Avicanna Announces Results of Annual General Meeting and Provides Corporate

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TORONTO, June 24, 2021 (GLOBE NEWSWIRE) — Avicanna Inc. (the “Company” or “Avicanna”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) is pleased to announce that all of management’s nominees listed in the Company’s management information circular dated May 25, 2021 were elected as directors of the Company at Avicanna’s annual general meeting of shareholders held on June 24, 2021 (the “Meeting“). The detailed results of the vote for the election of directors held at the Meeting are set out below.

Name of Nominee Votes cast FOR % votes cast
FOR
Votes
WITHHELD
% votes
WITHHELD
Aras Azadian 14,238,710 99.94% 8,851 0.06%
Dr. Chandrakant Panchal 14,215,568 99.78% 31,993 0.22%
Setu Purohit 13,410,830 94.13% 836,731 5.87%
Giancarlo Davila Char 14,231,255 99.89% 16,306 0.11%
Flavio Jose Zaclis 14,238,710 99.94% 8,851 0.06%
Dr. Assad J. Kazeminy 14,238,710 99.94% 8,851 0.06%
John McVicar 14,238,710 99.94% 8,851 0.06%

At the Meeting, the Company’s shareholders also approved the appointment of MNP LLP as the Company’s auditors for the ensuing year and authorized the board of directors to fix the auditors’ remuneration.

Introduction to the new board members

Dr. Assad J. Kazeminy is the founder and former President and CEO of Irvine Pharmaceutical Services Inc. and Avrio Biopharmaceutical LLC. Dr. Kazeminy received his doctorate degree in Pharmaceutical Sciences, graduate studies in Biochemistry and completed his post doctorate at the University of Southern California (USC) Medical School, Department of Pharmacology. Since January 2014, Dr. Kazeminy has been a member of the Chapman University School of Pharmacy (CUSP) Dean’s Professional Advisory Group, has served as a member of the United States Pharmacopeia (USP) Console of Experts 2000-2020 and has been awarded by United States Pharmacopeia a Winner for Innovative Responses to a Public Health Challenge.

Flavio Jose Zaclis has more than 20 years of experience in private equity, venture capital and entrepreneurial projects. After completing several investment cycles, Mr. Zaclis founded Barn Investimentos in 2012, a venture capital investment boutique, dedicated to early-stage investments in the Brazilian and Latin American markets. Mr. Zaclis is a board member of several companies and has actively participated in initial public offerings, private placements, and merger and acquisition negotiations for portfolio companies. Mr. Zaclis is responsible for fundraising, deal execution, and team leadership at Barn Investimentos.

John McVicar is an experienced senior finance executive with more than 30 years of Canadian and international experience in both industry and professional services. Mr. McVicar retired as a Consulting Partner at Ernst & Young LLP (EY) where he focused on advising large corporations to drive operational excellence and to transform the performance of their finance organizations. Prior to EY, he spent 10 years in senior finance roles with several Canadian and U.S. public companies. Mr. McVicar brings significant international experience. During his career, he has served in roles based in Canada, South America, the U.S., Europe, Asia and Africa. Mr. McVicar is a CPA, CA and holds an MBA from the Fuqua School of Business at Duke University.

Corporate Update

The Company continues to make significant progress on its R&D, clinical and pharmaceutical initiatives and is pleased to provide an update on the commercial progress over the past few months across international markets.

The past several months have been an exciting new phase for the Company as its highly differentiated and advanced products have established a strong market presence while at the same time building consumer and patient loyalty. In Canada, Avicanna has successfully launched RHO Phyto and Pura Earth branded products across adult use and medical channels to which purchase orders of approximately 15,000 units of finished products were fulfilled in Q2 2021, an approximate 250% increase from Q1 2021. In South America, the company has also achieved major milestones including the launch of its medical program in Colombia and additional export of raw materials into a total of 8 countries to date.

RHO Phyto Medical Cannabis Products

  • Introduction of new products including THC-free formulations and deep tissue gel for a total of 7 SKUs in partnership with Medical Cannabis by Shoppers Drug Mart Inc., in addition to expansion of the RHO Phyto products into the adult use channels including initial listings in Ontario, Saskatchewan, Alberta, Manitoba, and New Brunswick.
  • Launch of initiative to supply major Canadian hospitals with RHO Phyto products including a first of its kind supply agreement with Sunnybrook Hospital, where the products will be available and dispensed in the hospital’s pharmacy.
  • In Colombia, the formulations have been successfully launched under the magisterial (compounding) program, where the products are manufactured utilizing Avicanna’s vertical integration capabilities and where patients can be re-imbursed by insurance providers.

Pura Earth and Pura H&W CBD Cosmetics

  • Initial listings and commercialization of Pura Earth products across adult use channels including Ontario, Alberta, Saskatchewan, and medical channels in partnership with Medical Cannabis by Shoppers Drug Mart Inc.
  • Completion of the initial export of Pura H&W products into the United States to exclusive distribution partner Red White and Bloom Brands Inc.

Pharmaceutical Pipeline and Drug Submissions

  • Completion of the pharmaceutical dossier for 10% CBD oral formulation under GMP manufacturing and ICH guidelines for drug submissions in Colombia, Ecuador, Argentina, and Brazil in 2021.
  • Completion of the first phase of pre-clinical studies in Canada for a topical pharmaceutical candidate for pain and inflammation in an animal model of osteoarthritis.
  • Ongoing drug discovery with UHN on optimized cannabinoid ratio for the treatment of refractory epilepsy and behavioural studies on RHO Phyto products and set-up of animal models for evaluating efficacy of formulations on addiction withdrawal at the University of Guelph.

Other highlights

  • Commercial export of CBD, CBG, THC and feminized seeds have reached 8 countries with the recent addition of exports to Chile.
  • Completion of manufacturing of 3 re+Play topical SKUs in preparation for the Q3 2021 launch of the products across the United States in an alliance with former NBA star Al Harrington.
  • Ongoing manufacturing of re+Play SKUs in Canada, where the products have already attained listings from the Ontario cannabis store and Medical Cannabis by Shopper’s Drug Mart Inc.

About Avicanna Inc.

Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development, and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.

Avicanna is an established leader in cannabinoid research and development, which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:

  • Pura EarthTM or Pura H&WTM: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and,
  • RHO PhytoTM: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by ShoppersTM, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays,…

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