Avicanna Announces Extension Of Term Loan

Avicanna Inc. AVCNF AVCN (FSE:0NN) has entered into a extension agreement in connection with its senior secured term loan previously announced on August 19, 2021. In accordance with the extension agreement, the maturity date of the term loan was extended by five months, from October 19, 2022 to March 19, 2023.

Pursuant to the extension agreement, the company will continue to make interest payments as required by the original loan agreement in respect of the term loan, and will also make monthly repayments of principal beginning in November, 2022 and ending in February, 2023, following which the outstanding principal on the term loan will come due on the new maturity date. The term loan continues to bear interest at 5% per annum, calculated monthly.

About Avicanna

Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of evidence-based cannabinoid-based products for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development that has led to the commercialization of more than thirty products across various market segments:

Medical Cannabis & Wellness Products: Marketed under the RHO Phyto brand these medical and wellness products are a line of pharmaceutical-grade cannabinoid products containing varying ratios of CBD and THC.

Pharmaceutical Pipeline: Avicanna has created a pipeline of patent-pending drug candidates that are indication-specific and in various stages of clinical development and commercialization. These cannabinoid-based drug candidates look to address unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders.

Photo by Giorgio Trovato on Unsplash

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