Avicanna Completes First Commercial Export of Feminized Cannabis Seeds from Colombia to Peru and Argentina

• This marks Avicanna's first commercial exports of proprietary genetics in the form of feminized seeds into the Peruvian and the Argentine medical cannabis markets.
  
• Avicanna worked closely with the Colombian and Argentine ministries of agriculture to establish the phyto-sanitary requirements to allow for continuous supply to the emerging Argentine medical cannabis industry with standardized and feminized seeds.

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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 that, through its majority owned Colombian subsidiary, Santa Marta Golden Hemp S.A.S. (" SMGH "), it has completed its first commercial exports of its proprietary genetics in the form of feminized cannabis seeds to Peru and Argentina.

The characterization, evaluation and production of these seeds were all completed through Avicanna's vertical integration at SMGH over the past 3 years and validate the company's leadership in the breeding and stabilization of cannabis strains in South America. The seeds are a part of Avicanna's supply chain business unit branded as Aureus™, which also includes within its portfolio feminized seeds, full spectrum extracts, distillates, isolated cannabinoids (CBD, THC, CBG, and other rare cannabinoids), and bulk formulations.

Peruvian legislation allows for the importation, distribution, and sale of cannabis, its seeds, its extracts and derived products, for medical and scientific research purposes. Current Argentinian legislation allows for the importation, distribution, and sale of cannabis, its seeds, its extracts and derived products, for medical and scientific research purposes related to the treatment of patients with refractory epilepsy under the Exception Access Regime. Argentinian legislation also allows for certain government agencies to cultivate cannabis in collaboration with provincial agencies whom Avicanna is currently supplying with its genetics.

Lucas Nosiglia, President of Avicanna LATAM commented: "After several years of R&D developing our breeding program, we have established a world-renown genetics platform and established a regulatory pathway for the export of our genetics into what is now 4 countries. We are thrilled that our pioneering efforts have enabled us to supply and support our Argentine and Peruvian partners with their long-term medicinal cannabis cultivation programs. With this program we are delivering federally registered genetics that are optimized and standardized for industrial agronomic performance in both greenhouse and outdoor cultivation models."

To the knowledge of the Company, it carries out its operations in compliance with all applicable laws in the jurisdictions in which it operates.

About Aureus ™

Avicanna's supply chain business units are based in Santa Marta, Colombia and are primarily dedicated to providing consistent source of cannabinoid raw materials for Avicanna's current commercial products and pharmaceutical pipeline for the global marketplace.

Additionally, under the Aureus™ brand, standardized cannabis extracts and feminized seeds are made available to cultivation, cosmetic and pharmaceutical partners around the world. Aureus branded products are cultivated, extracted, and manufactured by Avicanna's subsidiaries in Colombia where they benefit from optimal environmental conditions to produce cannabinoid active pharmaceutical ingredients economically and sustainably and include a range of extracts of CBD, THC and rare cannabinoids such as CBG. Avicanna's supply chain business also benefits from federally regulated legislation in Colombia where the company is well positioned to be a global supplier of the less competitive psychoactive extracts including CBD and THC crude oil to meet the growing global demand.

About Avicanna

Avicanna is a commercial stage Canadian biopharmaceutical company and an established leader in cannabinoid research, development, and evidence-based products for the global consumer, medical, and pharmaceutical market segments. Avicanna conducts its research in Canada including its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada, located in the MaRS Discovery District, and in collaboration with leading Canadian academic and medical institutions. Avicanna has established an industry leading scientific platform including advanced R&D and clinical development which has led to the commercialization of over twenty products across four main market segments:

• RHO Phyto™: these medical and wellness products are an advanced line of pharmaceutical-grade cannabis products containing varying ratios of CBD and THC. The product portfolio contains a full formulary of products including oral, sublingual, topical, and transdermal deliveries that have controlled dosing, enhanced absorption and stability studies supported by pre-clinical data. These products are developed using pharmaceutical drug development processes and are supported with pre-clinical data. The advanced formulary is marketed with consumer, patient and medical community education and training.
  
• Pura H&W™: these registered, clinically tested, cosmetic products include a portfolio of functional CBD consumer derma-cosmetic and topical products.
  
• Aureus™: as a part of Avicanna's vertical integration based out of Santa Marta, Colombia its supply chain business units are primarily dedicated to providing consistent source of cannabinoid raw materials for Avicanna and its global partner's food, cosmetic, medical and pharmaceutical needs. Aureus branded products are cultivated, extracted, and manufactured by Avicanna's subsidiaries in Colombia where they benefit from optimal environmental conditions to produce cannabinoid active pharmaceutical ingredients economically, organically, and sustainably and include a range of CBD, THC and rare cannabinoids such as CBG extracts and standardized seeds. Company is well positioned to be a global supplier of cannabinoid raw materials demand and has already successfully exported its products to over 10 countries in 4 continents.
  
• Pharmaceutical pipeline: leveraging from the company's scientific platform, vertical integration, and real-world evidence, Avicanna has established a pipeline of indication specific cannabinoid-based drug candidates that are in various stages of clinical development and commercialization. Avicanna's drug candidates are in pre-clinical stage and are dedicated to providing solutions for unmet medical needs in the areas of dermatology, chronic pain and various neurological disorders.

SOURCE Avicanna Inc.

Stay Connected

For more information about Avicanna, visit www.Avicanna.com, call 1-647-243-5283, or contact IR representative Iryna Zheliasko by email at iryna@chfir.com or by phone at 416-868-1079 x 229.

The Company posts updates through videos from the official company YouTube channel https://www.youtube.com/channel/UCFXPBGdKSxOUOf_VZoSFSUA .

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, "may", "would", "could", "will", "likely", "expect", "anticipate", "believe, "intend", "plan", "forecast", "project", "estimate", "outlook" and other similar expressions, and includes statements with respect to the  Company's and SMGH's abilities to continue to produce seeds, SMGH's ability to maintain its licenses to produce seeds, or SMGH's ability to export seeds to Peru, Argentina, or anywhere else. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company's annual information form dated September 3, 2021 and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company's profile on SEDAR at www.sedar.com. The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

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