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Avicanna Inc. (TSX:AVCN) (OTC:AVCNF) said Friday that Medical Cannabis by Shoppers, a subsidiary of Shoppers Drug Mart Inc., will be the only Canadian distributor of the Rho Phyto medical cannabis and Pura Earth CBD derma-cosmetic product lines.
Pho Rhyto is the company’s line of phyto-therapeutic medical cannabis products formulated for medical use; these products come in various forms such as oil drops, creams, gels, capsules, sprays and tablets.
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Pura Earth is Acivanna’s derma-cosmetic line that uses a mix of purified CBD and other synergistic botanical ingredients for skincare.
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“As a Canadian company, we are proud to be partnering with one of the country’s largest and most trusted brands to bring our products to medical patients and consumers, who will benefit from our years of research and development in collaboration with some of Canada’s leading scientific and clinical institutions,” Avicanna CEO Aras Azadian said in a statement.
Favorable Results From Study Of CBD Emollient Cream
Avicanna also announced Monday the successful completion of the first of three clinical studies evaluating the effects of its Pura Earth topical cream with 0.5% cannabidiol and 1% hemp oil on skin hydration.
“The results of this study demonstrated the safety and efficacy of the Pura Earth cannabidiol cream. In particular, we achieved the primary end point of enhanced skin hydration," Dr. Daniel Sauder, the chair of Avicanna's dermatology expert committee, said in a statement.
"The new data builds upon the R&D data generated for our Pura Earth product line, and further supports our belief that this particular formulation of cannabidiol has potential efficacy in the treatment of cutaneous diseases."
The study was conducted in Bogota, Colombia, by CAIMED S.A.S. Medical Care and Research Center.
Avicanna over-the-counter shares were trading down 9.26% at $1.88 at the time of publication Monday.
Photo courtesy of Avicanna.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.