Avicanna Inc. AVCN AVCNF revealed Friday that it has completed its first commercial export of 20 kg of high CBD full spectrum psychoactive cannabis extracts to Brazil via its majority-owned Colombian subsidiary Santa Marta Golden Hemp S.A.S. (“SMGH”). The shipment is related to the previously announced three-year master supply agreement that SMGH executed with a leading Brazilian pharmaceutical in July 2021.
This marks the 11th country to which Avicanna has successfully completed the export of Aureus-branded products, which demonstrates the Company’s capabilities, innovation and regulatory expertise.
With a forecasted total market size of approximately USD $9 billion by 2025, Brazil is expected to be one of the largest cannabis markets globally and the largest in Latin America, particularly for medicinal cannabis products. The cannabis extracts shipped by Avicanna will be used in the production of several products, to will be registered and commercialized in Brazil through RDC 327/19, which regulates manufacturing, registration, importation and dispensing of cannabis-derived products.
“This export represents a key milestone for our team and a validation of our capabilities as we continue to lead the way with our products and have now entered our 11th country with the Aureus brand,” Lucas Nosiglia, president of Avicanna LATAM, stated. “The export to Brazil also confirms the regulatory pathway and acts as a proof of concept in the largest market in South America where we aim to establish long-lasting supply relationships with our Brazilian pharmaceutical partners.”
More recent news from Avicanna:
Avicanna Stock Down On Announcing $2.12M Raise Via Secured Term Loan Financing
Price Action
Avicanna’s shares closed Thursday market session at 76 cents per share.
Photo: Courtesy of Joel Muniz on Unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
Get your tickets now to secure your spot and avoid last-minute price hikes.