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Avicanna Inc
Symbol AVCN
Shares Issued 57,623,781
Close 2022-06-24 C$ 0.24
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Avicanna sells Sativa Nativa stake

2022-06-24 10:05 ET - News Release

Mr. Lucas Nosiglia reports

AVICANNA SELLS STAKE IN MAJORITY-OWNED COLOMBIAN SUBSIDIARY SATIVA NATIVA

Avicanna Inc. has sold its stake in Sativa Nativa SAS, which was the company's secondary majority-owned Colombian subsidiary.

The aggregate price paid by the purchaser for the company's shares in Sativa Nativa was approximately $675,000, in addition to a potential premium of $130,000 subject to the accomplishment of specific short-term milestones. The transaction allows the company to eliminate redundancies, reduce its operational costs and generate efficiencies across its South American operations by focusing its supply chain efforts at its much larger and more operationally advanced majority-owned subsidiary, Santa Marta Golden Hemp (SMGH). The operations at SMGH have been the source of the company's Aureus-branded commercial exports to 16 countries and include the cultivation, extraction and production of cannabinoid raw materials, including active pharmaceutical ingredients and seeds. SMGH is also the source of the company's cannabinoids for most of its cosmetic and pharmaceutical preparations.

Lucas Nosiglia, president of Avicanna Latin America, commented: "We are happy to announce this strategic transaction, which allows us to increase efficiencies throughout our supply chain infrastructure and refocus resources on our core business units, including our pharmaceutical preparations. In parallel, we continue to make progress in our supply chain business at SMGH, through which we have the capacity to continue to supply Avicanna and its global partners with high-quality inputs."

About Aureus

Avicanna's supply chain business unit is based in Santa Marta, Colombia, and provides a consistent source of cannabinoid raw materials for the global marketplace. These include active pharmaceutical ingredients and feminized seeds for Avicanna's cosmetic, medical and pharmaceutical products, in addition to supplying the company's partners around the world. Aureus-branded products are cultivated, extracted and manufactured by Avicanna's subsidiaries in Colombia, where they leverage optimal environmental conditions to produce cannabinoid active pharmaceutical ingredients economically and sustainably with USDA (U.S. Department of Agriculture) organic and GACP (good agricultural and collection practice) certifications.

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: 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 controlled dosing, enhanced absorption and stability studies supported by preclinical data. The formulary is marketed with consumer, patient and medical community education and training.
  • 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.

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