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Avicanna Inc
Symbol AVCN
Shares Issued 45,884,282
Close 2022-03-31 C$ 0.325
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Avicanna files 2021 results, omits P&L from NR

2022-03-31 20:58 ET - News Release

Mr. Aras Azadian reports

AVICANNA ANNOUNCES FILING OF ANNUAL FINANCIAL STATEMENTS FOR YEAR ENDED DECEMBER 31, 2021

Avicanna Inc. has filed its annual financial statements for the year ended Dec. 31, 2021, and has provided a corporate update.

Aras Azadian, chief executive officer, stated: "Two thousand twenty-one was the most progressive and successful year for our team, which managed to accomplish numerous remarkable milestones while navigating unprecedented internal and external challenges. We have successfully commercialized and demonstrated the differentiated value of our proprietary products through four brands across both medical and retail channels in Canada and, in parallel, have established strategic footprints across several international markets."

2021 corporate highlights:

  • Total fiscal 2021 revenue of $3.3-million representing growth of 108 per cent from fiscal 2020 ($1.57-million); record quarterly revenue of approximately $1.2-million in the fourth quarter of 2021, representing the fourth consecutive quarter-over-quarter increase of approximately 20 per cent, minimum;
  • Revenue growth driven by sales of proprietary cannabinoid-based products sold across global sales channels; this includes 69,000 units sold in the fourth quarter of 2021, representing a 160-per-cent growth from the third quarter 2021; a total of 124,000 units were delivered in fiscal 2021 compared with 4,100 units delivered in fiscal 2020;
  • Launched a total of 16 cannabis 2.0 proprietary product SKUs as of Dec. 31, 2021, in Canada including RHO Phyto, Pura HW, Viola and re+Play branded products; expanded distribution channels through a total of 35 cannabis 2.0 product listings across medical and adult-use channels in Canada, signifying an increase of 37 per cent from the third quarter of 2021; expanded its partnership with the Medical Cannabis by Shoppers on-line portal with a total of 13 SKUs available to patients and the medical community including all four commercial brands as at Dec. 31, 2021;
  • The launch of re+Play branded cannabidiol topicals across medical and adult-use channels in Canada; re+Play is a sports performance and recovery-focused brand founded by National Basketball Association (NBA) veteran Al Harrington with evidence-based CBD formulations developed in partnership with Avicanna;
  • Viola brands nationwide launch in Canada through medical channels in partnership with Medical Cannabis by Shoppers and across adult-use channels in Ontario, New Brunswick and Saskatchewan; Avicanna's partnership with Viola brings the U.S. equity-focused brand founded by Mr. Harrington to Canada for the first time;
  • The company filed a patent on its advanced oral cannabinoid drug delivery system related to neurological disorders, including a range of liquids, capsules, powders and controlled release tablets, utilizing proprietary self-emulsifying drug delivery system (SEDDS) technology; the formulations offer enhanced stability, bioavailability and controlled release of cannabinoids, including cannabidiol, tetrahydrocannabinol, cannabigerol, cannabinol and tetrahydrocannabivarin, and are intended to be utilized in global medical and pharmaceutical products;
  • Intellectual property licensing and distribution partnership with established Argentine pharmaceutical company; the partnership will focus on the licensing, supply and expected commercialization of the company's drug candidate Trunerox in Argentina in the second half of fiscal 2022;
  • Avicanna's subsidiary obtains good agricultural and collection practice (GACP) certification in Colombia, which will allow the company's Aureus-branded raw material to include low-cost and sustainable cannabis biomass and flower for sale and export to the global marketplace;
  • The opening of the company's 14th international market across four continents, including the initial export and commercialization of its CBD skin care line Pura H&W in the United States and its medical cannabis brand RHO Phyto into the Caribbean region;
  • International expansion of Aureus-branded products including the first commercial export of CBG, a rare cannabinoid, into the European Union and initial export of psychoactive cannabinoids into Chile; additionally, the company completed initial exports of its proprietary genetics with completed exports of feminized seeds into Argentina and Peru.

Other highlights subsequent to Q4 2021:

  • 2022 strategy and guidance release including the company's forecasted revenue of $9-million from global operations, which is expected to be led by the anticipated sales of approximately 310,000 units of proprietary cannabinoid-based products;
  • Supply agreement with Chilean pharmaceutical pioneer Knop Laboratorios SA; expansion of the relationship, originally established in 2020; supply of Avicanna's active pharmaceutical ingredients for existing commercial and pipeline of pharmaceutical products in South America;
  • Changes to the board of directors and executive team with two experienced pharmaceutical executives including the appointment of Eileen McCormack to the board of directors and Stephen Kim as the chief legal officer;
  • Strategic partnership with Tetra Bio-Pharma, which will encompass three potential strategic pillars across supply of API, commercialization of prescription products and co-development of pharmaceutical drug candidates;
  • Commenced epidermolysis bullosa studies with the Hospital for Sick Children; the study led by Dr. Elena Pope is analyzing the efficacy of the company's dermatological pharmaceutical product on rare skin disease.

The company is also hosting an update webinar on April 5 in collaboration with CHFIR.

About Avicanna Inc.

Avicanna is an innovative, commercial-stage and international biopharmaceutical company focused on the development, advancement and commercialization of evidence-based cannabinoid-based products for the global consumer, as well as medical and pharmaceutical market segments. In leading global cannabinoid advancements, the company actively collaborates with leading Canadian academic and medical institutions. Avicanna has established a scientific platform, including research and development and clinical development, that has led to the commercialization of more than 30 products across four main market segments:

  1. Medical cannabis and wellness products: Marketed under the RHO Phyto brand, these medical and wellness products are a line of pharmaceutical-grade cannabinoid products containing varying ratios of cannabidiol (CBD) and tetrahydrocannabinol (THC). The product portfolio contains a full formulary of products, including oral, sublingual, topical and transdermal deliveries, that have been designed for controlled dosing, enhanced absorption and stability studies supported by preclinical data. The formulary is marketed with consumer, patient and medical community education and training.
  2. CBD derma-cosmetic products: Marketed under the Pura H&W or Pura Earth brands, these registered, clinically tested, derma-cosmetic products include a portfolio of functional CBD topical products.
  3. Pharmaceutical pipeline: Leveraging Avicanna's scientific platform, vertical integration and real-world evidence, Avicanna has created 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.
  4. Cannabinoid raw materials: Marketed under the Aureus brand, the company's raw material business has completed sales to 12 countries. Aureus offers cannabis dried flower, standardized seeds, full-spectrum extracts and cannabinoid distillates, and isolated cannabinoids such as CBD, THC, cannabigerol and other rare cannabinoids. Aureus products are produced at Santa Marta Golden Hemp SAS, the company's majority-owned subsidiary in Colombia, which is also GACP (good agricultural and collection practices) certified and has U.S. Department of Agriculture (USDA) national organic program certification for its hemp cultivar.

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