As part of the initial deal, Melbourne-based Cannvalate will obtain the right to sell the Rho Phyto line of products from Avicanna in Australia as the exclusive distributor.
The Canadian firm will also provide white-label products to Cannvalate alongside its branded items. The Rho Phyto products for the Australian market will be manufactured in Colombia through Avicanna’s subsidiary operations in the nation.
Aras Azadian, CEO of Avicanna, told investors that the Canadian firm underwent significant due diligence before stepping into the emerging Australian market. The executive said this agreement was designed for its medical cannabis product offerings.
The current line of Rho Phyto offerings from Avicanna includes a sublingual spray, oil drops, soft gel capsules and a topical cream and gel.
Sud Agarwal, CEO of Cannvalate, added that the firm will help Avicanna satisfy testing standards from Australia’s Office of Drug Control (ODC). “We have been particularly impressed by their attention to quality processes and firm stance on providing validated clinical research,” Agarwal said.
Cannvalate is a business-to-business services company for the medical marijuana industry.
Avicanna joins a running list of Canadian names pursuing active operations in Australia through partnerships or a direct presence. One of the most recent participants in the space, MPX International (CSE:MPXI,OTC Pink:MPXOF) announced in early February that it had obtained a medicinal cannabis licence from the ODC.
Shares of Avicanna opened at C$1.87 on Monday (February 24) in the Canadian markets. However, the company quickly dropped in value during the early portion of the trading session.
In a note to investors issued in January, Cameron Bell, an analyst with boutique bank Canaccord Genuity Australia, reassured readers that the market in the country was looking better after a sluggish 2019. The bank’s own index for Australian names had seen significant recent growth at the time thanks to easing concerns from offshore investors.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
In the evolving rush of mergers and acquisitions (M&A) in the Canadian cannabis market, Canopy Growth (NASDAQ:CGC,TSX:WEED) announced it will acquire The Supreme Cannabis Company (TSX:FIRE,OTCQX:SPRWF) in a deal worth approximately C$435 million.
Meanwhile, a cannabis operator in the US confirmed this week that it will receive a financial boost from a partner to solidify its position in the burgeoning Pennsylvania state market.
The Board of Directors of Aphria Unanimously Recommends Shareholders Vote “For” the Arrangement
Aphria to Host Special Meeting of Shareholders on Wednesday, April 14, 2021 to Approve Proposed Aphria-Tilray Business Combination
Love Hemp Group PLC (AQSE: LIFE) (OTCQB: WRHLF), one of the UK’s leading CBD and Hemp product suppliers, announces that as part of the equity fundraise announced yesterday, Antony Calamita and Andrew Male, Directors of the Company, subscribed for 285,714 Ordinary Shares and 1,428,571 Ordinary Shares respectively. The subscriptions are at a price of 3.5 pence per ordinary share for a total of £60,000. Following these subscriptions, Antony Calamita is now interested in 54,385,714 Ordinary Shares, representing 8.61% of the Company’s share capital as increased by the fundraising, and Andrew Male is now interested in 6,138,196 Ordinary Shares, representing 0.97% of the Company’s issued share capital as increased by the fundraising
Further, the timetable for receipt of applications under the Broker Option, which was also announced yesterday, has been extended until 5:00 pm 9 April 2021 to capture additional interest which was unable to be completed yesterday.
Revive Therapeutics Ltd. (“Revive” or the “Company”) (CSE: RVV, USA: RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, would like to provide the following dial-in information for the Company’s upcoming Annual and Special Meeting (the “Meeting”) scheduled to be held at 11:00 a.m. Eastern Daylight Time on April 12, 2021. Shareholders and proxyholders may access the Meeting via teleconference by dialing 647-723-3984 or 1-866-365-4406 from Canada or the United States, then entering participation code “8487744” followed by the pound (“#”) sign.
In consideration of the COVID-19 pandemic and the recent restrictions imposed by the Ontario Provincial Government, shareholders and proxyholders will only be able to attend the Meeting via teleconference and will not be permitted to attend the Meeting in person at the address provided on the Notice of Annual and Special Meeting of Shareholders.
Gage Cannabis Announces Exclusive Partnership With Blue River to Bring Award-Winning Cannabis Extracts to Michigan
Gage Growth Corp. (“Gage” or the “Company”) (CSE:GAGE), a leading high-quality craft cannabis brand and operator in Michigan, announced today that it has signed an agreement with Blue River™ Extracts & Terpenes (“Blue River™”) to bring the brand’s award-winning solventless technology and other trademark branded products to the state’s medical patients and cannabis consumers. The Company will have exclusive rights to Blue River™’s premium product offerings in Michigan.