Benzinga | Jan 14, 2022 10:17AM EST

Avicanna To Bring Its CBD-Based Drugs To Latin America Via Chilean Pharma Partner

Cannabis-focused biopharmaceutical company Avicanna Inc. (TSX:AVCN) (OTCQX:AVCNF) (FSE: 0NN) revealed Friday that it has partnered with Chile's Knop Laboratorios S.A. to supply a range of cannabinoid-based active pharmaceutical ingredients for the manufacturing and commercialization of proprietary cannabinoid-based pharmaceutical products in Latin America.

The deal between Avicanna's majority-owned subsidiary Santa Marta Golden Hemp and the established Chilean pharmaceutical company further solidifies Avicanna's and Knop's collaboration.

Since 2018, Avicanna and Knop have developed a collaborative enterprise that has led to commercial imports of Avicanna's API, including CBD and THC, which have been used in the development, production and commercialization of several cannabinoid-based products.

Recent Moves

The latest move follows Avicanna's partnership with an Argentine pharmaceutical company. In November, the company agreed to register and commercialize its proprietary cannabinoid-based pharmaceutical preparations through the licensing of its intellectual property and supply of its active pharmaceutical ingredients.

In the meantime, Avicanna also expanded its Rho Phyto-branded medical cannabis products into the Caribbean region after a successful initial export to its distribution partner, Bryden Stokes Limited in Barbados.

To wrap up the previous year, the company launched its re+PLAY sports recovery-based CBD brand through a partnership with Harrington Wellness, founded by NBA veteran Al Harrington.

The company recently revealed that the third quarter was its most successful to date, with roughly CA$1 ($987,967) in revenue, representing a gross revenue increase of 24% sequentially and 260% year-over-year.

AVCNF Price Action

Avicenna'sa shares traded 7.14% higher at $0.6 per share at the time of writing on Friday.

Photo: Courtesy of Cytonn Photography on Unsplash