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|52 Week Range||0.5200 - 3.5300|
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Avicanna Inc. (TSX:AVCN) (OTC: AVCNF) announced Tuesday it has signed a license agreement with LC2019, Inc. under which the company will license specific proprietary formulations and brand elements to LC2019 for commercialization in the United States. “We are thrilled to secure a strategy that will allow us to enter the United States as soon as federally permissible and, in the interim, provide an opportunity for our brands and science-driven product formulations to establish themselves in one of the largest and most exciting global markets for cannabis products,” said Setu Purohit, President of Avicanna.
Down this line, the company posted a net loss for the quarter of CA$6.19 million versus a net loss of CA$2.07 million in the third quarter of 2018. During the third quarter, the company produced the first commercial batch of Pura Earth branded derma-cosmetic products; obtained a Health Canada cannabis research license; entered a joint venture with Sigma Analytical Services for the testing of cannabis and cannabis-based products in Colombia; signed an agreement with the University of Guelph to test the effectiveness of its products in various conditions; and added 120,000 square feet of cultivation space.
Avicanna Inc (TSX: AVCN) (OTC: AVCNF) said Friday its subsidiary Santa Marta Golden Hemp S.A.S. (SMGH) has acquired a United States Department of Agriculture national organic program certification from Control Union Certifications, for its hemp cultivar. It has also attained registration for extra 15 genetic strains of cannabis. This is an important milestone for the company because it has become the first producer to obtain this certification in Colombia.