Avicanna Provides Corporate Update and Preliminary Q2 Results
28 Juin 2023 - 1:30PM
Avicanna Inc. (“
Avicanna” or the
“
Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a
biopharmaceutical company focused on the development, manufacturing
and commercialisation of plant-derived cannabinoid-based products
is pleased to announce a corporate update and preliminary financial
results of Q2-2023.
The update includes:
- Q2-2023 Revenues:
Q2-2023 revenues of approximately $3.3M representing an
approximately 200% increase over Q1-2023 revenues of $1.2M, this
includes approximately $2.5M in sales arising from the Medical
Cannabis by Shoppers platform since May 29, 2023.
- Medical Cannabis By
Shoppers: On May 29, 2023, the Company announced that the
definitive Asset Purchase Agreement with Shoppers Drug Mart Inc.
for Avicanna to acquire the Medical Cannabis By Shoppers business
was fully executed. On May 4, 2023, Avicanna announced the
execution of the definitive Master Service Agreement with Northern
Green Canada (“NGC”). NGC is a Canadian licensed producer that is
tasked with providing logistics and fulfilment services for
Avicanna’s online cannabis care platform (MyMedi.ca). On May 29,
2023, NGC and Avicanna successfully transitioned the Medical
Cannabis by Shoppers inventory and fulfilment services to NGC.
- MyMedi.ca:
MyMedi.ca is Avicanna’s medical cannabis care platform that will be
made available nationwide on August 1, 2023. MyMedi.ca will be
offering a portfolio of 200+ product SKUs from 20+ selected brands,
including four of Avicanna’s brands and 25+ of Avicanna’s product
SKUs, as well as pharmacist led, bi-lingual services and patient
support programs. Additionally, MyMedi.ca will be providing
adjudication and reimbursement services from public and private
payers to a significant proportion of the current active
patients.
- Commercial
Priority: The Canadian market continues to be the
Company’s focus, where Avicanna has commercialized 25+ product SKUs
through four different brands. Currently, Avicanna has 113
commercial listings as we near the end of Q2-2023; with 61
commercial listings on four national medical cannabis channels and
52 product listings on six provincial adult use channels. This
represents a 34% increase over the 84 commercial listings in
Q4-2022.
- Proprietary SEDDS
Capsules: On June 25, 2023, Avicanna announced the
expansion of the Strategic Manufacturing Agreement with MediPharm
Labs Corp. (“MediPharm”), adding the manufacturing and
commercialization of Company’s proprietary SEDDS capsules.
Avicanna’s proprietary SEDDS capsules are to be manufactured by
MediPharm to GPP and GMP standards to meet product channel
requirements in Canadian and international markets. The capsules
are expected to be launched under the RHO Phyto brand in Canadian
medical cannabis channels during the second half of 2023.
- Global Cost Reduction
Initiatives: In 2021, the Company initiated optimization
efforts to actively decrease operating costs including;
rationalization of redundancies in human resources, divestment of
non-core underperforming assets, and reduction of outside service
fees. These combined efforts resulted in the Company’s lowest
Q1-2023 operating expenses since 2019. Management continue to take
steps to further improve the Company’s working capital and
financial position.
Join Avicanna’s management who are providing a
corporate update on June 28th at 12 p.m. ET.
Click Here to
Registerfor Avicanna’s Corporate Update
Webinar
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 (RHO
Phyto™): The formulary offers a
diverse range of proprietary formulations including oral,
sublingual, topical, and transdermal deliveries with varying ratios
of cannabinoids and is supported with ongoing patient, and medical
community education. RHO Phyto has been established as a leading
medical brand in Canada and is currently available nationwide to
patients across several medical channels and continues to expand
into new international markets.
- Pharmaceutical Preparations
and Pipeline: Leveraging Avicanna’s
scientific platform, vertical integration, and real-world evidence,
Avicanna has developed an extensive 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.
- MyMedi.ca Medical Cannabis
Care Portal: MyMedi.ca is Avicanna’s medical cannabis care
platform that is formed with the aim to better serve medical
cannabis patients’ needs and enhance the patient journey. MyMedi.ca
is expected to launch during August 2023 and will feature diverse
and scientifically curated products from leading Canadian licensed
producers in addition to pharmacist led patient support programs
and educational resources to facilitate the incorporation of
medical cannabis into health care regimens. MyMedi.ca also provides
specialty services to distinct patient groups such as veterans and
collaborating with public and private providers for adjudication
and reimbursement.
Click to watch Avicanna’s Corporate Video 2022
SOURCE Avicanna Inc.
Stay Connected
For more information about Avicanna, visit our
website, contact Ivana Maric by email at info@avicanna.com or
follow us on social media
on LinkedIn, Twitter, Facebook,
or Instagram.
The Company posts updates through videos from
the Company YouTube channel.
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 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. Forward-looking information contained in this news
release includes, without limitation, statements related to the
services to be provided by MyMedi.ca, the production of Avicanna’s
proprietary SEDDS capsules, the opinions or beliefs of management
and future business goals. 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, 2023 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.
This news release contained future-oriented
financial information (“FOFI”) about Avicanna’s
projected Q2-2023 revenue, which is subject to the same
assumptions, risk factors, limitations and qualifications as set
forth in the above paragraphs. The actual results of Avicanna and
the resulting financial results will likely vary from the amounts
set forth herein and such variation may be material. Avicanna and
its management believe that the FOFI has been prepared on a
reasonable basis, reflecting management’s best estimates and
judgments. However, because this information is subjective and
subject to numerous risks, it should not be relied on as
necessarily indicative of future results. Except as required by
applicable securities laws, Avicanna undertakes no obligation to
update such FOFI. FOFI contained in this news release was made as
of the date of this news release and was provided for purposes of
providing further information about Avicanna’s anticipated future
business operations. Readers are cautioned that the FOFI contained
in this news release should not be used for purposes other than for
which it is disclosed herein.
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