Mr. Aras Azadian reports

AVICANNA REPORTS Q1 2023 FINANCIAL STATEMENT

Avicanna Inc. has filed interim financial statements for the three-month period ended March 31, 2023.

Aras Azadian, CEO stated, "We are pleased to report on our continued progress related to our optimization of operations in addition to Canadian commercialization during the first quarter of 2023. We have achieved operational efficiencies that enables us to now focus on scaling our revenues which we expect to be growing during 2023 through our Canadian and international efforts."

Q1 2023 highlights:

• Shoppers Drug Mart partnership to transition Medical Cannabis by Shoppers to Avicanna. On March 28, 2023, Shoppers Drug Mart and the Company announced that Shoppers Drug Mart will transition the Medical Cannabis by Shoppers business to Avicanna. As part of the transition, Avicanna will introduce MyMedi.ca, a new medical cannabis care platform.
• Financial highlights: Revenue of $1.2 million, an increase of 13% over the first quarter of 2022. On-going cost saving initiatives resulted in a 13% decrease in general and administrative expenses. These improvements resulted in a 22% improvement in adjusted EBITDA over the last quarter.
• Progress in Canadian commercialization efforts. The Company continued its expansion efforts related Canadian product offerings that now includes 25 commercial SKUs and furthering 117 commercial listings across medical and provincial channels in Canada.

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: Marketed under the RHO Phyto(TM) brand these medical and wellness products are a line of pharmaceutical-grade cannabinoid products containing varying ratios of cannabidiol ("CBD") and tetrahydrocannabinol ("THC"). The product portfolio contains a full formulary of products including oral, sublingual, topical, and transdermal deliveries that have controlled dosing, enhanced absorption and stability studies supported by pre-clinical data. The formulary is marketed with consumer, patient and medical-community education and training.

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 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(TM)) is in the drug registration stage in South America.

We seek Safe Harbor.