Avicanna Inc. (“Avicanna” or the “Company“) (TSX: AVCN) (OTCQX:
AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the
development, manufacturing and commercialization of plant-derived
cannabinoid-based products, announces that the full formulary of
RHO Phyto products will be available through retail channels in
early 2021 in Canada.
A successful proof of concept and
partnership with Medical Cannabis by Shoppers
During the past four months, the RHO Phyto
medical formulary has experienced an incredibly successful launch
with overwhelming positive support by the medical community
including 300 prescribers and 20 clinics. RHO Phyto sales have
increased 100%+ month over month in all product categories. The
early results show the product formulary key demographics are 55%
women, 47% are 51-75 years of age and 90% of consumers are 30+
years old. Avicanna will remain exclusive to Medical Cannabis by
Shoppers for medical/prescription use and intends to increase its
current commercial SKU’s from 4 to 10 in 2021.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/53b6cb70-2cb5-42b1-a891-f43366910e83
Expansion to retail sales to provide
consumers with low barrier access to the same industry leading
formulary of medical cannabis products
It has become evident that many consumers who
seek cannabis for medical purposes are not going through medical
channels, with nearly 44% purchasing from legal storefronts
(adult-use). According to the 2020 Canadian Cannabis Survey, 76% of
medical cannabis users do not have a medical document - such as a
prescription - from a healthcare professional. The ease of access
to store-fronts and systemic barriers to connecting with a health
care professional who may provide a medical document have continued
to impact medical user numbers year over year, which have remained
largely the same around 350,000 active registered medical users in
Canada since 2018*.
Aras Azadian, Avicanna’s Chief Executive
Officer, stated: “The existing stigma around medical cannabis and
the barriers to obtain a medical document make it particularly
challenging for some patients to access medical cannabis through
the appropriate channels with the support of a health care
practitioner. We believe that by expanding the RHO Phyto portfolio
into retail sales channels we will provide consumers with easier
and low barrier access to standardized medical products they seek.
For a biopharmaceutical company like Avicanna, this expansion of
our medical products into retail channels is in many ways similar
to accessing over-the-counter medical products.” Aras Azadian,
the companies Chief Executive Officer.
RHO Phyto product attributes and retail
sales strategy
The advanced and standardized products are
offered in various doses of CBD, THC and THC-Free formulations to
provide consumers with a range of inhalation-free
cannabinoids-based solutions. The advanced formulations are
developed and optimized by Avicanna to provide enhanced absorption
versus basic MCT (medium-chain triglyceride) oil formulations while
providing a consistent experience with a pleasant taste and smell.
The RHO Phyto products are delivered with accurate dosing which
also allows for easy titration and dosing by consumers.
Avicanna’s RHO Phyto strategy to leverage retail
sales channels is consistent with the company’s vision to provide
education and safe delivery of its products through evidenced-based
training and education to the consumers, retailers and the medical
community. Avicanna aims to establish RHO Phyto as the doctor
recommended brand within the cannabis industry and has initiated
several pre-clinical and real-world evidence clinical trials on the
products with leading Canadian medical institutions.
*source: Statistics Canada
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, which it primarily conducts at its
R&D headquarters in the Johnson & Johnson Innovation
Centre, JLABS @ Toronto, Canada and in collaboration with leading
Canadian academic and medical institutions. In addition to its
developing pharmaceutical pipeline, Avicanna’s team of experts have
developed and commercialized several industry leading product
lines, including:
-
Pura Earth™ or Pura H&W™: an advanced and clinically tested
line of CBD consumer derma-cosmetic products; and,
- RHO Phyto™: an
advanced line of medical cannabis products containing varying
ratios of CBD and THC currently available nation-wide across Canada
in partnership with Medical Cannabis by Shoppers™, a subsidiary of
Shoppers Drug Mart. RHO Phyto is the first strictly medical
formulary of advanced “Cannabis 2.0” products, containing oils,
sprays, capsules, creams, and gels, all 2 developed with scientific
rigour, manufactured under GMP standards and supported by
pre-clinical data.
With ongoing clinical trials on its
derma-cosmetic (branded as Pura Earth or Pura H&W), medical
cannabis (branded as RHO Phyto) and a pipeline of pharmaceutical
products, Avicanna’s dedication 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 Cannabis 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 S.A.S. and Santa Marta Golden Hemp
S.A.S., 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 CBD, CBG, THC, 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 of
America by completing the first ever export of hemp seeds from
Colombia.
SOURCE Avicanna Inc.
Stay Connected
For more information about Avicanna, visit
www.avicanna.com, call 1-647-243-5283, or contact Setu Purohit,
President by email at info@avicanna.com.
Cautionary Note Regarding
Forward-Looking Information and Statements
This news release contains "forward-looking
information" within the meaning of applicable securities laws.
Forward-looking information contained in this press release may be
identified by the use of words such as, "may", "would", "could",
"will", "likely", "expect", "anticipate", "believe, "intend",
"plan", "forecast", "project", "estimate", "outlook" and other
similar expressions, and includes statements with respect to the
ability of the Company to manufacture any of the products, and the
ability of the Company to sell any of the products in retail
channels in Canada. Forward-looking information is not a guarantee
of future performance and is based upon a number of estimates and
assumptions of management in light of management's experience and
perception of trends, current conditions and expected developments,
as well as other factors relevant in the circumstances, including
assumptions in respect of current and future market conditions, the
current and future regulatory environment; and the availability of
licenses, approvals and permits.
Although the Company believes that the
expectations and assumptions on which such forward-looking
information is based are reasonable, undue reliance should not be
placed on the forward-looking information because the Company can
give no assurance that they will prove to be correct. Actual
results and developments may differ materially from those
contemplated by these statements. Forward-looking information is
subject to a variety of risks and uncertainties that could cause
actual events or results to differ materially from those projected
in the forward-looking information. Such risks and uncertainties
include, but are not limited to current and future market
conditions, including the market price of the common shares of the
Company, and the risk factors set out in the Company's annual
information form dated April 15, 2020 and final short form
prospectus dated November 27, 2020, filed with the Canadian
securities regulators and available under the Company's profile on
SEDAR at www.sedar.com.
The statements in this press release are made as
of the date of this release. The Company disclaims any intent or
obligation to update any forward-looking information, whether as a
result of new information, future events or results or otherwise,
other than as required by applicable securities laws.
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