Avicanna Announces Filing of Annual Financial Statements for Year Ended December 31, 2021
March 31 2022 - 8:46PM
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, is pleased announce the filing of its
annual financial statements for the year ended December 31st, 2021
and provide a corporate update.
Aras Azadian, CEO stated, “2021 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 $3.3M representing growth of 108% from fiscal 2020
($1.57M). Record quarterly revenue of approximately $1.2M
in the fourth quarter of 2021, representing the fourth consecutive
quarter-over-quarter increase of approximately 20%, 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%
growth from the third quarter 2021. A total of 124,000 units was
delivered in fiscal 2021 compared to 4,100 units delivered in
fiscal 2020.
- Launched a total of 16
“cannabis 2.0” proprietary product SKUs as of December 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% from the third
quarter of 2021.
- Expanded its partnership
with the Medical Cannabis by Shoppers™ online portal with
a total of 13 SKUs available to patients and the medical community
including all four commercial brands as at December 31, 2021.
- The launch of re+Play
branded CBD 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 US equity-focused
brand founded by NBA veteran, Al 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 systems (SEDDS)
technology. The formulations offer enhanced stability,
bioavailability and controlled release of cannabinoids including
(CBD, THC, CBG, CBN and THCv) and are intended to be utilized in
global medical and pharmaceutical products.
- IP licensing and
distribution partnership with established Argentinian
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 Practices
("GACP") Certification in Colombia, which will allow the
Company’s Aureus-branded raw material 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 $9M 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 S.A. 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 of 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
Tuesday April 5th in collaboration with CHFIR, if you are
interested in attending, please sign up through the provided link.
https://tinyurl.com/AVCN050422
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 R&D and clinical
development that has led to the commercialization of more than
thirty products across four main market segments:
Medical Cannabis & 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 pre-clinical data. The formulary is marketed with
consumer, patient and medical-community education and training.
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.
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.
Cannabinoid Raw Materials:
Marketed under the Aureus™ brand, the Company’s raw material
business has successfully completed sales to 12 countries. Aureus™
offers cannabis dried flower, standardized seeds, full-spectrum
extracts, and cannabinoid distillates, isolated cannabinoids such
as CBD, THC, cannabigerol (“CBG”) and other rare cannabinoids.
Aureus™ products are produced at Santa Marta Golden Hemp S.A.S, the
Company’s majority-owned subsidiary in Colombia, which is also GACP
certified and has United States Department of Agriculture USDA
National Organic Program certification for its hemp cultivar.
SOURCE Avicanna Inc.
Stay Connected
For more information about Avicanna, visit
www.avicanna.com, contact Ivana Maric by email at info@avicanna.com
or Perry Rapagnap at perry@chfir.com or 416-868-1079 x 230.
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The Company posts updates through videos from
the official Company YouTube channel
https://www.youtube.com/channel/UCFXPBGdKSxOUOf_VZoSFSUA.
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 news 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. Forward-looking information contained in this
news release includes, without limitation, statements related to
the Offering, the use of the proceeds of the Offering, the receipt
of all approvals of the Toronto Stock Exchange in connection with
the Offering, statements with respect to the Company's future
business operations, the opinions or beliefs of management and
future business goals. 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 September 3, 2021 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 news 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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