Avicanna Announces Supply and Licensing Agreement with Multinational Pharmaceutical Company – Canoe

Press Release

Feb 05, 2024

Exclusive supply agreement for two of Avicanna’s proprietary topical products in the European region

TORONTO, Feb. 05, 2024  — 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 to announce an exclusive supply agreement for two of the Company’s proprietary topical products with a multinational pharmaceutical company (“Pharma”).

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“We look forward to expanding our proprietary topical products into the European region and to be doing so through the utilization of our own international infrastructure for manufacturing. We are confident that through this strategic relationship and the Pharma’s established commercial infrastructure, we can facilitate the expansion of our proprietary products into several international markets,” stated Aras Azadian, CEO.

Pharma manufactures and markets a wide range of pharmaceuticals across 4 continents and has established commercial infrastructure in the European region that will be utilized for the initial launch of the selected products. Pharma has committed to launch the initial products in 6 European countries during 2024 with expectations of expanding throughout the region shortly after. Avicanna will be earning licensing fees associated to specific milestones and the parties have also agreed to specific minimum order quantities and efforts for Pharma to maintain the exclusivity.

IHT4