Avicanna, a commercial-stage, international biopharmaceutical company focused on the development, advancement, and commercialization of evidence-based, cannabinoid-based products, 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, 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 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.