Avicanna Executes Multi Year Agreement to Supply Brazilian Pharmaceutical Company with THC and CBD Cannabis Extracts
TSX: AVCN
OTCQX: AVCNF
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Avicanna Inc. a biopharmaceutical company, is pleased to announce that its majority owned Colombian subsidiary, Santa Marta Golden Hemp S.A.S., has executed a three year master supply agreement with a leading Brazilian pharmaceutical company to supply industrial volumes of high THC and high CBD full spectrum psychoactive cannabis resin.
The Cannabis Extracts will be used in the production of several products which will be registered and commercialized in Brazil through RDC 327/19 that regulates manufacturing, registration, importation and dispensing of cannabis-derived products.
Fulfillment of purchase orders under the agreement is expected to commence in 2021 for pilot batches. Fulfillment of purchase orders for commercial batches in 2022, based on initial forecasts made by the Brazilian pharmaceutical company pursuant to the agreement, is expected to generate approximately CAD$4 million in revenue for Avicanna.
Aras Azadian, CEO of Avicanna, commented: “This first of its kind partnership for Avicanna further validates the company’s competitive advantages and capability of producing sustainable, standardized and economical source cannabinoid API for our own product pipeline in addition to supplying our global pharmaceutical partners.”
Find the full release here at: [https://ca.finance.yahoo.com/news/avicanna-executes-multi-agreement-supply-113000059.html](https://ca.finance.yahoo.com/news/avicanna-executes-multi-agreement-supply-113000059.html)
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