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Avicanna Inc
Symbol AVCN
Shares Issued 45,858,596
Close 2021-11-05 C$ 0.78
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Avicanna president, legal officer Purohit resigns

2021-11-05 19:26 ET - News Release

Mr. Aras Azadian reports

AVICANNA ANNOUNCES MANAGEMENT CHANGE

With immediate effect, Setu Purohit will no longer serve as president and chief legal officer of Avicanna Inc. He will remain a member of the company's board of directors.

The company continues to execute on its transitional plans as it evolves from a prerevenue R&D (research and development) stage company into a rapidly expanding biopharmaceutical company with global operations and sales. The company would like to thank Mr. Purohit for his service and his contributions and wishes him all the best in his future endeavours.

Aras Azadian, chief executive officer, commented:

"I would like to express my gratitude to Setu for his dedication to our shared vision and contributions to bringing Avicanna from a concept to a multinational company over the past five years. His belief in cannabinoid-based medicine and his ability to help navigate the stigmatized and emerging cannabis industry from a global perspective has helped form the company's platform."

The company is actively engaged in discussions with a suitable candidate for the position of chief legal officer and expects to provide an update shortly.

About Avicanna Inc.

Avicanna is a commercial-stage Canadian biopharmaceutical company and an established leader in cannabinoid research, development and evidence-based products for the global consumer, medical and pharmaceutical market segments. Avicanna conducts its research in Canada including its research and devleopment headquarters in the Johnson & Johnson Innovation Centre, JLABS at Toronto, Canada, located in the MaRS discovery district, and in collaboration with leading Canadian academic and medical institutions. Avicanna has established an industry leading scientific platform including advanced R&D and clinical development which has led to the commercialization of over 20 products across four main market segments:

  • RHO Phyto: these medical and wellness products are an advanced line of pharmaceutical-grade cannabis products containing varying ratios of CBD and 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 preclinical data. These products are developed using pharmaceutical drug development processes and are supported with preclinical data. The advanced formulary is marketed with consumer, patient and medical community education and training;
  • Pura H&W: these registered, clinically tested cosmetic products include a portfolio of functional CBD consumer derma-cosmetic and topical products;
  • Aureus: as a part of Avicanna's vertical integration based out of Santa Marta, Colombia, its supply chain business units are primarily dedicated to providing consistent source of cannabinoid raw materials for Avicanna and its global partner's food, cosmetic, medical and pharmaceutical needs. Aureus branded products are cultivated, extracted and manufactured by Avicanna's subsidiaries in Colombia where they benefit from optimal environmental conditions to produce cannabinoid active pharmaceutical ingredients economically, organically and sustainably and include a range of CBD, THC and rare cannabinoids such as CBG extracts and standardized seeds. The company is well positioned to be a global supplier of cannabinoid raw materials demand and has already successfully exported its products to over 10 countries in four continents;
  • Pharmaceutical pipeline: leveraging from the company's scientific platform, vertical integration, and real-world evidence, Avicanna has established a pipeline of indication specific cannabinoid-based drug candidates that are in various stages of clinical development and commercialization. Avicanna's drug candidates are in the preclinical stage and are dedicated to providing solutions for unmet medical needs in the areas of dermatology, chronic pain and various neurological disorders.

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