Avicanna Details Financial Filing Delay and Strategic Plans

Avicanna Faces Delays in Financial Statement Filing

Avicanna Inc. (“Avicanna”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a prominent biopharmaceutical company dedicated to developing plant-derived cannabinoid-based products, has made a significant announcement concerning its financial reporting. The Company has revealed that it will not be able to meet the filing deadline for its audited consolidated financial statements for the year that ended on December 31. This deadline was originally set for March 31.

Challenges in the Audit Process

The delay is primarily attributed to unexpected issues faced by the Company’s auditor, Ramirez Jimenez International CPAs (RJI). Although RJI has nearly completed its audit work and is prepared to issue an audit opinion, complications related to internal personnel and licensing have prevented timely completion. This situation is being addressed, and RJI anticipates that any hurdles will be cleared within the next two weeks.

Management Cease Trade Order Application

As a result of this delay, Avicanna has proactively communicated with the Ontario Securities Commission (OSC). The Company has taken measures to apply for a Management Cease Trade Order (MCTO) that would prohibit its management from trading the Company’s securities until the necessary documents are duly filed.

Next Steps and Regulatory Compliance

The OSC is currently reviewing Avicanna’s application for the MCTO. There is uncertainty surrounding whether this request will be granted or if the OSC may opt to impose a broader cease trade order. Regardless, Avicanna remains committed to complying with regulatory requirements by filing bi-weekly status reports to keep stakeholders informed during this process.

Expectations for Future Filings

Avicanna is optimistic about resolving the audit issues and expects that it will be able to file the required documents by April 15. This timeline shows the Company's determination to maintain transparency and adhere to regulatory standards, despite the current obstacles.

Impact on Upcoming Conference Call

Additionally, the Company has postponed its 2024 Full Year Earnings Conference Call, which was initially set for April 1. This adjustment allows Avicanna to focus on addressing the pressing audit issues before engaging with investors and stakeholders.

About Avicanna: Commitment to Cannabinoid Innovations

Avicanna is at the forefront of the biopharmaceutical sector, specializing in the development and commercialization of cannabinoid-based products tailored for the medical and pharmaceutical markets. The Company boasts a robust scientific platform that encompasses research and development, leading to over thirty proprietary, evidence-backed products.

Key Business Segments

The Company’s operations are structured around four key pillars, each designed to enhance its market presence:

• RHO Phyto™ Medical Cannabis Formulary: Offers a variety of proprietary products, including oral and transdermal delivery systems, all aimed at providing tailored cannabinoid solutions. This brand enjoys widespread recognition across Canada and is making strides to enter international markets.
• MyMedi.ca Medical Cannabis Care Platform: Focused on improving the patient experience in medical cannabis, this platform offers a range of products and support services, including bilingual pharmacist-led programs for diverse patient groups.
• Pharmaceutical Pipeline: Avicanna is actively developing a portfolio of cannabinoid-based candidates to address medical needs in areas such as dermatology and chronic pain.
• Aureus Santa Marta™ Active Pharmaceutical Ingredients: Through its subsidiary, the Company provides high-quality cannabinoid extracts for use in the production of various consumer and pharmaceutical products.

Avicanna continues to harness its expertise and resources to drive innovation within the cannabinoid sector while navigating the complexities of regulatory compliance.

Frequently Asked Questions

What is Avicanna's primary focus?

Avicanna specializes in the development and commercialization of cannabinoid-based products for the global medical and pharmaceutical markets.

Why is Avicanna delaying its financial statements?

The delay is due to unexpected matters encountered by its auditor, preventing the timely issuance of the audit opinion.

What steps is Avicanna taking regarding the Management Cease Trade Order?

Avicanna has applied for an MCTO to prevent its management from trading securities until the necessary financial documents are filed.

What new products is Avicanna introducing?

Avicanna is expanding its product lines, including proprietary cannabinoid formulations, aimed at addressing various medical needs.

How will investors be informed about Avicanna's status?

The Company will keep investors updated through regular bi-weekly status reports and press releases.

About The Author

Hi there, As a writer and financial specialist, Henry Turner is passionate about guiding people through the complex world of finance. Having worked in finance for many years, I am an expert at simplifying difficult financial ideas into understandable, useful insights for my blog and articles. My goal is to arm you with the confidence and information you need to make wise financial choices.

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