Avicanna Announces Closing of Strategic Private Placement

Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of cannabinoid products derived from plants, is pleased to announce that it will expand its RHO Phyto formulary in Canada with cannabigerol (“CBG”) formulations in medical and adult use channels across Canada.

Avicanna is expanding its trusted RHO Phyto brand to include several CBG formulations that will be available on various medical cannabis channels, including Medical Cannabis by Shoppers MT and adult use channels beginning with its two listings on the Ontario Cannabis Store (“OCS”) in Q3 2022. As the Canadian cannabis market continues to grow, Avicanna is leveraging its R&D capabilities to provide differentiated medical and wellness products, including rare cannabinoid formulations in established commercial channels. Initial formulations of CBG will include:

RHO Phyto Rapid Act THC:CBG Spray: A combination of THC and CBG in a lemon and mint flavored spray that uses Avicanna’s sublingual delivery technology for rapid effect.

RHO Phyto Micro Drop THC:CBG:CBD Oil: A combination of THC, CBG and CBD in a blood orange flavored oil that uses Avicanna’s inverted emulsion technology to provide improved absorption and shelf life stability.

RHO Phyto CBG Transdermal Relief Gel: A combination of CBG and CBD in a fast-absorbing water-based gel. The gel uses Avicanna’s proven deep tissue technology and combines cannabinoids with synergistic natural ingredients and terpenes, including menthol and beta-caryophyllene.

About CBG

CBG is a rare, non-psychoactive cannabinoid that acts as a precursor to other more well-known cannabinoids including CBD and THC, CBG interacts with several receptors in the skin and body that are known to be targets of inflammation , infection, pain, as well as neurological and mood-related disorders. Specifically, modern research has investigated CBG and its potential role in analgesia, anti-inflammatory, antibacterial, and for its neuroprotective properties. 1- 5 . In particular, the use of CBG in topical formulations offers local applications for various conditions such as arthritis, muscle aches and pain due to its anti-inflammatory properties. Additionally, oral applications of CBG such as Rapid Act sublingual spray or Micro Drops oils should have consistent effects.

Avicanna’s research on CBG

Avicanna continues to research potential therapeutic areas of CBG with its academic and clinical partners, including ongoing studies with Thompson River University of CBG’s potential antimicrobial and anti-inflammatory abilities. The results of these studies will provide additional guidance for product development and clinical trials while supporting existing commercial efforts. Additionally, new additions to the RHO Phyto form will be enrolled in Avicanna’s Medical Cannabis – Real-World Evidence Trial (“MC-RWE”) conducted by the University Health Network (UHN). This longitudinal study evaluates the effectiveness of medical cannabis on patient-reported pain, anxiety, sleep, and depression outcomes.

Besides , Avicanna has conducted CBG research through its cultivation projects in Colombia, where the company has developed a genetic strain of cannabis expressing up to 17% CBG in its biomass. The proprietary genetics have also undergone extraction and are possibly the first local source of pure CBG to be available in Colombia from where it has also been exported to the USA and the Czech Republic.

1. G Navarro, K Varani, I Reyes-Resina, VS Medina, RR Santisteban, CSC Callado, F Vincenzi, S Casano, CF Vera, EI Canela, PA Borea, X Nadal, R Franco (2018) Cannabigerol Action at Cannabinoid CB1 and CB2 receptors and CB1-CB2 heteroreceptor complexes. Before Pharmacol 9:632

2. Perez E, Fernandez JR, Fitzgerald C, Rouzard K, Tamura M, Savile C. In vitro and clinical evaluation of cannabigerol (CBG) produced by yeast biosynthesis: a cannabinoid with a wide range of anti-inflammatory and health Skin Properties. Molecules. 2022; 27(2):491. https://doi.org/10.3390/molecules27020491

3. Nachnani, R.; Raup-Konsavage, WM; Vrana, KE The pharmacological case of cannabigerol. J. Pharmacol. Exp. The. 2021, 376, 204-212.

4. Schuetz, MA, Savile, CK, Webb, C., Rouzard, K., Fernández, JR and Pérez, E. (2021). 480 Cannabigerol: The mother of cannabinoids exhibits a broad spectrum of anti-inflammatory and antimicrobial properties important to the skin. Journal of Investigative Dermatology, 141.

5. Kogan NM, Lavi Y, Topping LM, Williams RO, McCann FE, Yekhtin Z, Feldmann M, Gallily R, Mechoulam R. New CBG derivatives may reduce inflammation, pain and obesity. Molecules. 2021; 26(18):5601. https://doi.org/10.3390/molecules26185601

About Avicanna Inc.

Avicanna is an international, commercial-stage biopharmaceutical company focused on the development, advancement and commercialization of evidence-based cannabinoid products for the global consumer, medical and pharmaceutical market segments. Leading global cannabinoid advancements, the company actively collaborates with renowned Canadian academic and medical institutions in research and commercialization. Avicanna has established a cutting-edge scientific platform comprising advanced R&D and clinical development which has led to the commercialization of more than thirty products in its main market segments:

Medical cannabis and wellness products: Marketed under the RHO Phyto™ brand, these medical and wellness products are an advanced line of pharmaceutical-grade cannabinoid products containing varying ratios of cannabidiol (“CBD”) and tetrahydrocannabinol (“THC”). The product portfolio contains a comprehensive list of products including oral, sublingual, topical and transdermal deliveries that have controlled dosing, enhanced absorption and stability studies supported by preclinical data. The advanced form is marketed with education and training for consumers, patients and the medical community.

Pharmaceutical 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 marketing. These cannabinoid-based drug candidates provide solutions to 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 phase in South America.

SOURCEAvicanna Inc.
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For more information about Avicanna, visit www.Avicanna.com, contact Ivana Maric by email at info@Avicanna.com or follow us on social media at LinkedIn, Twitter, Facebook or Instagram.

The company posts updates via videos on the company’s official YouTube channel.

Caution Regarding Forward-Looking Information and Statements

This press release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information in this press release can be identified by the use of words such as “may”, “could”, “could”, “will”, “likely”, “expect”, “anticipate”. , “believes”, “intends”, “plans”, “expects”, “projects”, “estimates”, “outlooks” and other similar expressions. Forward-looking information in this press release includes, but is not limited to, statements relating to financial forecasts and/or operating results and prospects, including expected revenues, expected sales growth, expected expansion of product listings, the Company’s anticipated application of its products, anticipated growth, anticipated geographic expansion, obtaining regulatory clearances and approvals, clinical trial success, scientific advancements and developments, commercialization successful products, our Company priorities, objectives and strategies, industry trends and their anticipated impact, the anticipated impact of current market conditions on each of our segments and long-term expectations, components and supply chain constraints; and Company financial statement estimates and assumptions. 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 forward-looking information as the Company cannot guarantee that it will prove to be accurate. Actual results and developments may differ materially from those contemplated by such 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. These risks and uncertainties include, but are not limited to, current and future market conditions, including the trading price of the Company’s common shares, and the risk factors set forth in the Company’s Annual Information Form dated September 3, 2021. and the abbreviated final prospectus dated November 27, 2020, filed with the Canadian securities authorities and available under the Company’s profile on SEDAR at www.sedar.com. The statements contained in this press release are made as of the date of this press release. The Company disclaims any intention 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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