Avicanna Shares Decline On Announcement To Raise $ 2.12 Million By Financing A Secured Term Loan

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Avicanna Inc. (TSX:AVCN) (OTCQX:AVCNF) It has raised approximately $ 2.12 million by closing previously pledged funding for a secured loan.

Loan term that due October 19, 2022is subject to an initial emission discount of approximately 15%, so $ 1.8 million is advanced by the lender to the Toronto-based company.

Also Avicanna plans to issue orders to the lender for the purchase of common shares following the complete withdrawal of the Ontario Securities Commission’s order to cease trading on June 11.

In July the company wrapped supply agreement with a Brazilian pharmaceutical company through its Colombian controlling subsidiary, Santa Marta Golden Hemp SAS

V A three-year master sourcing agreement obliges Avicanna to supply commercial quantities of psychoactive cannabis resin with a full spectrum of THC and CBD., the launch of pilot batches is scheduled for 2021.

Shortly thereafter, the company partner with Heritage Cannabis Holdings Corp. (OTCQX:HERTF) To commercialize a wide range of their CBD products under the Heritage medical cannabis brand.

Under an exclusive intellectual property licensing and licensing agreement, Avicanna products will be offered to registered medical marijuana patients in Canada under the Heritage brand.

Price Action: Avicanna’s were trading down 16.67% to $ 0.75 per share at the time of this writing, Friday, mid-morning.

Photo: courtesy of Ryan Lange on Unsplash

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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