Avicanna Announces Closing of Non-Brokered Private Placement

Core Viewpoint - Avicanna Inc. has successfully closed a non-brokered private placement offering, raising $1,000,000 through the sale of 4,000,000 units at a price of $0.25 per unit, which includes common shares and warrants [1][2]. Group 1: Offering Details - The offering consists of 4,000,000 units priced at $0.25 each, resulting in total gross proceeds of $1,000,000 [1]. - Each unit includes one common share and one-half of a common share purchase warrant, with the warrants allowing the purchase of additional shares at an exercise price of $0.30 until July 16, 2028 [1]. - The securities from the offering are subject to a four-month hold period under Canadian securities laws and require necessary approvals, including from the Toronto Stock Exchange [3]. Group 2: Use of Proceeds - The proceeds from the offering will be allocated for general working capital, administrative expenses, production and manufacturing costs, and research and clinical development [2]. Group 3: Company Overview - Avicanna is a biopharmaceutical company focused on developing and commercializing plant-derived cannabinoid-based products for the medical and pharmaceutical markets [4]. - The company has a scientific platform that supports over thirty proprietary products and operates four commercial-stage business pillars [4]. - Avicanna's product offerings include a diverse range of cannabinoid-based formulations and a medical cannabis care platform aimed at enhancing patient support and education [6].