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TORONTO, June 7, 2021 (GLOBE NEWSWIRE) – Avicanna Inc. (the “Business“OR”Avicanna“) (TSX: AVCN) provides this biweekly update on the status of the business injunction granted on April 12, 2021 (the”MCTO“) By its primary regulator, the Ontario Securities Commission under National Policy 12-203 – Management ceasefire orders (“NP 12-203“), Following the Company’s announcement on March 29, 2021 (the”Default ad“) That it was unable to present its audited annual financial statements for the year ended December 31, 2020, and management’s discussion and analysis, the annual reporting form, and the accompanying related certifications (collectively, the”Documents“) On or before March 31, 2021, as required by applicable securities laws. The MCTO does not affect the ability of non-savvy investors to trade in the securities of the company.
The Company also announces that it no longer expects to be in a position to submit documents before June 11, 2021, as previously announced. While the Company’s annual audit is ongoing, as the Company’s auditors require additional time to complete their audit, the Company now expects to submit the Documents no later than June 30, 2021. The Company continues to work on work closely with your auditor to remedy the non-compliance. status and submit documents as soon as possible.
The Company informs that: (i) except as established above with respect to the anticipated filing date of the documents, there are no changes in the information contained in the updated biweekly statement dated May 24, 2021, which would reasonably be expected to be material for an investor; (ii) the Company is satisfied and confirms that it intends to continue complying with the provisions of the alternative information guidelines under NP 12-203 and issue biweekly non-compliance status reports while the delay in the submission of documents continues, each of the which will be issued in the form of a press release; (iii) there have been no other breaches specified by the Company under NP 12-203; (iv) the Company is not subject to any insolvency proceedings; And (v) there is no material information about the affairs of the company that has not been generally disclosed.
About Avicanna Inc.
Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company that focuses on the research, development and commercialization of plant-derived cannabinoid-based products for the global pharmaceutical, medical and consumer market segments.
Avicanna is an established leader in cannabinoid research and development, conducting primarily at its R&D headquarters at the Johnson & Johnson Innovation Center, JLABS @ Toronto, Canada and in collaboration with leading academic and medical institutions. Canadians. In addition to its portfolio of pharmaceuticals under development, Avicanna’s team of experts has developed and commercialized several industry-leading product lines, including:
- Pure landTM o Pure H&WTM: an advanced and clinically proven line of dermocosmetic CBD consumer products; Y,
- RHO PhytoTM– An advanced line of medical cannabis products containing different ratios of CBD and THC currently available throughout Canada in partnership with Medical Cannabis by ShoppersTM, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical form of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams and gels, all 2 developed with scientific rigor, manufactured under GMP standards and backed by preclinical data.
With ongoing studies on its dermocosmetics (under the Pura Earth or Pura H&W brand), medical cannabis (under the RHO Phyto brand), and a line of pharmaceuticals, Avicanna’s dedication to researching the important role cannabinoids play in a ever widening range of products. It has been at the core of the company’s vision since its inception. Additionally, 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 SAS and Santa Marta Golden Hemp SAS, both located in Santa Marta, Colombia. Through these sustainable, affordable and industrial-scale subsidiaries, Avicanna grows, processes and markets a variety of CBD, CBG, THC and other cannabinoids dominant cannabis and hemp cultivars for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production alongside 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 export of hemp seeds from Colombia.
SOURCE Avicanna Inc.
The Company publishes updates via videos on the Company’s official YouTube channel. https://www.youtube.com/channel/UC5yBclNIsNf7VrE34iwt8OA.
Join the conversation in our Avicanna fan telegram group at https://t.me/Avicannainc.
Cautionary Note Regarding Forward-Looking Information and Statements
This press release contains “forward-looking information” within the meaning of applicable securities laws. The forward-looking information contained in this press release can be identified by the use of words such as “may”, “could”, “could”, “will be”, “likely”, “expect”, “anticipate”, “believe,” Intent “,” plan, “” forecast, “” project, “” estimate, “” outlook, “and other similar expressions, and includes statements regarding anticipated noncompliance in filing provisional filings, and timing for filing of Interim documents and filings. Forward-looking information is not a guarantee of future performance and is based on a series of estimates and assumptions made by management in light of management’s experience and perception of trends, current conditions, and expected developments, as well. as other relevant factors in the circumstances, including assumptions regarding current and future market conditions, current and future regulatory environment; and the availability of licenses, approval ones 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 cannot guarantee that they will be correct. Actual results and developments may differ materially from those contemplated in 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. Said risks and uncertainties include, among others, current and future market conditions, including the market price of the Company’s common shares and the risk factors established in the Company’s annual information form dated April 15. 2020 and the abbreviated final form. prospectus dated November 27, 2020, filed with 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 intention 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.