Avicanna Announces Lock-Up Agreements for Key Insiders

Avicanna (TSX:AVCN,OTCQX:AVCNF) announced on Tuesday (October 29) executives in the company have voluntarily entered into lock-up agreements to extend the term of their lock-up periods, affecting about 7.7 million shares.

As quoted in the press release:

Each member of the Company’s board of directors has entered into voluntary lock-up agreements pursuant to which they will not sell, transfer or pledge any of their Avicanna securities prior to July 1, 2020.  On July 1, 2020, the Company will release 10% of such securities to the respective directors, with the remaining securities released in six equal tranches of 15% every six months following the first release, subject to customary exceptions. The members of the board of directors hold an aggregate of 7,176,850 common shares of the Company.

Click here to read the full press release.