Ms. Ivana Maric reports

AVICANNA SUBSIDIARY SMGH EXPORTS AUREUS BRANDED CBD AND CBG INTO PARAGUAY

Avicanna Inc., through its majority owned subsidiary Santa Marta Golden Hemp, has completed the commercial export of Aureus-branded products into Paraguay.

The commercial export included Aureus-branded purified cannabidiol (CBD) and cannabigerol (CBG), which is a part of the company's portfolio of cannabinoid active pharmaceutical ingredients. This transaction also marks the 17th international market for Aureus-branded products and 20th market for all Avicanna products, which further demonstrates the company's capabilities in navigating complex regulatory processes for its commercialization efforts internationally.

About Aureus

Avicanna's supply chain business unit is based in Santa Marta, Colombia, and provides a consistent source of cannabinoid raw materials for the global marketplace with GACP (good agricultural and collection practices) and USDA (United States Department of Agriculture) organic certifications. These include active pharmaceutical ingredients and feminized seeds, for Avicanna's cosmetic, medical and pharmaceutical products, in addition to supplying the company's partners around the world.

Aureus-branded products are cultivated, extracted and manufactured by Avicanna's subsidiaries in Colombia, where they leverage optimal environmental conditions to produce cannabinoid active pharmaceutical ingredients economically and sustainably, and include a range of extracts of CBD, THC (tetrahydrocannabinol) and rare cannabinoids such as CBG.

To its knowledge, the company carries out its operations in compliance with all applicable laws in the jurisdictions in which it operates.

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 (research and development) and clinical development that has led to the commercialization of more than 30 products across various market segments:

• Medical cannabis and wellness products (Rho Phyto): The formulary offers a diverse range of proprietary formulations, including oral, sublingual, topical and transdermal deliveries with varying ratios of cannabinoids and is supported with continuing patient and medical community education. Rho Phyto has been established as a leading medical brand in Canada and is currently available nationwide to patients across several medical channels and continues to expand into new international markets.
• Pharmaceutical preparations and pipeline: Leveraging Avicanna's scientific platform, vertical integration and real-world evidence, Avicanna has developed an extensive 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) is in the drug registration stage in South America.
• MyMedi.ca medical cannabis care portal: MyMedi.ca is Avicanna's medical cannabis care platform that is formed with the aim to better serve medical cannabis patients' needs and enhance the patient journey. MyMedi.ca is expected to launch during August, 2023, and will feature diverse and scientifically curated products from leading Canadian licensed producers, in addition to pharmacist-led patient support programs and educational resources, to facilitate the incorporation of medical cannabis into health care regimens. MyMedi.ca is also providing specialty services to distinct patient groups such as veterans and collaborating with public and private providers for adjudication and reimbursement.

We seek Safe Harbor.