An anonymous director reports

AVICANNA ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Avicanna Inc. has closed a non-brokered private placement offering of 2,537,508 units of the company at a price of 35 cents per unit for aggregate gross proceeds of $888,127.80. Each unit comprises one common share in the capital of the company and one-half of one common share purchase warrant of the company, and each warrant shall entitle the holder thereof to acquire one common share in the capital of the company at an exercise price of 41 cents per share, subject to adjustment in certain events, until Dec. 4, 2026.

The company has paid an aggregate total of $29,977.50 in cash finders' fees and issued an aggregate total of 85,650 finders' warrants in connection with the offering to certain finders in connection with subscriptions for units made by purchasers introduced to the company by such finders. Each finder's warrant entitles the holder thereof to acquire one common share in the capital of the company at an exercise price of 41 cents per share, subject to adjustment in certain events, until Dec. 4, 2026.

The company intends to use the proceeds from the offering for general working capital purposes, general and administrative expenses, expenditures related to production and manufacturing, and research and clinical development.

The unit shares and warrants, and any securities issuable upon conversion or exercise thereof, are subject to a four-month hold period under applicable securities laws in Canada. The offering is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

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, which 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 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) is in the drug registration stage in South America.
• MyMedi.ca medical cannabis care: 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 features 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 also provides specialty services to distinct patient groups, such as veterans and collaborating with public and private providers for adjudication and reimbursement.

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