Avicanna (TSX: AVCN) Announces First Commercial Sale of the Pura Earth Derma-Cosmetics line of CBD Products
Pura Earth™ derma-cosmetics expected to be available in approximately 59 retail locations throughout Colombia later this month
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TORONTO, Oct. 2, 2019 /CNW/ - Avicanna Inc. ("Avicanna" or the "Company") (TSX: AVCN), a biopharmaceutical company focused on the development, manufacturing and commercialization of organic and sustainable plant-derived cannabinoid-based products, is pleased to announce the first completed commercial sale of its Pura Earth™ derma-cosmetics line of CBD products.
The sale was completed through Avicanna's wholly owned subsidiary, Avicanna LATAM S.A.S., to Percos S.A. ("Percos"), Avicanna's exclusive distributor of Pura Earth™ derma-cosmetics products in Colombia. The initial order from Percos included Avicanna's Anti-Aging Treatment, Anti-Aging Serum, Clear Skin Treatment and Intensive Skin Conditioning Treatment, which are expected to be available for purchase in approximately 59 retail locations throughout Colombia later this month. Avicanna expects to launch the Pura Earth™ brand in additional international jurisdictions in early 2020.
The Pura Earth™ products were produced with Avicanna's proprietary formulations using cannabidiol ("CBD") isolate extracted by the Company's majority owned subsidiary, Santa Marta Golden Hemp S.A.S. ("SMGH"), from cannabis grown and cultivated by SMGH in Santa Marta, Colombia.
"This initial commercial sale of our Pura Earth™ line of CBD products is a significant step towards validating Avicanna's vertically integrated business model and demonstrating our ability to take a product from concept, through the development stage and into the commercialization stage." stated Aras Azadian, Chief Executive Officer. "We conceptualized the Pura Earth™ brand, and then our scientists developed and optimized the final line of products, which contain CBD sourced directly from our subsidiaries, and we are now marketing these products to retailers and distributors. Most importantly, these are science based products that we have tested in human trials lead by Avicanna."
"We believe that this initial sale of Pura Earth™ products marks a significant step towards commercialization and maturity of our company as we reach our goal of building a global organization focused on the development, manufacturing and commercialization of organic and sustainable plant-derived cannabinoid-based products." concluded Mr. Azadian.
About Pura Earth™
Pura Earth™ is Avicanna's derma-cosmetic line which utilizes a combination of purified cannabidiol (CBD) and other synergistic botanical ingredients designed to naturally regulate and nourish the skin. The Pura Earth™ products are formulated with CBD cultivated under organic and sustainable conditions by Avicanna's subsidiary in Santa Marta, Colombia in the foothills of the Sierra Nevada Mountains. The Pura Earth™ product line was designed by Avicanna and optimized in partnership with the University of Toronto using Avicanna's proprietary formulations. The Pura Earth™ product line is manufactured by Altea Farmaceutica S.A. ("Altea") under Good Manufacturing Practices standards. In addition, Centro de Atención e Investigación Médica CAIMED S.A.S. is currently completing clinical studies on selected Pura Earth™ products in order to demonstrate their effectiveness with specific cosmetic endpoints, such as reduction of fine lines associated with aging, efficacy as a moisturizer for eczema prone skin, and reduction of sebum and redness attributed to acne.
Avicanna is an Ontario corporation focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products through its two main business segments, cultivation and research and development.
Avicanna's two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia are the base for Avicanna's cultivation activities. These two companies are licensed to cultivate and process cannabis for the production of cannabis extracts and purified cannabinoids including cannabidiol (CBD) and tetrahydrocannabinol (THC).
Avicanna's research and development business is primarily conducted out of Canada at its headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto. Avicanna's scientific team develops products, and Avicanna has also engaged the services of researchers at the Leslie Dan Faculty of Pharmacy at the University of Toronto for the purpose of optimizing and improving upon its products.
Avicanna's research and development and cultivation activities are focused on the development of its key products, including plant-derived cannabinoid pharmaceuticals, phyto-therapeutics, derma-cosmetics and Extracts (defined as plant-derived cannabinoid extracts and purified cannabinoids, including distillates and isolates), with a goal of eventually having these products manufactured and distributed through various markets.
Cautionary Note Regarding Forward-Looking Information and Statements
Certain information in this press release contains forward-looking statements. Such statements include but are not limited to the number of retail locations at which the Pura Earth products are expected to be available and the timing for the launch of the Pura Earth products both in Colombia and internationally. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict, including the risk factors set out under the heading "Risk Factors" in the Company's long form final prospectus dated July 8, 2019. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless and until required by securities laws applicable to the Company.
SOURCE Avicanna Inc.