Avicanna Inc., a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products is pleased to announce the listing of certain RHO Phyto products with the Ontario, Manitoba, Saskatchewan and New Brunswick provincial retailers (the “Initial Listing”).
Establishing a Leadership Position Within the Medical Community and Patients
Since its launch in Medical Cannabis by Shoppers Drug Mart™ in Q3 2020, the RHO Phyto product line has experienced incredible success with overwhelming positive support from the medical community including 500+ prescribers and 30 medical cannabis clinics. RHO Phyto sales have increased over 40% month over month in all product categories and have successfully segmented and targeted medical and wellness consumers. Nearly 90% of the consumers of the RHO Phyto oral products including sublingual sprays and oral drops are over the age of 31 and 52% are female.
Avicanna will remain exclusive to Medical Cannabis by Shoppers Drug Mart for medical-only channels and has increased its current commercial offering from 2 to 7 SKU’s in response to high demand from patients.
Successful Expansion into Retail Channels Provides a Low Barrier to Consumers Accessing the Industry’s Leading Formulary of Medical and Wellness Products.
It has become evident that many consumers who seek cannabis for medical and wellness purposes are not necessarily going through medical channels, with nearly 44% purchasing from adult use channels2. According to the 2020 Canadian Cannabis Survey, 76% of medical cannabis users do not have a medical document from a healthcare practitioner3. The systemic barriers to connecting with health care professionals, ease of access to storefronts and e-commerce channels, and expansion of the wellness category product offerings have all contributed to the increase in consumer demand for cannabinoid based medical and wellness products across adult use channels.
Within a short 3-month time frame, the Company has successfully established its production infrastructure, expanded the RHO Phyto product portfolio, and obtained the Initial Listings from four Canadian provinces. RHO Phyto products have already been delivered to the provincial retailers, including Ontario which represents the largest Canadian market opportunity.
“The initial demand and provincial listings in such a saturated market is a fantastic validation of the differentiation and market acceptance of the RHO Phyto product line beyond the medical cannabis channels. The rapid execution by our team will allow us to capture market share in the evolving medical and wellness categories within the adult use channels and is expected to be a significant revenue driver for the company in 2021.” commented Aras Azadian, CEO of Avicanna.
The sales and distribution of RHO Phyto is completed in collaboration with Velvet Management Inc. which is a national sales and marketing agency with 100% focus on adult use cannabis. Velvet was created by the largest importer of alcohol in Canada, Groupe Dandurand, responsible for $1.2 billion in retail sales. Velvet Management Inc., with 40+ employees, has become one of largest sales and marketing agencies in Canada with offices in Montreal, Toronto, Calgary, and Vancouver.
RHO Phyto Product Attributes and Retail Sales Strategy
The advanced and standardized products are offered in various doses of CBD, THC and THC-Free formulations to provide consumers with a range of inhalation-free cannabinoid-based solutions. The advanced formulations are developed and optimized by Avicanna to provide enhanced absorption versus basic medium-chain triglyceride (MCT) oil formulations while providing a consistent experience with a pleasant taste and smell. The RHO Phyto products are delivered with accurate dosing which also allows for easy titration and dosing by consumers.
Avicanna’s RHO Phyto strategy to leverage retail sales channels is consistent with the Company’s vision to provide education and safe delivery of its products through evidence-based training and education to consumers, retailers and the medical community. Avicanna aims to establish RHO Phyto as a recommended brand within the cannabis industry and has initiated several pre-clinical and real-world evidence clinical trials on the products with leading Canadian medical institutions.
1 Statistics Canada. Table 20-10-0008-01 Retail trade sales by province and territory (x 1,000)
2 Health Canada. (2021). Canadian Cannabis Survey 2020 Survey.
Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments. For more information about Avicanna, visit www.avicanna.com,