Avicanna Report New Supply and Licensing Agreement

In a recent press release (1), Avicanna, “a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products”, recently disclosed the supply and licensing agreement for two topical products with a multinational pharmaceutical company (Pharma).

“We look forward to expanding our proprietary topical products into the European region and to be doing so through the utilization of our own international infrastructure for manufacturing,” Aras Azadian, CEO of Avicanna, said. “We are confident that through this strategic relationship and the Pharma’s established commercial infrastructure, we can facilitate the expansion of our proprietary products into several international markets.”

The multinational pharmaceutical enterprise markets and produces a variety of pharmaceutical products throughout four continents (1). Pharma has also built a commercial infrastructure in Europe where the products involved in the supply and licensing agreement will be introduced. In 2024, the company intends to market the items in six European countries, which will be expanded in the future. Licensing fees will be awarded to Avicanna and both companies have reached an agreement on minimum order quantities and Pharma’s efforts on exclusivity (1).

According to the press release, the products involved with the agreement are (1):

The Ultra-CBD cream is a 3% cannabidiol (CBD) localized cream developed to target dermatology conditions. The cream is enrolled in previously announced observational real world evidence clinical trial with the Hospital for Sick Children related to Epidermolysis Bullosa.

• The CBG Transdermal Gel is a 2% CBD and 0.5% cannabigerol (CBG) gel developed to target local inflammatory and pain conditions. The gel is enrolled in previously announced observational real world evidence clinical trial on musculoskeletal pain and inflammation.

The Ultra-CBD cream and CBG Transdermal Gel both have completed dossiers and are planning to be commercialized and registered through cosmetics legislation applicable to the products (1). With those needs met, the product offerings are anticipated to be introduced to the marketplace sometime within the first half of 2024.

Reference

1. Avicanna Inc. Avicanna Announces Supply and Licensing Agreement with Multinational Pharmaceutical Company https://www.globenewswire.com/news-release/2024/02/05/2823446/0/en/Avicanna-Announces-Supply-and-Licensing-Agreement-with-Multinational-Pharmaceutical-Company.html (accessed Feb 5, 2024).