Avicanna Announces Agreement with Medical Cannabis by Shoppers, a Subsidiary of Shoppers Drug Mart Inc., to Distribute Avicanna's Advanced and Evidence-based Medical Cannabis and Derma-Cosmetic Products Across Canada
Rho Phyto medical cannabis products and Pura Earth derma-cosmetics to be available exclusively in Canada online through Medical Cannabis by Shoppers in early-2020
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TORONTO, Jan. 10, 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, announced today that Medical Cannabis by Shoppers will be the exclusive Canadian distributor of the Rho PhytoTM medical cannabis and Pura EarthTM CBD derma-cosmetic product lines. Medical license holders in Canada will be able to purchase a consistent supply of Avicanna's advanced and evidence-based products starting in early-2020, including the Rho Phyto line, which includes sublingual sprays, oil drops, gels, creams, tablets and capsules.
"As a Canadian company, we are proud to be partnering with one of the country's largest and most trusted brands to bring our products to medical patients and consumers, who will benefit from our years of research and development in collaboration with some of Canada's leading scientific and clinical institutions," stated Aras Azadian, Chief Executive Officer of Avicanna. "We believe this partnership represents the future of the medical segment of the cannabis industry and what can be perceived as 'medical cannabis 2.0' due to its emphasis on the controlled dosing, data, quality, consistency and wide range of deliveries and cannabinoid ratios."
In an effort to support the patient community, Avicanna and Medical Cannabis by Shoppers plan to collaborate to provide the Canadian medical community and patients with education, training and on-going support.
About Rho PhytoTM
Rho Phyto is Avicanna's line of phyto-therapeutic medical cannabis products. The Rho Phyto products consist of cannabis plant extracts designed for medical use, but are not pharmaceuticals or drugs. There are a wide range of targeted delivery mechanisms for the Rho Phyto products, including tablets, sublingual sprays, oil drops, capsules, creams and gels, which will be supported by bioavailability and pharmacokinetic data.
About Pura EarthTM
Pura Earth is Avicanna's derma-cosmetic line which utilizes a combination of purified cannabidiol (CBD) and other synergistic botanical ingredients designed to naturally regulate and nourish the skin. The Pura Earth product line was designed by Avicanna and optimized in partnership with the University of Toronto using Avicanna's proprietary formulations.
Avicanna is an Ontario corporation focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products through its two main business segments, cultivation and research and development.
Avicanna's two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia are the base for Avicanna's cultivation activities. These two companies are licensed to cultivate and process cannabis for the production of cannabis extracts and purified cannabinoids including cannabidiol (CBD) and tetrahydrocannabinol (THC).
Avicanna's research and development business is primarily conducted out of Canada at its headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto. Avicanna's scientific team develops products, and Avicanna has also engaged the services of researchers at the Leslie Dan Faculty of Pharmacy at the University of Toronto for the purpose of optimizing and improving upon its products.
Avicanna's research and development and cultivation activities are focused on the development of its key products, including plant-derived cannabinoid pharmaceuticals, phyto-therapeutics, derma-cosmetics and Extracts (defined as plant-derived cannabinoid extracts and purified cannabinoids, including distillates and isolates), with a goal of eventually having these products manufactured and distributed through various markets.
Cautionary Note Regarding Forward-Looking Information and Statements
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. These forward-looking statements include, but are not limited to, statements relating to: the ability of medical license holders to obtain a consistent supply of product, Medical Cannabis by Shoppers maintaining its exclusivity with respect to Canadian distribution, the timing related to the expected availability of the products and the intention to collaborate on medical education, training and support.
Risks, uncertainties and other factors involved with forward-looking information that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information include: the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary regulatory approvals; the ability of the parties to satisfy, in a timely manner, the other conditions of the agreement; the ability of the Company to agree to terms with an acceptable manufacturer; changes to rules related to sale and distribution of cannabis products; and such other risks contained in the Company's long-form prospectus dated July 8, 2019 available on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive.
In respect of the forward-looking statements and information concerning the anticipated benefits of the transaction and the anticipated timing for completion of the transaction, the Company has provided such statements and information in reliance on certain assumptions that they believe are reasonable at this time. Although the Company believes that the assumptions and factors used in preparing the forward-looking information or forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information or forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. Actual results could differ materially from those currently anticipated due to a number of factors and risks.