- Expanding from the profitable nation-wide launch in medical-only channels by way of Medical Cannabis by Shoppers Drug Mart™ the corporate got down to quickly commercialize its RHO Phyto merchandise by way of retail channels and has succeeded in doing so inside a three-month interval.
- In collaboration with Velvet’s sale infrastructure, the RHO Phyto merchandise which embrace its superior formulary of sublingual sprays, oil drops and topicals, are launching into retail gross sales channels valued at $2.6 billion in 20201 in Canada.
- The preliminary listings throughout 4 provinces and begin of retail channel gross sales validate market demand for the rising section in Avicanna’s superior medical and wellness merchandise throughout the retail channels.
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 the listing of certain RHO Phyto products with the Ontario, Manitoba, Saskatchewan and New Brunswick provincial retailers (the “Initial Listing”).
Establishing a Leadership Position Within the Medical Community and Patients
Since its launch in Medical Cannabis by Shoppers Drug Mart™ in Q3 2020, the RHO Phyto product line has skilled unimaginable success with overwhelming optimistic help from the medical group together with 500+ prescribers and 30 medical cannabis clinics. RHO Phyto gross sales have elevated over 40% month over month in all product classes and have efficiently segmented and focused medical and wellness customers. Nearly 90% of the customers of the RHO Phyto oral merchandise together with sublingual sprays and oral drops are over the age of 31 and 52% are feminine.
Avicanna will stay unique to Medical Cannabis by Shoppers Drug Mart for medical-only channels and has elevated its present industrial providing from 2 to 7 SKU’s in response to excessive demand from sufferers.
Successful Expansion into Retail Channels Provides a Low Barrier to Consumers Accessing the Industry’s Leading Formulary of Medical and Wellness Products.
It has develop into evident that many customers who search cannabis for medical and wellness functions aren’t essentially going by way of medical channels, with almost 44% buying from grownup use channels2. According to the 2020 Canadian Cannabis Survey, 76% of medical cannabis customers do not need a medical doc from a healthcare practitioner3. The systemic boundaries to connecting with well being care professionals, ease of entry to storefronts and e-commerce channels, and growth of the wellness class product choices have all contributed to the rise in shopper demand for cannabinoid primarily based medical and wellness merchandise throughout grownup use channels.
Within a brief 3-month timeframe, the Company has efficiently established its manufacturing infrastructure, expanded the RHO Phyto product portfolio, and obtained the Initial Listings from 4 Canadian provinces. RHO Phyto merchandise have already been delivered to the provincial retailers, together with Ontario which represents the most important Canadian market alternative.
“The initial demand and provincial listings in such a saturated market is a fantastic validation of the differentiation and market acceptance of the RHO Phyto product line beyond the medical cannabis channels. The rapid execution by our team will allow us to capture market share in the evolving medical and wellness categories within the adult use channels and is expected to be a significant revenue driver for the company in 2021.” commented Aras Azadian, CEO of Avicanna.
The gross sales and distribution of RHO Phyto is accomplished in collaboration with Velvet Management Inc. which is a nationwide gross sales and advertising and marketing company with 100% deal with grownup use cannabis. Velvet was created by the most important importer of alcohol in Canada, Groupe Dandurand, liable for $1.2 billion in retail gross sales. Velvet Management Inc., with 40+ staff, has develop into one in every of largest gross sales and advertising and marketing businesses in Canada with places of work in Montreal, Toronto, Calgary, and Vancouver.
RHO Phyto Product Attributes and Retail Sales Strategy
The superior and standardized merchandise are provided in numerous doses of CBD, THC and THC-Free formulations to supply customers with a variety of inhalation-free cannabinoid-based options. The superior formulations are developed and optimized by Avicanna to supply enhanced absorption versus fundamental medium-chain triglyceride (MCT) oil formulations whereas offering a constant expertise with a pleasing style and odor. The RHO Phyto merchandise are delivered with correct dosing which additionally permits for simple titration and dosing by customers.
Avicanna’s RHO Phyto technique to leverage retail gross sales channels is according to the Company’s imaginative and prescient to supply schooling and protected supply of its merchandise by way of evidence-based coaching and schooling to customers, retailers and the medical group. Avicanna goals to determine RHO Phyto as a advisable model throughout the cannabis trade and has initiated a number of pre-clinical and real-world proof medical trials on the merchandise with main Canadian medical establishments.
1 Statistics Canada. Table 20-10-0008-01 Retail trade sales by province and territory (x 1,000)
2 Health Canada. (2021). Canadian Cannabis Survey 2020 Survey.
Avicanna is a diversified and vertically built-in Canadian biopharmaceutical firm centered on the analysis, improvement and commercialization of plant-derived cannabinoid-based merchandise for the worldwide shopper, medical, and pharmaceutical market segments.
