Avicanna Enters into a Strategic Partnership with Tetra Bio-Pharma

TORONTO, Feb. 14, 2022 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), an innovative, commercial-stage, and international biopharmaceutical company focused on the development, advancement, and commercialization of evidence-based, cannabinoid-based products, is pleased to announce that it has executed a non-binding term sheet with Tetra Bio-Pharma (“Tetra”) to assess entering into a strategic partnership comprising of three strategic pillars, including:

• The registration and commercialization of Tetra’s various prescription products (REDUVO™ AdVersa, QIXLEEF™ and CAUMZ™) across Avicanna’s channels in Latin/South America.
• Supply of Avicanna’s Active Pharmaceutical Ingredients (APIs) for Tetra’s pharmaceutical pipeline. The phyto-cannabinoid APIs would be sourced from Avicanna’s low cost and sustainable operations in Colombia.
• Co-development and support for Avicanna’s pharmaceutical pipeline for Health Canada and FDA level clinical development and registration.

Aras Azadian, CEO commented, “We look forward to collaborating with the Tetra team who in many ways been pioneers of cannabinoid- pharmaceutical products. As the global industry continues to mature and shift its focus towards evidence-based medicines, the two companies are well positioned to work in synergy across several projects and leverage their leadership positions into fruitful commercial results.”

Steeve Neron, Chief Commercial Officer at Tetra stated, “Tetra will need multiple reliable sources of API, like Avicanna’s, to support QIXLEEF™ operations leading to its successful marketing authorization. QIXLEEF™ is Tetra’s proprietary investigational new drug and is currently being evaluation in two U.S. FDA-authorized clinical trials. Additionally, Avicanna’s established distribution channels in Latin/South America may help advance Tetra’s product commercialization in select jurisdictions.”

About Tetra Bio-Pharma

Tetra Bio-Pharma (TSX: TBP) (OTCQB: TBPMF) (FRA:JAM1) is a leader in cannabinoid-derived drug discovery and development with a FDA and a Health Canada cleared clinical program aimed at bringing novel prescription drugs and treatments to patients and their healthcare providers. Their evidence-based scientific approach has enabled them to develop a pipeline of cannabinoid-based drug products for a range of medical conditions, including pain, inflammation, and oncology. With patients at the core of what they do, Tetra Bio-Pharma is focused on providing rigorous scientific validation and safety data required for inclusion into the existing biopharma industry by regulators, physicians and insurance companies.

For more information visit: www.tetrabiopharma.com

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, Avicanna conducts its research in Canada at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, located in the MaRS Discovery District. The Company actively collaborates with leading Canadian academic and medical institutions. Avicanna has established an industry-leading scientific platform including advanced 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 an advanced 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 controlled dosing, enhanced absorption and stability studies supported by pre-clinical data. The advanced 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 provide solutions for 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.

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For more information about Avicanna, visit www.avicanna.com, contact Ivana Maric by email at [email protected] or follow us on social media on LinkedIn, Twitter, Facebook or Instagram.

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Future-oriented financial information

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About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.