Monday, May 16, 2022
High Yields Cannabis/Marijuana/ Weed News
  • Home
  • Cannabis Stocks
  • Cannabis Strains
  • Cannabis Laws
    • Marijuana Laws in All 50 States
    • International Marijuana Laws 2021
  • Product Reviews
  • Write for Us
No Result
View All Result
  • Home
  • Cannabis Stocks
  • Cannabis Strains
  • Cannabis Laws
    • Marijuana Laws in All 50 States
    • International Marijuana Laws 2021
  • Product Reviews
  • Write for Us
No Result
View All Result
High Yields
No Result
View All Result
Home Cannabis Stock Quotes & News

Avicanna Announces Closing of Non-Brokered Private

Jeremy Vedder by Jeremy Vedder
January 28, 2022
in Cannabis Stock Quotes & News
0
HEXO appoints Chief People & Culture Officer

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS

TORONTO, Jan. 28, 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 closed a non-brokered private placement (the “Offering”) of 1,626 convertible debenture units of the Company (the “Units”) at a price of $800 per Unit (representing an original issue discount equal to 20%), for aggregate gross proceeds of approximately $1,550,400. Each Unit consists of an aggregate of $1,000 principal amount of secured subordinated convertible debentures (the “Debentures”) and 545 common share purchase warrants (each, a “Warrant”).

READ ALSO

Delta 9 Reports First Quarter 2022 Results

Franchise Global to Acquire German Pharmaceutical and

The Debentures will mature one year following the closing of the Offering (the “Maturity Date”). Each Debenture shall be convertible at any time following the date that is six months from the closing of the Offering, at the option of the ‎holder, into common shares in the capital of the Company at a price of‎: (A) $1.20 per share, if converted between the period commencing six months from the closing of the Offering and ‎ending on the second business day prior to the Maturity Date; or (B) $0.85 per share, if converted anytime ‎after the ‎second business day prior to the Maturity Date. The Debentures will not bear interest prior to the Maturity Date, after which they will bear interest at a rate of 15% per annum (based on a year of 360 days composed of twelve 30-day months). Upon a change of control of the Company, holders of Debentures have the right to require the Company to repurchase their Debentures, in whole or in part, at a price equal to 105% of the principal amount of the Debentures then outstanding. The Company shall have the right at any time and from time to time during the period commencing on the date that is six months from the closing of the Offering and the Maturity Date, to repay up to 50% of the principal amount of the then outstanding Debentures. The Debentures will rank seems to step in right of payment of principal with all ‎other Debentures issued under the Offering and will be subordinate to the Company’s outstanding senior secured debt (the “Senior Debt”).

Each Warrant is exercisable into one common share in the capital of the Company (each a “Warrant Share”) at a price of $1.10 per share for a period of three years from the closing of the Offering.

In connection with the Offering, the Company has granted to the subscribers of Units a right to subscribe for and purchase additional units (the “Additional Units”) on substantially the same terms as the Units issued pursuant to the Offering if: (A) at any time it wishes to prepay the then outstanding Senior Debt, and desires to fund, in its sole discretion, such prepayment through the issuance of such Additional Units; or (B) an event of default occurs in respect of the Senior Debt, in each case for the purpose of raising sufficient funds to prepay or repay, as applicable, the Senior Debt. The issuance of Additional Units shall be subject in all respects to the approval of the Toronto Stock Exchange (the “TSX”) and the terms thereof shall be substantially the same terms as the Units issued pursuant to the Offering, including the same maturity date as the Maturity Date notwithstanding the issue date thereof, subject to any increase in the exercise price of the warrants and the conversion price of the convertible debentures, in each case which will form part of any Additional Units to be offered, to be not less than the then minimum pricing permitted by the TSX, and any proration and corresponding reduction of the original issue discount applied to such Additional Units, having regard to the maturity date of the Additional Units.

The Company intends to use the proceeds from the Offering for general working capital purposes, general and administrative expenses, expenditures related to production and manufacturing, and research and clinical development.

All securities issued under the Offering, including securities issuable on conversion or exercise thereof, are subject to a hold period expiring four months and one day from the date hereof.

The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX.

About Avicanna

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 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. 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, 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 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.

Stay Connected

For more information about Avicanna, visit www.avicanna.com, or contact Ivana Maric by email at info@avicanna.com.

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 use of proceeds of the Offering and the issuance of any Additional Units. 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, the availability of licenses, approvals and permits, and the utility and potential application of certain drugs, cannabinoids, compounds and products. 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 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.

