Avicanna Inc. (AVCN, AVCNF) announced the successful completion of a non-brokered private placement offering, raising $1,986,207 through the sale of 6,620,692 units at $0.30 per unit. Each unit consists of one common share and a half warrant, giving holders the option to purchase an additional common share at $0.40 per share until August 28, 2027.
This fundraising follows the company’s recent patent success. The United States Patent and Trademark Office (USPTO) issued U.S. Patent No. US 20230025693A1, recognizing Avicanna’s innovative deep penetrating topical cannabinoid composition for treating musculoskeletal inflammation and pain.
Avicanna intends to allocate the funds raised from the offering towards general working capital, administrative expenses, production and manufacturing activities, research and clinical development, and debt repayment.
The company is actively expanding its global reach. Recently, Avicanna successfully exported its Aureus-branded cannabigerol (CBG) products to Denmark, marking its 19th international market for Aureus-branded products and its 22nd market overall. In addition, Avicanna completed the commercial export of Aureus-branded purified cannabigerol (CBG) products into Singapore last month.
These developments highlight Avicanna’s commitment to innovation, research, and expanding its presence in the global cannabinoid market. The company’s recent fundraising and patent achievements position it for continued growth and success in the years to come.
