Avicanna Sells Stake in Majority-Owned Colombian Subsidiary Sativa Nativa
Avicanna Inc. ("Avicanna
" or the
) (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 sale of its stake in Sativa Nativa
S.A.S. (“Sativa Nativa”
), which was the Company’s
secondary majority owned Colombian subsidiary.
The aggregate price paid by the purchaser for
the Company´s shares in Sativa Nativa was approximately CAD
$675,000 in addition to a potential premium of CAD $130,000 subject
to the accomplishment of specific short-term milestones. The
transaction allows the Company to eliminate redundancies, reduce
its operational costs and generate efficiencies across its South
American operations by focusing its supply chain efforts at its
much larger and more operationally advanced majority owned
subsidiary Santa Marta Golden Hemp (“SMGH”). The operations at SMGH
have been the source of the company’s Aureus-branded commercial
exports to 16 countries and include the cultivation, extraction and
production of cannabinoid raw materials including active
pharmaceutical ingredients and seeds. SMGH is also the source of
the Company’s cannabinoids for most of its cosmetic and
Lucas Nosiglia, President of Avicanna LATAM,
commented: “We are happy to announce this strategic transaction
which allows us to increase efficiencies throughout our supply
chain infrastructure and re-focus resources on our core business
units including our pharmaceutical preparations. In parallel we
continue to make progress in our supply chain business at SMGH
through which we have the capacity to continue to supply Avicanna
and its global partners with high quality inputs”.
Avicanna’s supply chain business unit is based
in Santa Marta, Colombia and provides a consistent source of
cannabinoid raw materials for the global marketplace. These include
active pharmaceutical ingredients and feminized seeds, for
Avicanna’s cosmetic, medical, and pharmaceutical products, in
addition to supplying the company’s partners around the world.
Aureus-branded products are cultivated, extracted, and manufactured
by Avicanna’s subsidiaries in Colombia where they leverage optimal
environmental conditions to produce cannabinoid active
pharmaceutical ingredients economically and sustainably with USDA
organic and GACP certifications.
About Avicanna Inc.
Avicanna is a commercial-stage international
biopharmaceutical company focused on the advancement and
commercialization of evidence-based cannabinoid-based products for
the global medical and pharmaceutical market segments. Avicanna has
an established scientific platform including R&D and clinical
development that has led to the commercialization of more than
thirty products across various market segments:
Medical Cannabis & Wellness
Products: Marketed under the RHO Phyto™ brand these
medical and wellness products are a line of pharmaceutical-grade
cannabinoid 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 formulary is marketed with consumer, patient and
medical-community education and training.
Pipeline: Leveraging Avicanna’s scientific platform,
vertical integration, and real-world evidence, Avicanna has created
a pipeline of patent-pending drug candidates that are
indication-specific and in various stages of clinical development
and commercialization. These cannabinoid-based drug candidates look
to address unmet medical needs in the areas of dermatology, chronic
pain, and various neurological disorders. Avicanna’s first
pharmaceutical preparation (Trunerox™) is in the drug registration
stage in South America.
Click to watch Avicanna’s Corporate Video 2022
SOURCE Avicanna Inc.
For more information about Avicanna, visit www.avicanna.com,
contact Ivana Maric by email at email@example.com or follow us on
on LinkedIn, Twitter, Facebook or Instagram.
The Company posts updates through videos from the official
Company YouTube channel.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking
information” within the meaning of applicable securities laws.
Forward-looking information contained in this news release may be
identified using words such as, “may”, “would”, “could”, “will”,
“likely”, “expect”, “anticipate”, “believe, “intend”, “plan”,
“forecast”, “project”, “estimate”, “outlook” and other similar
expressions. 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
March 31, 2022 filed with the Canadian securities regulators and
available under the Company’s profile on SEDAR at www.sedar.com.
The statements in this news 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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