Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) CEO Aras Azadian
282Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) CEO Aras Azadian - RICH TV LIVE - February 12, 2021 - 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 the Company has entered into an intellectual property licensing and royalty agreement with Harrington Wellness Inc. (“ Harrington Wellness'' ) for the commercialization of a CBD topical product line targeting athletes and active consumers in Canada and the U.S. (the “ re+PLAY Agreement ”).
Avicanna and Harrington Wellness have worked together extensively on researching, developing and optimizing a bespoke line of CBD-based topicals designed specifically for the athletic and sports community (the “ re+PLAY Products'' ). These CBD-based topicals utilize Avicanna’s proprietary deep tissue technology for cannabinoid delivery and have been curated with the support of Harrington Wellness’ deep understanding of the needs of professional athletes. The products are planned to be launched in Q2 2021 in the United States by Harrington Wellness across retail and e-commerce channels and in Canada through medical and adult-use/consumer retail cannabis sales channels by Avicanna. The product formulations are also enrolled in several preclinical studies with leading Canadian medical institutions to assess their efficacy in chronic pain and osteoarthritis.
Under the re+PLAY Agreement, which has an initial three-year term, Avicanna has licensed the use of certain proprietary product formulations to Harrington Wellness to be used in connection with the manufacture and distribution of the re+PLAY Products in the United States. Additionally, Harrington Wellness has also licensed the use of the re+PLAY brand to Avicanna to be used in connection with the manufacture and distribution of the re+PLAY Products in Canada. The re+PLAY Products will be branded and sold under the re+PLAY brand in both the United States and Canada. Royalties are payable to Avicanna and Harrington Wellness as consideration for each of the licenses.
“As a former professional athlete myself and avid CBD user, I understand the importance of being in peak physical condition and finding products that help you to recover faster,” says Al Harrington, CEO of Harrington Wellness. “Avicanna has been an incredible partner in developing the re+PLAY formulas and expanding the product line’s availability into Canada.”
In commenting on the re+PLAY Agreement, Aras Azadian, CEO of Avicanna said, “I am thrilled to finally introduce our relationship with Al Harrington and Harrington Wellness. This partnership was formed on the alignment of the vision to introduce premium and scientifically backed products for athletic and active consumers to the market. Additionally, the distinct expertise of the two companies and collaborative spirit has yielded an advanced and evidence-based line of products that are tailored to promote a healthy active lifestyle for the athlete in all of us.”
To the knowledge of the Company, it is in compliance with all applicable laws in the jurisdictions in which it operates.
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