TORONTO, November 5, 2021 (GLOBE NEWSWIRE) – Avicanna Inc. (“Avicanna“or the”Society“) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacture and commercialization of organic and sustainable plant-based cannabinoid products announces that with immediate effect, Setu Purohit will no longer serve as President and Chief Legal Officer of the Company and will remain a member of the Board of Directors of the Company.

The Company continues to execute its transition plans as it evolves from a company in the pre-acceptance R&D phase to a growing biopharmaceutical company with global operations and sales. The company would like to thank Mr. Setu Purohit for his service and contributions and wish him the best in his future endeavors.

Aras Azadian, Managing Director, said:

“I would like to express my gratitude to Setu for his dedication to our shared vision and his contributions to taking Avicanna from a concept to a multinational company over the past 5 years. His belief in cannabinoid-based medicine and his ability to help navigate the stigmatized and emerging cannabis industry from a global perspective helped shape the company’s platform.

The Company is actively engaged in discussions with a suitable candidate for the position of General Counsel and expects to provide an update shortly.

About Avicanna Inc.
Avicanna is a Canadian commercial-stage biopharmaceutical company and an established leader in research, development and evidence-based cannabinoid products for the global consumer, medical and pharmaceutical market segments. Avicanna conducts her research in Canada, including its R&D headquarters at the Johnson & Johnson Innovation Center, JLABS @ Toronto, Canada, located in the MaRS Discovery District, and in collaboration with leading Canadian academic and medical institutions. Avicanna has established a cutting-edge scientific platform comprising advanced R&D and clinical development which has led to the commercialization of over twenty products in four main market segments:

  • RHO Phyto â„¢: these medical and wellness products are an advanced line of pharmaceutical grade cannabis products containing varying proportions of CBD and THC. The product portfolio contains a comprehensive list of products including oral, sublingual, topical and transdermal deliveries that have controlled dosage, improved absorption, and stability studies supported by preclinical data. These products are developed using pharmaceutical drug development processes and are supported by preclinical data. The advanced form is marketed with education and training of consumers, patients and the medical community.

  • Pura H & W â„¢: these registered and clinically tested cosmetics include a portfolio of functional dermo-cosmetic and topical products for CBD consumers.

  • Aureus â„¢: As part of the vertical integration of Avicanna based in Santa Marta, Colombia, its raw materials business units are primarily focused on providing a constant source of cannabinoid raw materials for Avicanna and the food, cosmetic, medical and pharmaceutical needs of its global partner. Aureus brand products are grown, extracted and manufactured by Avicanna subsidiaries in Colombia, including SMGH which is GACP and USDA certified organic and where they benefit from optimal environmental conditions to produce cannabinoid active pharmaceutical ingredients in an economical, biological manner. and sustainable and include a range of CBD, THC and rare cannabinoids such as CBG extracts and standardized seeds. The company is well positioned to be a global supplier of demand for cannabinoid raw materials and has already successfully exported its products to more than 11 countries on 4 continents.

  • Pharmaceutical pipeline: Leveraging the company’s science platform, vertical integration, and real-world evidence, Avicanna has established a pipeline of indication-specific cannabinoid drug candidates that are in various stages of development. clinical and marketing. Avicanna’s drug candidates are in the preclinical stage and are dedicated to providing solutions to unmet medical needs in the areas of dermatology, chronic pain and various neurological disorders.

SOURCE Avicanna Inc.

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This press release includes statements containing certain “forward-looking information” within the meaning of applicable securities laws (“forward-looking statements”). Forward-looking statements are often characterized by words such as “plan”, “continue”, “expect”, “plan”, “intend”, “believe”, “anticipate”, “estimate”, “Power”, “”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These forward-looking statements are only predictions. Various assumptions have been used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this press release. Forward-looking statements are based on the opinions, estimates and assumptions of management in light of management’s experience and perception of historical trends, current conditions and expected developments at the date the statements are made. made, such as current and future market conditions, future regulatory environment, and future approvals and permits. Forward-looking statements are subject to a variety of risks, uncertainties and other factors that management considers relevant and reasonable in the circumstances that could cause events, results, level of activity, performance, actual prospects, opportunities or achievements differ materially from those projected in forward-looking statements, including general business and economic conditions, changes in laws and regulations, product demand, required commodity price changes , competition, effects and responses to the COVID-19 pandemic and other risks, uncertainties and factors set out under the heading “Risk Factors” in the Company’s Annual Information Form dated April 15, 2020 (the “FIA) And filed with Canadian securities regulatory authorities, available on the Company’s Issuer Profile on SEDAR at The Company cautions that the list of risks, uncertainties and other factors described in the Annual Information Form is not exhaustive and that other factors could also adversely affect its results. Readers are urged to carefully consider risks, uncertainties and assumptions when evaluating forward-looking statements and are cautioned not to place undue reliance on such information. The Company has no obligation and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by laws on applicable securities.