Avicanna closes strategic private placement

Strategic investment by pharmaceutical executive and life sciences investor Michael Porter

TORONTO, Aug. 19, 2026 (GLOBE NEWSWIRE) -- 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 the closing of a strategic non-brokered private placement.

“Having spent my career building and investing in specialty-pharmaceutical and life-sciences platforms, I was impressed by Avicanna’s scientific depth, pharmaceutical operating discipline and clear focus on patient outcomes. The Company has assembled a differentiated platform spanning proprietary products, clinical and medical capabilities, international supply and patient-centered commercialization. I am pleased to invest in the Company, where I look forward to supporting international commercialization, strategic pharmaceutical partnerships and disciplined long-term value creation,” states Michael Porter, Founder and Managing Partner at PG Equity Group I, LLC

The non-brokered private placement offering of 3,333,334 ‎‎units of the Company (“Units”) at a price of $0.15 per Unit for aggregate gross proceeds of $500,000 (“Offering”). Each Unit is comprised of one common share in the capital of the Company (each, a “Unit Share”) and one-half of one (0.5) common share purchase warrant of the Company (each whole warrant, a “Warrant”); and, each Warrant shall entitle the holder thereof to acquire one (1) common share in the capital of the Company at an exercise price of $0.20 per share, subject to adjustment in certain events, until Aug 18, 2029.

Michael W. Porter is a pharmaceutical executive and investor with more than 25 years of experience across life sciences and private equity. He co-founded and served as CEO of Covis Pharma Group, building it into a top ten global respiratory company with more than US$600 million in annual sales and generating more than US$1.5 billion in distributed profit for shareholders. Mr. Porter has led more than 25 life-sciences M&A and strategic transactions and currently serves on several public and private company Boards, as well as Executive Chairman of AltaNova Pharma Group AG.

The Company intends to use the proceeds from the Offering for general working capital purposes, general and administrative expenses, expenditures related to production and manufacturing, and research and clinical development. The Unit Shares and Warrants, and any securities issuable upon conversion or exercise thereof, are subject to a four-month hold period under applicable ‎securities laws in Canada. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

About Avicanna Inc . Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of cannabinoid-based products and formulations for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development leading to the commercialization of more than thirty proprietary, evidence-based finished products and supporting four commercial stage business pillars.

Medical Cannabis Formulary (RHO Phyto™): The scientifically backed formulary offers a diverse range of proprietary products including oral, sublingual, topical, and transdermal delivery formats with varying ratios of cannabinoids, and release profiles that are supported by ongoing patient and medical community education. RHO Phyto is an established brand in Canada currently available nationwide across several channels and expanding into new international markets.

Medical Cannabis Care Platform (MyMedi.ca): MyMedi.ca is a medical cannabis care platform designed to better serve medical cannabis patients’ needs and enhance the patient journey. MyMedi.ca is operated by Northern Green Canada Inc. and features a diverse portfolio of products and bilingual pharmacist-led patient support programs. MyMedi.ca also provides specialty services to distinct patient groups such as veterans and collaborates with public and private payers for adjudication and reimbursement. MyMedi.ca provides educational resources to the medical community to facilitate the incorporation of medical cannabis into health care regimens.

Pharmaceutical pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has developed a pipeline of proprietary, indication-specific cannabinoid-based candidates that are in various stages of clinical development. These cannabinoid-based candidates aim to address unmet needs in the areas of dermatology, chronic pain, and various neurological disorders.

Active Pharmaceutical Ingredients (Aureus Santa Marta™): The Company’s majority-owned subsidiary, Santa Marta Golden Hemp SAS (“SMGH”), is a commercial-stage business dedicated to providing various forms of high-quality CBD, THC and CBG to the Company’s international partners for use in the development and production of food, cosmetics, medical, and pharmaceutical products. SMGH also forms part of the Company’s supply chain and is a source of reliable input products for its consumer retail, medical cannabis, and pharmaceutical products globally.

SOURCE Avicanna Inc .

Stay Connected For more information about Avicanna, visit our website or contact Ivana Maric by email at ir@avicanna.com.

Cautionary Note Regarding Forward-Looking Information and Statements This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Forward-looking information contained in this news release includes, without limitation, statements with respect to the Offering, the use of proceeds of the Offering, the receipt of all approvals of the Toronto Stock Exchange in connection with the Offering, the Company’s future business operations, the opinions or beliefs of management and future business goals. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated March 31, 2026, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR+ at www.sedarplus.ca. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

GlobeNewswire

August 19, 2026 - 4:30 AM PDT

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