Ms. Ivana Maric reports

AVICANNA ANNOUNCES NEW RESEARCH COLLABORATION WITH A MULTI-NATIONAL EUROPEAN-BASED PHARMACEUTICAL COMPANY

Avicanna Inc. has entered into a research collaboration with a multinational European-based pharmaceutical company (collaborator).

The research collaboration will initially assess the company's proprietary SEDDS technology in combination with collaborator's various drug delivery and pharmaceutical formats, to gain a better understanding of proprietary dosage forms with precisely standardized delivery and enhanced bioavailability of cannabinoids. The research collaboration may subsequently assess the possibility of further preclinical research and clinical development. Under the research collaboration, Avicanna will also provide services for assessing a range of other formulations that may be included in collaborator's portfolio.

About the SEDDS technology

Due to the highly lipophilic nature and poor water-solubility of cannabinoids, the formulations currently available in the Canadian market have been generally described as having poor absorption and high variability of onset. Avicanna's proprietary SEDDS oral delivery systems offer an effective route for non-invasive and non-inhalation administration of cannabinoids. With SEDDS drug delivery system, it is expected that the daily intake and frequency of administration of cannabinoid-based medicine could be significantly reduced. Avicanna's SEDDS technology has demonstrated robustness and versatility through different drug delivery formats, including liquid infuser drops, already commercialized in Canada, solid capsule form in commercialization stage and powder form with tunable release, which is dedicated for pharmaceutical dosage forms.

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; 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: MyMedi.ca is Avicanna's medical cannabis care platform formed with the aim to better serve medical cannabis patient needs and enhance the patient journey. MyMedi.ca is operated by Northern Green Canada Inc., and features a diverse portfolio of products and pharmacist-led patient support programs. MyMedi.ca also provides specialty services to distinct patient groups such as veterans, and collaborates with public and private providers for adjudication and reimbursement. MyMedi.ca provides educational resources to facilitate the incorporation of medical cannabis into health care regimens.

We seek Safe Harbor.