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Avicanna Inc
Symbol AVCN
Shares Issued 41,271,574
Close 2021-06-11 C$ 1.08
Recent Sedar Documents

Avicanna closes $2.11M debt financing

2021-08-19 13:37 ET - News Release

Mr. Setu Purohit reports

AVICANNA ANNOUNCES CLOSING OF SECURED DEBT FINANCING

Avicanna Inc. has closed the previously announced secured term loan financing in the principal amount of $2,118,000. The term loan is subject to an original issue discount of approximately 15 per cent, such that $1.8-million was advanced by the lender thereof to the company. The term loan is due Oct. 19, 2022.

The terms of the term loan are consistent with those previously disclosed in the company's news release of Aug. 3, 2021. As contemplated in the prior release, in connection with the term loan, the company intends to issue common share purchase warrants to the lender following a full revocation of the failure-to-file cease trade order (FFCTO) issued by the Ontario Securities Commission (OSC) on June 11, 2021 in, respect of the company and the resumption of trading of the common shares of the company on the Toronto Stock Exchange.

As previously announced, the OSC issued an order dated July 30, 2021, partially revoking the FFCTO, which permitted the company to complete the transactions contemplated by the term loan, including the issuance of the warrants. The FFCTO continues to apply in all other respects.

The warrants to be issued and any common shares issued on exercise thereof will be subject to a statutory hold period of four months and one day following the issuance of the warrants in accordance with applicable securities laws. Additional resale restriction may be applicable under the laws of other jurisdictions.

The term loan and issuance of the warrants are subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the final approval of the TSX.

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 (R&D), which it primarily conducts at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS at Toronto, Canada, and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna's team of experts has developed and commercialized several industry-leading product lines, including:

  • RHO Phyto: an advanced line of medical cannabis products containing varying ratios of cannabidiol and tetrahydrocannabinol currently available nationwide across Canada in medical channels in partnership with Medical Cannabis by Shoppers, a subsidiary of Shoppers Drug Mart, and in adult use channels through provincial retailers; RHO Phyto is the first medical formulary of advanced cannabis 2.0 products, containing oils, sprays, capsules, creams and gels, all developed with scientific rigour, manufactured under GMP (good manufacturing practice) standards and supported by preclinical data;
  • Pura H&W: an advanced and clinically tested line of functional CBD consumer derma-cosmetic products currently available nationwide across Canada in medical channels in partnership with Medical Cannabis by Shoppers, a subsidiary of Shoppers Drug Mart, in adult use channels through provincial retailers in Canada and nationwide across Colombia.

With continuing clinical studies on its derma-cosmetic (Pura H&W), medical cannabis (RHO Phyto) and a pipeline of pharmaceutical products, Avicanna is dedicated to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the company's vision since its inception. Furthermore, Avicanna's commitment to education is demonstrated through its annual medical symposium, the Avicanna Academy educational platform, and the My Canabis Clinic patient program through its subsidiary company.

Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa SAS and Santa Marta Golden Hemp SAS, both located in Santa Marta, Colombia. Through these sustainable, economical and industrial-scale subsidiaries, Avicanna cultivates, processes and commercializes a range of cannabis and hemp cultivars dominant in cannabidiol, cannabigerol, tetrahydrocannabinol and other cannabinoids for use as active pharmaceutical ingredients. Avicanna's Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June, 2020, Avicanna made history with a shipment of hemp seeds to the United States by completing the first ever export of hemp seeds from Colombia.

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