Avicanna Announces the Canadian Launch of 10% CBD (THC Free) Proprietary Formulation

The 10% CBD (THC free) proprietary oral formulation branded as RHO Phyto Micro Drop 100 in Canada

RHO Phyto Micro Drop 100 is available exclusively at MyMedi.ca.

TORONTO, March 27, 2024 (GLOBE NEWSWIRE) -- 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 launch of RHO Phyto Micro Drop 100, a 10% CBD (THC free), proprietary oral formulation in Canada. RHO Phyto Micro Drop 100, is designed to deliver enhanced absorption of cannabinoids through an inverted emulsion technology. RHO Phyto Micro Drop 100 will be available to Canadian patients with medical authorization exclusively at the MyMedi.ca medical cannabis care platform.

RHO Phyto Micro Drop 100 contains the same proprietary oral formulation as the product Trunerox. Trunerox received drug approval in Colombia, earlier this year in February 2024, from the Colombian National Institute of Drug and Food Surveillance (El Instituto Nacional de Vigilancia de Medicamentos y Alimentos – INVIMA). Trunerox is approved by INVIMA in Colombia as a drug for the treatment for severe seizures related to Lennox-Gastaut Syndrome and Dravet Syndrome. Trunerox has not been approved as a drug in Canada by Health Canada.

The Company continues to support the advancement of research and development of plant-derived cannabinoid based products and continues to support the advancement of various scientific-medical initiatives. The Company will be hosting its 4^th Medical Symposium on cannabinoid-based medicine in the Canadian Healthcare System on May 13, 2024 for health care practitioners, scientists, researchers, and the medical community.

About Avicanna Inc.

Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of evidence-based cannabinoid-based products for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development that has led to the commercialization of more than thirty products across various market segments:

• Medical Cannabis & Wellness Products (RHO Phyto): The formulary offers a diverse range of proprietary formulations including oral, sublingual, topical, and transdermal deliveries with varying ratios of cannabinoids and is supported with ongoing patient, and medical community education. RHO Phyto has been established as a leading medical brand in Canada and is currently available nationwide to patients across several medical channels and continues to expand into new international markets.