-wide pharmacies to bring Avicanna’s products
to consumers all over the country upon the regulations in Ecuador
coming into effect.
“We are very excited to enter the Ecuadorian
market with the first cannabinoid-based pharmaceutical products
with the support of a world class partner such as Avicanna Inc.
This partnership strengthens our commitment as pioneers and
leaders in the pharmaceutical industry, offering innovative
phyto-therapeutic solutions to continue improving the quality of
life of our patients.” Stated Diego Vega, International Business
Development Director of Alliancepharma.
Avicanna’s Pura Earth branded derma-cosmetic
products are expected to enter the Ecuadorian market through
Spenta’s distribution nationwide network of pharmacies, beauty
retailers and e-commerce platforms. The agreement with Spenta
coincides with an initial purchase order of several SKU’s which is
expected to be exported from Colombia in Q1-2021. This will become
the second South American market after Colombia in which the Pura
Earth branded derma-cosmetic products will be available for sale.
The derma-cosmetic formulations, which synergistically combine
natural ingredients with hemp-derived CBD, have been developed
through a rigorous scientific and evidence-based approach that
includes positive results from the completion of 3 cosmetic human
clinical studies.
As part of the Company’s commercial expansion
plans, Avicanna’s majority owned subsidiary, SMGH, has completed
the registration of its CBD and CBG dominant genetics in Uruguay
and a commercial export of feminized non-psychoactive cannabis
seeds to Uruguay. This marks three countries in which Avicanna’s
seeds are currently commercially sold including the United States
and Colombia. As a global cannabis and hemp cultivation industry
begins to emerge, Avicanna’s industry leading genetics program
seeds business unit is well positioned to be a reliable supplier of
high quality seeds.
Lucas Nosiglia, President of Avicanna LATAM,
commented: “We continue to demonstrate leadership across the LATAM
markets and validate our diverse business model which is dedicated
to quality cannabinoid products across the full value chain. We are
optimistic about the opportunity in LATAM markets as we continue to
see the regulations and business opportunities evolve and believe
our medical and scientific superiority combined with our
sustainable and economical costs positions us at the forefront of
this emerging sector.”
To the knowledge of the Company, it is in
compliance with all applicable laws in the jurisdictions in which
it operates.
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:
-
Pura Earth™ or 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 2 developed with scientific
rigour, manufactured under GMP standards and supported by
pre-clinical data.
With ongoing clinical trials on its
derma-cosmetic (branded as Pura Earth or Pura H&W), medical
cannabis (branded as 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.
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 the Company to manufacture any of the products, the
ability of the Company to export any of the products, the ability
of Alliancepharma or Spenta to distribute the products, the
regulations coming into full force and effect in Ecuador, and the
ability of SMGH to continue to complete exporting cannabis seeds to
Uruguay. 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.
Avicanna (TSX:AVCN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Avicanna (TSX:AVCN)
Historical Stock Chart
From Apr 2023 to Apr 2024