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(Globe Newswire) Toronto – Avicanna Inc. a commercial stage, international biopharmaceutical company focused on the commercialization of cannabinoid-based products, is pleased to announce the initial delivery of its proprietary topical products into Europe as a part of the previously announced exclusive supply agreement with a multinational pharmaceutical company.
“We are pleased to compete first delivery of our products and are excited about the potential of these innovative products in the German and European over the counter markets. These formulations were developed though our Canadian R&D platform and manufactured through South American operations with our source of cannabinoids including, CBD and CBG. This combination acts as a validation of our long-term business model and international expansion plans for our proprietary and evidence-based products,” stated Aras Azadian, CEO at Avicanna Inc.
The products include 3% CBD localized cream and the 2% CBD and 0.5% CBG transdermal gel utilizing the Company’s patented deep tissue technology. The 3% CBD localized cream, as well as the 2% CBD and 0.5% CBG transdermal gel products completed human irritation and real-world evidence studies.
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The multinational pharmaceutical company manufactures and markets a wide range of pharmaceutical products across 4 continents and has established commercial infrastructure in the European region that will be utilized for the initial launch of the selected products. [They have] committed to launch the initial products in 6 European countries during 2025 with expectations of further expanding throughout the European region shortly after.
Avicanna has earned licensing fees for meeting specific milestones this year. Additionally, the parties agreed to specific minimum order quantities and commercial milestones for the multinational pharmaceutical company to maintain the exclusivity.
The products were manufactured using the Avicanna’s Colombian operations while utilizing Avicanna’s own source of Aureus branded organic and sustainable cannabinoids including CBD and CBG from its majority owned subsidiary, Santa Marta Golden Hemp S.A.S.
Avicanna carries out its operations in compliance with all applicable laws in the jurisdictions in which it operates.
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About Avicanna:
Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of cannabinoid-based products and formulations for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development leading to the commercialization of more than thirty proprietary, evidence-based finished products and supporting four commercial stage business pillars.
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