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 the filing of
the Company’s third quarter financial statements and provide
financial and corporate highlights.
“We are proud to present the meaningful progress
we have made across all divisions in what is evidently our most
successful quarter to date. We have evolved the organization from
R&D stage to a rapidly expanding and truly global
commercial-stage company with several business units now generating
revenue across several markets. We have successfully established a
strong footprint with our proprietary cannabis formulations in
Canada across 3 channels including medical, clinical, and adult
use, which is attributed to our scientific platform and
evidence-based non-inhalation products. We continued to innovate,
enhanced our intellectual property, and progressed our
pharmaceutical pipeline. Finally, we advanced our global business
model by opening our 12th market and more importantly have
successfully connected our proprietary formulations with our
low-cost API and manufacturing infrastructure in Colombia to
deliver advanced products to the global marketplace,” commented
Aras Azadian, CEO, Avicanna Inc.
Third quarter financial highlights
Gross revenue in the third quarter increased to
$1,007,033 ($987,967 net) from $810,299 in the second quarter,
and $279,515 in the first quarter of 2021, representing an increase
of 24% over the second quarter and 260% over the first quarter
revenues. The reported revenue represents cannabis-only sales with
majority being new or recurring orders from proprietary finished
products in the Canadian medical and adult use channels.
The Company delivered 27,041 units of its
cannabis 2.0 products branded as RHO Phyto and Pura Earth, compared
to 16,767 units in the second and 8,855 units in the first quarter
of 2021, representing a growth of 61% over the second quarter and
205% over the first quarter of 2021.
Loss per share for the nine months ended
September 31, 2021, was ($0.29) per share, compared with ($0.82)
per share for the nine-month period ending September 30, 2020,
representing an improvement of 64% from the same period in the
previous year.
By the end of the third quarter, the Company had
a total of 25 product listings across medical and adult use
channels in Canada, compared to 17 in the second quarter and 6 in
the first quarter of 2021, representing an increase of 96% over the
second quarter and 316% over the first quarter of 2021.
Other strategic highlights during and subsequent to the
third quarter
Entrance into new global markets and expansion
of Aureus-branded products with exports of high CBD and THC
cannabis extracts to Austria, Peru, and Brazil reaching a total of
11 countries across 4 continents.
Multi-year supply agreement with a Brazilian
pharmaceutical company to supply industrial volumes of high THC and
high CBD full spectrum cannabis extracts. The Company is expecting
revenue of up to $4.0M in fiscal 2022 from this agreement.
Filing of a US Patent Application for a novel
cannabinoid formulation for reducing incidence of seizures and
sudden unexpected death in epilepsy. Research findings originated
from cannabinoid-based collaborations with leading epilepsy
researcher, Dr. Peter Carlen, at University Health Network (“UHN”).
Avicanna’s proprietary formulation showed promising pre-clinical
results in reducing seizures and will continue to undergo
preclinical and clinical development as a potential drug
candidate.
Non-brokered private placement at a premium to
the market price (at the time of close), issuing 4,587,022 common
share units at a price of $0.85 per unit for gross proceeds of
$3,898,969.
The Canadian launch of Viola-branded products in
partnership with Medical Cannabis by ShoppersTM. Through this
partnership Canadian medical and adult use consumers will have
access to products by the equity-focused brand for the first
time.
Santa Marta Golden Hemp S.A.S. (“SMGH”), the
company’s majority owned subsidiary met global conformity standards
of Good Agricultural and Collection Practice (“GACP”), an
international guide set forth by the European Medicines Agency. The
certification will allow for the expansion of the Company’s raw
materials supply business to include organic and now GACP certified
dried flower and biomass globally.
Conference Call Details
DATE: |
November 12, 2021 |
TIME: |
8:30 AM Eastern Time |
LINK: |
https://tinyurl.com/AVCNQ32021 |
About Avicanna
Avicanna is a Canadian commercial-stage biopharmaceutical
company established in cannabinoid research, development, and
evidence-based products for the global consumer, as well as medical
and pharmaceutical market segments. In leading global cannabinoid
advancements, Avicanna conducts most of its research in Canada at
its R&D headquarters in the Johnson & Johnson Innovation
Centre, JLABS @ Toronto, located in the MaRS Discovery District.
The Company actively collaborates 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:
- Medical Cannabis & Wellness Products:
Marketed under the RHO Phyto™ brand, or Magisterial Preparations,
these medical and wellness products are an advanced line of
pharmaceutical-grade cannabis products containing varying ratios of
cannabidiol (“CBD”) and tetrahydrocannabinol (“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. The advanced formulary is marketed
with consumer, patient and medical community education and
training. Avicanna’s medical and wellness product portfolio also
forms the foundation of the Company’s pharmaceutical pipeline with
the contribution of the formulations that form the basis of the
products as well as the data generated from sales and participation
of the products in real world evidence studies.
- CBD Derma-Cosmetic Products: Marketed under
the Pura H&W™ or Pura Earth™ brands, these registered,
clinically tested, dermacosmetic products include a portfolio of
functional CBD topical products.
- Pharmaceuticals: Leveraging Avicanna’s
scientific platform, vertical integration, and real-world evidence,
Avicanna has created a pipeline of patent-pending drug candidates
which are indication-specific and in various stages of clinical
development and commercialization. These cannabinoid-based drug
candidates provide solutions for unmet medical needs in the areas
of dermatology, chronic pain, and various neurological disorders.
Avicanna’s first pharmaceutical preparation (TruneroxTM) is in the
drug registration stage in South America.
- Cannabis Raw Materials,
Seeds, and Bulk Formulations: Marketed under the Aureus™
brand, the Company’s raw material business has successfully
completed sales to 11 countries. Aureus offers cannabis dried
flower, standardized seeds, full spectrum extracts, and cannabinoid
distillates, isolated cannabinoids (CBD, THC, cannabigerol (“CBG”)
and other rare cannabinoids), and bulk formulations derived from
hemp and cannabis cultivars through its sustainable, economical,
and industrial-scale subsidiaries based in Colombia. The majority
of the Aureus products are produced at Santa Marta Golden Hemp
S.A.S. (“SMGH”), the Company’s majority-owned subsidiary, which is
also Good Agricultural and Collection Practices (“GACP”) certified
and has United States Department of Agriculture (“USDA”) National
Organic Program certification for its hemp cultivar.
SOURCE Avicanna Inc.
Stay Connected
For more information about Avicanna, visit
www.avicanna.com, 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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