Avicanna's subsidiary obtains GPP certification and authorization by INVIMA for the compounding and sale of pharmaceutical cannabinoid products with medical prescriptions in Colombia
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- Authorized cannabinoid products will be available to the medical community and patients in early Q4 2020 including Avicanna's advanced oral, sublingual, and topical formulations branded and sold as RHO Phyto™ in Canada and other markets.
- This is the first ever compound pharmacy in Colombia authorized to specialize only in the production of cannabinoid formulations and the first authorized to offer topicals.
- This is the final step in Avicanna's fully integrated seed to patient business model in Colombia, which includes cultivation, extraction and manufacturing of pharmaceutical products for the emerging medical market with the 50 million people.
TORONTO, Sept. 14, 2020 /CNW/ - 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 through its wholly owned subsidiary Avicanna LATAM S.A.S. ("Avicanna LATAM"), the Company's pharmacy in Bogota has been certified with Good Preparation Practices ("GPP") and authorized by the National Institute for Drug and Food Surveillance ("INVIMA") for the sale of compounded pharmaceutical products to service medical prescriptions of individual patients in Colombia.
"We are thrilled to be able to offer our pharmaceutical preparations to the Colombian medical and patient communities. While the medical cannabis market in Colombia is still in its infancy, we are committed to educating both physicians and the medical community of the benefits and potential risks of cannabinoid-based medicine for their patients. We are leveraging years of learning and extensive research and development allowing us to provide the Colombian population with standardized and advanced medical solutions." Aras Azadian CEO, Avicanna Inc.
The GPP authorization permits Avicanna LATAM to manufacture its line of advanced cannabinoid formulations including oral, sublingual, and topical preparations to service individual prescriptions issued by qualified medical professionals such as doctors, hospitals, and third-party independent clinics. The unique cannabinoid formulations are branded as RHO Phyto™ in mature cannabis markets, such as Canada, and are poised to set the standard in Latin America by offering products with years of extensive research and development manufactured with world-class quality standards. All the formulations have been optimized for consistent delivery and increased absorption and are designed to maintain the stability of the cannabinoids over the course of treatment.
The cannabinoids used in the preparation of these final products are locally-sourced from Avicanna's majority owned subsidiaries Santa Marta Golden Hemp S.A.S. ("SMGH") and Sativa Nativa S.A.S. ("SN") allowing for full control and adherence to the highest quality standards along the entire value chain from seed to finished product. The commercialization strategy for the launch of these medical cannabis products includes education and training of health care professionals and partnerships with third-party hospitals and clinics which have been cultivated over the past few years.
Lucas Nosiglia, President of Avicanna LATAM commented "We are proud to be one of the first companies to offer the Colombian market with these unique product formulations that may address a variety of medical conditions and treat patients across in Colombia. Furthermore, we are providing Colombians with the combination of Avicanna's advanced formulations and our own organic and sustainably cultivated cannabis from the foothills of the Sierra Nevada in Santa Marta."
About Avicanna
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 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 developed with scientific rigour, manufactured under GMP standards and supported by pre-clinical data.
With ongoing clinical trials on its derma-cosmetic (Pura H&W), medical cannabis (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.
Stay Connected
For more information about Avicanna, visit www.avicanna.com, call 1-647-243-5283, or contact Setu Purohit, President by email at [email protected].
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 provide the Colombian population with standardized and advanced medical solutions, the ability of Avicanna LATAM to manufacture its line of advanced cannabinoid formulations to service individual prescriptions issued by qualified medical professionals, the Company's ability to set the standard in Latin America by offering products with years of extensive research and development manufactured with world-class quality standards, the ability of the unique formulations to maintain the stability of the cannabinoids over the course of treatment, the ability of the Company to source the cannabinoids for the manufacture of the medical cannabis products from SMGH and SN, the ability of the product formulations to address specific medical conditions, and the ability of SMGH and SN to continue to cultivate organic and sustainable cannabis. 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, 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.
SOURCE Avicanna Inc.
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