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TORONTO, Sept. 4, 2020 /CNW/ - 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 announces that through its majority
owned subsidiary, Santa Marta Golden Hemp S.A.S. ("SMGH"),
the Company has completed exports of CBD water soluble formula into
the United States and CBD-based
cosmetics into the United Kingdom.
The Company is also pleased to announce that the Colombian Ministry
of Health has granted SMGH a commercial and industrial fabrication
quota to produce psychoactive THC derivatives.
The Company also announces that it has amended and refiled its
interim financial statements for the period ended June 30, 2020 (the "Interim Financial
Statements") which amend the Company's interim financial statements
for the same period originally filed on SEDAR on August 14, 2020. At the request of the Ontario
Securities Commission, the Interim Financial Statements have been
updated to include comparative financial information for the
corresponding interim period in the immediately preceding financial
year as such information was inadvertently omitted in the initial
filing. The changes are for presentation purposes and no figures
have been restated. The Company has updated the Statement of
Changes in Equity to include the immediately preceding financial
year June 30, 2019 balances as
required by Section 4.3(2)(b) of National Instrument 51-102 -
Continuous Disclosure Obligations.
The export and sale of the commercial lot of isolated CBD water
soluble formula into the United
States was completed in parallel with an export of CBD-based
cosmetics into the United Kingdom.
The cultivation, extraction and purification of these products were
all completed through Avicanna's vertical integration at SMGH and
validate the Company's innovation and leadership in natural rare
cannabinoid production. The CBD water soluble formula is part of
the Aureus™ product portfolio that now includes feminized seeds and
advanced formulations as well as CBD, CBG and THC API products. The
CBD-based cosmetics were manufactured using CBD produced by SMGH
and formulas developed by Avicanna.
The Colombian Ministry of Health granted SMGH a supplementary
fabrication quota to receive 1.4 tons of dry flower and transform
them into approximately 150 kg of psychoactive derivatives which
will be used for commercial exports.
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 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 trials 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.
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 complete additional exports of CBD
water soluble formula to the United
States, the ability of the Company to complete additional
exports of CBD-based cosmetics in to the United Kingdom, the ability of the Company to
continue manufacturing CBD-based cosmetics using CBD produced by
SMGH, the ability of SMGH to receive 1.4 tons of dry flower for the
purposes of extracting psychoactive derivatives, and the ability of
SMGH to produce 150 kg of psychoactive derivatives. 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, 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.
SOURCE Avicanna Inc.
