- Avicanna’s (AVCN) subsidiary, Santa Marta Golden Hemp has signed a three year supply agreement with a Brazilian pharmaceutical company
- Santa Marta Gold Hemp will supply industrial volumes of high THC and high CBD full spectrum psychoactive cannabis resin
- The agreement is expected to generate approximately C$4 million in revenue for Avicanna
- Avicanna is a Canadian biopharmaceutical company focused on the research, development and commercialization of cannabinoid-based products
- Avicanna Inc. (AVCN) opened trading at $1.08 per share
Avicanna’s (AVCN) Colombian subsidiary, Santa Marta Golden Hemp has signed a three-year supply agreement with a Brazilian pharmaceutical company.
Santa Marta Gold Hemp will supply industrial volumes of high THC and high CBD full spectrum psychoactive cannabis resin.
The cannabis extracts will be used in the production of products that will be registered and commercialized in Brazil through RDC 327/19 which regulates the 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, to commence in 2022, is expected to generate approximately C$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.”
Avicanna is a Canadian biopharmaceutical company focused on the research, development and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.
Avicanna Inc. (AVCN) opened trading at $1.08 per share.