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TORONTO, Oct. 24, 2019 /CNW/ - Avicanna Inc. ("Avicanna" or the "Company") (TSX: AVCN)(OTCQX: AVCNF), a biopharmaceutical company focused on the development, manufacturing and commercialization of cannabinoid-based products, is pleased to announce that Santa Marta Golden Hemp S.A.S. ("SMGH"), its majority owned subsidiary, has completed commercial exports of its Aureus™ brand of CBD-based products to South Africa and the United Kingdom (collectively, the "Jurisdictions").
The Aureus brand of products include an organic and sustainable line of plant-derived active pharmaceutical ingredients ("APIs") and bulk CBD formulations developed by Avicanna in collaboration with SMGH and Sativa Nativa S.A.S. ("Sativa Nativa"), which is also a majority owned subsidiary of Avicanna. These initial sales included the export of CBD isolate and 4% bulk formulation for CBD oil sublingual sprays. Each of the above exports has been completed in accordance with all applicable laws in the Jurisdictions.
Aras Azadian, Avicanna's Chief Executive Officer, stated "We are excited to bring the Aureus brand of cannabinoid APIs to our international customers. We believe these initial sales further validate the brand's opportunities in these two countries, as well as the potential for us to actively market our APIs across the globe to manufacturers of CBD products. We believe the Aureus brand of API products will become a leader in organic and sustainable cannabinoid raw materials and the gold standard with respect to global quality controls, which we believe are necessary for the evolution of a worldwide cannabinoid industry."
The Aureus brand is a collaboration between Avicanna and its two majority owned Colombian subsidiaries, SMGH and Sativa Nativa. It is expected that SMGH and Sativa Nativa will sell a range of premium of APIs, in the form of resins, distillates and isolates under the Aureus brand. These APIs are expected to consist of purified cannabinoids including cannabidiol (CBD), tetrahydrocannabinol (THC) and other rare cannabinoids. The Aureus brand will allow customers to have confidence that each shipment of API will meet Avicanna's industry leading standards of quality, has been grown in accordance with Good Agricultural and Collection Practices and has been extracted in compliance with Good Manufacturing Standards. Additionally, Aureus products are cultivated with organic, environmentally sustainable and socially responsible practices.
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
Certain information in this press release contains forward-looking statements. Such statements include but are not limited to the expected products to be marketed under the Aureus brand and expected manufacturing standards of the Aureus products. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict, including the risk factors set out under the heading "Risk Factors" in the Company's long form final prospectus dated July 8, 2019. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless and until required by securities laws applicable to the Company.
SOURCE Avicanna Inc.