Avicanna Expands its Medical Cannabis Brand RHO Phyto into the Caribbean Region with Initial Export to Barbados
- Starting with 3 SKUs, the advanced medical cannabis formulary will be available for the medical community and patients through prescription
- Distribution partnership with Bryden Stokes Limited includes initial focus on Barbados with plans to expand further into the Caribbean region
- Third active country for RHO Phyto formulations and 13thinternational market opening for Avicanna’s products
TORONTO, Nov. 25, 2021 (GLOBE NEWSWIRE) -- 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 that it has successfully expanded its Rho Phyto branded medical cannabis products into the Caribbean region with successful initial export to its distribution partner, Bryden Stokes Limited (“Bryden Stokes”) in Barbados.
Avicanna has entered into a distribution partnership with Bryden Stokes, an established health and pharmaceutical product distributor in the Caribbean region to distribute its medical formulary RHO Phyto line of products beginning with three (3) product SKUs. This marks the third country in which RHO Phyto’s medical formulary will be available and the 13th international market that Avicanna’s portfolio of products have successfully been exported to.
The Company plans to deliver the RHO Phyto products to the medical community and patients in the Caribbean through Bryden Stokes’ extensive network and sales infrastructure in the region starting with Barbados. In addition to the advanced and evidence-based products, Avicanna will extend its comprehensive educational platform including patient support, marketing, and training.
The initial delivery which included oral and sublingual products has successfully been exported from Canada through Avicanna’s strategic partnership with Medipharm Labs (TSX: LABS), a leading pharmaceutical cannabis manufacturer. In Barbados, specifically, the products will be commercialized under the Medicinal Cannabis Industry Act 2019-44 which outlines regulation of the handling of medicinal cannabis on the island. Avicanna plans to expand its product offerings to the region to include additional SKUs from its Canadian portfolio as well as pharmaceutical preparations from its formulary in Colombia.
“We’re excited to expand our Rho Phyto formulary of products into Barbados with our partner Bryden Stokes, who shares our vision and focus on supplying the medical community and patients with scientifically advanced and evidence-based cannabis products. We look forward to establishing RHO Phyto as the gold standard throughout the region and aim to build long-term opportunities for the brand.” said Aras Azadian, CEO.
Bryden Stokes is delighted to commence a partnership with Avicanna to provide pharmaceutical-grade medicinal cannabis to patients in Barbados and the Eastern Caribbean; specifically, the Rho Phyto brand of products. Avicanna’s evidence-based approach to their formulations, and their collaborations with leading academic and clinical institutions make them an ideal partner.
About Bryden Stokes
Bryden Stokes has three distinct business divisions: Food and Consumer, Brewery, Wine, Spirits and Tobacco, and Health and Wellness. Their wide network of international suppliers and thriving portfolio make them one of the leading distribution companies in Barbados. To support these divisions, they have over 330 employees and a portfolio of 450 quality brands.
About RHO Phyto
The advanced and standardized formulations are offered in various doses of cannabidiol (“CBD”), tetrahydrocannabinol (“THC”) and THC-Free options in a range of drug delivery formats including oral, sublingual, transdermal and local and designed to provide consumers with a range of inhalation-free cannabinoid-based solutions. The proprietary formulations are developed and optimized by Avicanna to provide enhanced absorption while providing a consistent experience with a pleasant taste and smell. The RHO Phyto products are delivered with accurate dosing which also allows for easy titration and dosing by consumers.
Avicanna’s RHO Phyto vision is to provide education and safe delivery of its products through evidence-based training and education to consumers, retailers and the medical community. Avicanna aims to establish RHO Phyto as a recommended brand within the cannabis industry and has initiated several pre-clinical and real-world evidence clinical trials on the products with leading Canadian medical institutions.
To the knowledge of the Company, it carries out its operations in compliance with all applicable laws in the jurisdictions in which it operates.
Avicanna is a Canadian commercial-stage biopharmaceutical company established in cannabinoid research, development, and evidence-based products for the global consumer, as well as medical and pharmaceutical market segments. In leading global cannabinoid advancements, Avicanna conducts most of 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 which has led to the commercialization of over twenty products across four main market segments:
- Medical Cannabis & Wellness Products: Marketed under the RHO Phyto™ brand, or Magisterial Preparations, these medical and wellness products are an advanced line of pharmaceutical-grade cannabis products containing varying ratios of CBD and 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. Avicanna’s medical and wellness product portfolio also forms the foundation of the Company’s pharmaceutical pipeline with the contribution of the formulations that form the basis of the products as well as the data generated from sales and participation of the products in real world evidence studies.
- CBD Derma-Cosmetic Products: Marketed under the Pura H&W™ or Pura Earth™ brands, these registered, clinically tested, dermacosmetic 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 which 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.
- Cannabis Raw Materials, Seeds, and Bulk Formulations: Marketed under the Aureus™ brand, the Company’s raw material business has successfully completed sales to 11 countries. Aureus offers cannabis dried flower, standardized seeds, full spectrum extracts, and cannabinoid distillates, isolated cannabinoids (CBD, THC, cannabigerol (“CBG”) and other rare cannabinoids), and bulk formulations derived from hemp and cannabis cultivars through its sustainable, economical, and industrial-scale subsidiaries based in Colombia. The majority of the Aureus products are produced at Santa Marta Golden Hemp S.A.S. (“SMGH”), the Company’s majority-owned subsidiary, which is also Good Agricultural and Collection Practices (“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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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 SMGH’s ability to maintain its licenses to cultivate cannabis, SMGH’s ability to maintain its certifications, SMGH’s ability to supply any other company based on its current or newly acquired certifications, or SMGH’s ability to acquire new certifications or business partnerships. 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 September 3, 2021 and final short form prospectus dated November 27, 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.
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