Avicanna is a longtime chief in cannabinoid analysis and improvement, with its analysis carried out primarily at its R&D headquarters within the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with main Canadian tutorial and medical establishments. In addition to its creating pharmaceutical pipeline, Avicanna’s group of specialists have developed and commercialized a number of trade main product strains, together with:
- Pura H&W™: a complicated and clinically examined line of CBD shopper derma-cosmetic merchandise; and,
- RHO Phyto™: a complicated line of medical cannabis merchandise containing various ratios of CBD and THC presently obtainable nation-wide throughout Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the primary strictly medical formulary of superior “Cannabis 2.0” merchandise, containing oils, sprays, capsules, lotions, and gels, all developed with scientific rigour, manufactured beneath GPP requirements and supported by pre-clinical information.
With ongoing medical trials on its derma-cosmetic (Pura H&W), medical cannabis (RHO Phyto) and a pipeline of pharmaceutical merchandise, Avicanna’s dedication to researching the essential position that cannabinoids play in an more and more wider scope of merchandise has been on the core of the Company’s imaginative and prescient since its inception. Furthermore, Avicanna’s dedication to schooling is demonstrated by way of its annual medical symposiums, the Avicanna Academy academic platform, and the My Cannabis Clinic affected person program by way of its subsidiary firm.
Avicanna manages its personal provide chain together with cultivation and extraction by way of its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., each positioned in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a variety of cannabis and hemp cultivars dominant in CBD, CBG, THC, and different cannabinoids to be used as lively pharmaceutical elements. Avicanna’s Avesta Genetica program specializes within the improvement and optimization of uncommon cultivars for industrial manufacturing together with feminized seeds for international export. In June 2020, Avicanna made historical past with its cargo of hemp seeds to the United States of America by finishing the primary ever export of hemp seeds from Colombia.
For extra details about Avicanna, go to www.avicanna.com, name 1-647-243-5283, or contact Setu Purohit, President by e-mail at email@example.com.
The firm posts updates by way of movies from the official firm YouTube channel https://www.youtube.com/channel/UC5yBclNIsNf7VrE34iwt8OA.
Cautionary Note Regarding Forward-Looking Information and Statements
This information launch comprises “forward-looking information” throughout the which means of relevant securities legal guidelines. Forward-looking info contained on this press launch could also be recognized by means of phrases corresponding to, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and different related expressions, and contains statements with respect to the unimaginable success of the RHO Phyto product line, gross sales of the RHO Phyto merchandise rising month over month in all product classes, the Company’s potential to efficiently section and goal medical and wellness customers, the excessive demand for the RHO Phyto merchandise, the rise in shopper demand for cannabinoid primarily based medical and wellness merchandise throughout grownup use channels, the Company’s potential to take care of optimistic help of the RHO Phyto merchandise from the medical group together with 500+ prescribers and 30 medical cannabis clinics, the Company’s potential to proceed to ship RHO Phyto merchandise to provincial retailers, the differentiation and market acceptance of the RHO Phyto product line, the Company’s potential to seize market share within the evolving medical and wellness classes throughout the grownup use channels, the chance that RHO Phyto might be a big income driver for the corporate in 2021, the flexibility of the Company to determine RHO Phyto as a advisable model throughout the cannabis trade. Forward-looking info will not be a assure of future efficiency and is predicated upon quite a lot of estimates and assumptions of administration in gentle of administration’s expertise and notion of tendencies, present situations and anticipated developments, in addition to different components related within the circumstances, together with assumptions in respect of present and future market situations, the present and future regulatory surroundings, and the supply of licenses, approvals and permits.
Although the Company believes that the expectations and assumptions on which such forward-looking info is predicated are affordable, undue reliance shouldn’t be positioned on the forward-looking info as a result of the Company can provide no assurance that they’ll show to be appropriate. Actual outcomes and developments could differ materially from these contemplated by these statements. Forward-looking info is topic to quite a lot of dangers and uncertainties that would trigger precise occasions or outcomes to vary materially from these projected within the forward-looking info. Such dangers and uncertainties embrace, however aren’t restricted to present and future market situations, together with the market value of the frequent shares of the Company, and the chance components set out within the Company’s annual info kind dated April 15, 2020, and remaining brief kind prospectus dated November 27, 2020, filed with the Canadian securities regulators and obtainable beneath the Company’s profile on SEDAR at www.sedar.com.
The statements on this press launch are made as of the date of this launch. The Company disclaims any intent or obligation to replace any forward-looking info, whether or not on account of new info, future occasions or outcomes or in any other case, aside from as required by relevant securities legal guidelines.