Avicanna Announces Promotion of Phillip Cardella to Chief Financial Officer

Published: January 6, 2023

Avicanna Announces Promotion of Phillip Cardella to Chief Financial Officer

Avicanna Inc., a commercial-stage, international biopharmaceutical company focused on the development, advancement, and commercialization of evidence-based, cannabinoid-based products, today announced the promotion of Phillip Cardella to Chief Financial Officer (CFO) effective immediately. Mr. Cardella has served as the Company’s interim CFO since May 2022. Previously, Mr. Cardella held the position of Senior Vice President of Finance at the Company, and prior to joining the Company practiced accounting with MNP LLP.

The Company is also pleased to announce that it has closed a non-brokered private placement offering of 5,054,562 ‎‎units of the Company (the “Units”) at a price of $0.35 per Unit for aggregate gross proceeds of approximately $1.769 million (the “Offering”). Each Unit is comprised of one common share in the capital of the Company (each, a “Unit Share”) and one-half of one (0.5) common share purchase warrant of the Company (each whole warrant, a “Warrant”); and, each Warrant shall entitle the holder thereof to acquire one (1) common share in the capital of the Company at an exercise price of $0.40 per share, subject to adjustment in certain events, until December 21, 2025.

The Company has paid an aggregate total of approximately $5,499.90 in cash finders’ fees in connection with the Offering to certain finders in connection with subscriptions for Units made by purchasers introduced to the Company by such finders. The Company intends to use the proceeds from the Offering for general working capital purposes, general and administrative expenses, expenditures related to production and manufacturing, and research and clinical development.

The Unit Shares and Warrants, and any securities issuable upon conversion or exercise thereof, are subject to a four-month hold period under applicable ‎securities laws in Canada. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

About Avicanna Inc.
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.