Avicanna Updates Investors on Audit and Management Trade Order

Avicanna's Management Cease Trade Order Explained

In recent developments, Avicanna Inc. (“Avicanna”) (TSX: AVCN), a leading biopharmaceutical firm focused on cannabinoid-based solutions, has received approval for a management cease trade order (MCTO) from the Ontario Securities Commission. This order is crucial for ensuring compliance during a period of administrative delay regarding the company’s financial auditing process.

Impact of the MCTO

The MCTO’s primary function is to safeguard investors by restricting trading activities involving management and insiders while the company resolves its audit issues. Importantly, this order does not impose restrictions on non-insider shareholders, allowing them to trade their shares freely.

The Delay in Audit Completion

Avicanna's failure to meet the audit filing deadline stems from complications related to its auditors, Ramirez Jimenez International CPAs (RJI). RJI has indicated that despite having substantially finished the audit work and arranged for a third-party quality review, recent internal issues have led to delays in issuing the formal audit opinion. The company has reassured stakeholders that it expects this matter to be resolved shortly, anticipated within two weeks, thereby allowing the required financial documents to be filed.

Current Operations Status

Despite the current challenges, Avicanna continues to operate normally. The company reports that the causes of the delays are not materially affecting its business operations. In the interim, Avicanna has stated that there have been no significant business developments since the last interim financial reports were filed on November 14 of the previous year.

About Avicanna and Its Offerings

Avicanna is making notable strides in the biopharmaceutical space by focusing on cannabinoid-derived products. With an established platform comprising research, development, and clinical capabilities, the company has successfully launched over thirty unique, evidence-based products aimed at improving patient care within the medical cannabis industry.

Diverse Product Range

• Medical Cannabis Formulary (RHO Phyto™): Avicanna’s product line provides a robust selection of delivery methods including oral, sublingual, topical, and transdermal formulations, focusing on varying cannabinoid ratios to suit diverse patient needs.
• Medical Cannabis Care Platform (MyMedi.ca): This initiative aims to enhance the patient experience by offering a comprehensive support system, featuring a wide range of products and educational resources for health professionals, alongside specialized services for groups like veterans.
• Pharmaceutical Pipeline: Leveraging its scientific platform, Avicanna is developing cannabinoid-based therapies targeting various medical conditions, including dermatological issues and chronic pain.
• Active Pharmaceutical Ingredients (Aureus Santa Marta™): The company’s subsidiary provides high-quality cannabinoid ingredients, supporting Avicanna's global supply chain and ensuring product consistency across various markets.

Looking Forward

As Avicanna navigates through this period, the company remains committed to upholding transparency with its investors. Regular updates will be provided through press releases as the situation evolves. The delay in audit filings is an isolated incident, and the company is dedicated to meeting the conditions set forth by the Ontario Securities Commission.

Frequently Asked Questions

What is the management cease trade order (MCTO)?

The MCTO restricts trading activities of management and insiders to protect investors while the company resolves its audit issues.

Why did Avicanna delay its audit filing?

The delay arose from complications within the auditing firm, which are being addressed currently.

How does the MCTO affect regular shareholders?

The MCTO does not impact regular shareholders, who are free to trade their shares.

What is Avicanna's focus in the biopharmaceutical industry?

Avicanna specializes in creating and commercializing cannabinoid-derived products specifically for the medical and pharmaceutical markets.

How can investors learn more about Avicanna?

Investors can visit Avicanna's official website or contact the company for detailed inquiries regarding their products and corporate developments.

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