Avicanna secures $1.6M seed financing

Ted Liu

Updated on:

Avicanna Inc., a biotechnology company focused on innovative approaches and technologies in the medical cannabis sector, has recently completed its first round of financing of C$1.6 million.

The financing will allow the company to execute on its business plan including the clinical development of Avicanna’s primary product line “PURA Elements”. The PURA Elements product line consists of several advanced cannabinoid delivery mechanisms including THC- and CBD-based transdermal patches.

Avicanna has also been accepted into Johnson & Johnson Innovation, JLABS @ Toronto, located in the MaRS Discovery District building, a centre of innovation in Toronto, Canada.

“We are honored to be the first cannabinoid related company to have been accepted into JLABS @ Toronto; we strive to be the catalyst in the advancement of medical cannabis and its acceptance within the biotech and pharmaceutical sectors,” commented Aras Azadian, Avicanna’s CEO.

“We seek to clinically demonstrate the safety and efficacy of our unique cannabinoid delivery products over the next six months. Furthermore, we will develop novel products with advanced physical and performance properties to improve their medical benefit to patients around the world”, commented Dr. Justin Grant, Avicanna’s Scientific Advisor.