[Original Source]

Total
0
Shares
Share 0
Tweet 0
Pin it 0
Share 0

Related Posts

Green Thumb Industries Opens LEAP New Business Accelerator
Cannabis Stock Quotes & News

Delta 9 Reports First Quarter 2022 Results

May 16, 2022
Anything Technologies Media, Inc. Gives Update Regarding
Cannabis Stock Quotes & News

Franchise Global to Acquire German Pharmaceutical and

May 16, 2022
Water Ways Announces Conference Call
Cannabis Stock Quotes & News

Irwin Naturals’ Execution of Rollup Strategy Gaining

May 16, 2022
PURA Aims To Modestly Extract $10 Million This Year From
Cannabis Stock Quotes & News

InterCure to Release its Q1 2022 Results and Hold a

May 16, 2022
Cannabis Stock Quotes & News

Akerna Announces Adjournment of Annual Meeting of

May 13, 2022
Jushi Holdings Inc. to Open Its 21st BEYOND / HELLO™ Retail
Cannabis Stock Quotes & News

TAAT® Files Patent Application for Inclusion of Zero-Hemp

May 13, 2022
Next Post
American Green, Inc.™ (OTC:ERBB) CBD Water with Vessl® Cap

LA’s Gorilla Rx wants to celebrate the “compassion” in cannabis

  • Trending
  • Comments
  • Latest
Monthly Spotlight: The Best of Plain Jane CBD

Monthly Spotlight: The Best of Plain Jane CBD

April 8, 2022
The Ultimate Dr. Dabber Stella Vaporizer Review for 2022

The Ultimate Dr. Dabber Stella Vaporizer Review for 2022

April 19, 2022
volcano hybrid review 2022

The 2022 Volcano Hybrid Vaporizer Review: All You Need To Know

March 19, 2022
The Utillian 5 v3 Wax Pen Review for 2022

The Utillian 5 v3 Wax Pen Review for 2022

March 27, 2022

The 7 Best Smell-Proof Weed Bags To Keep Your Bud Stash Safe

April 27, 2022
The Best Synthetic Urine Kit to Pass Your Drug Test in 2022

The Best Synthetic Urine Kit to Pass Your Drug Test in 2022

March 28, 2022
The 10 Best Smell Proof Backpacks for Weed in 2022

The 10 Best Smell Proof Backpacks for Weed in 2022

May 5, 2022
Green Thumb Industries Opens LEAP New Business Accelerator

Delta 9 Reports First Quarter 2022 Results

May 16, 2022
Former NFL Running Back Marshawn Lynch Launches Premium Blunt Brand

Former NFL Running Back Marshawn Lynch Launches Premium Blunt Brand

0
Major Marijuana Coalition Forms To Coordinate Legalization Push, But Some Key Advocacy Players Aren’t Involved

Major Marijuana Coalition Forms To Coordinate Legalization Push

0
MMJRecs - cannabis leaf

How Medical Marijuana Can Help Treat Sleep Disorders

0
Colorado Cannabis Sales Exceed $2 Billion in 2020

Colorado Cannabis Sales Exceed $2 Billion in 2020

0
Green Thumb Industries Opens LEAP New Business Accelerator

Delta 9 Reports First Quarter 2022 Results

May 16, 2022
Water Ways Announces Conference Call

Columbia Care Reports First Quarter 2022 Results

May 16, 2022
Anything Technologies Media, Inc. Gives Update Regarding

Franchise Global to Acquire German Pharmaceutical and

May 16, 2022
Green Thumb Industries Opens LEAP New Business Accelerator

Columbia Care Reports First Quarter 2022 Results :: Columbia Care Inc. (CCHW)

May 16, 2022

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • March 2020

Categories

  • 1933 Industries
  • 4front Ventures
  • Acreage Holdings
  • Ascend Wellness
  • Ayr Wellness
  • Body & Mind
  • C21 Investments
  • Cannabis Stock Quotes & News
  • Cansortium Inc
  • Captor Capital
  • Ceres Acquisition Corp
  • Chalice Brands
  • Columbia Care
  • Cresco Labs
  • CuraLeaf
  • Gage Growth
  • Glass House Brands
  • Green Thumb Industries
  • Grown Rogue International
  • Harborside
  • Item 9 Labs
  • Jushi Holdings
  • Lowell Farms
  • MariMed
  • MedMen Enterprises
  • News
  • Next Green Wave
  • Planet 13
  • Plus Products
  • Product Reviews
  • Red White & Bloom
  • Sol Global Investments
  • TerrAscend
  • TILT Holdings
  • Trulieve
  • Verano Holdings
  • Vext Sciences
  • Vibe Growth

Recent Posts

  • Delta 9 Reports First Quarter 2022 Results
  • Columbia Care Reports First Quarter 2022 Results
  • Franchise Global to Acquire German Pharmaceutical and
  • Columbia Care Reports First Quarter 2022 Results :: Columbia Care Inc. (CCHW)

QR Code

Avicanna Announces Closing of Non-Brokered Private
No Result
View All Result
  • Homepages
    • Home Page 1
  • News

© 2021 High Yields