Avicanna Inc. (AVCN.TO) a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products, announced today that Shoppers Drug Mart (Shoppers) has selected Avicanna as its partner to transition its Medical Cannabis by Shoppers business.
Shoppers will continue to support patients throughout the transfer of assets and services to Avicanna, which it anticipates will take three months to complete.
Medical Cannabis was first launched by Shoppers in Ontario in January 2019. It provides patients access to medical cannabis products from more than 30 licensed cannabis brands. This platform has supported tens of thousands of patients and has made it easier for patients to access medical cannabis.
“We are grateful for the trust placed in us by our medical cannabis patients over the past few years, and are confident we’ve found the right partner in Avicanna to continue to support them,” said Jeff Leger, President, Shoppers Drug Mart. “As we move away from medical cannabis distribution, we remain firm in our belief that this medication should be dispensed in pharmacies like all others and will continue our advocacy to that end.”
Part of the transition will see Avicanna introduce MyMedi.ca, a new medical cannabis platform designed to enhance the patient journey. MyMedi.ca will have pharmacist-led patient support programs and aims to provide a similar product portfolio including various formats, brands, and competitive pricing.
MyMedi.ca will provide a scientifically curated and diverse formulary of products in collaboration with Canadian licensed producers, and comprehensive training programs for the medical community. The online medical portal will also focus on patient education in areas such as harm reduction and will continue to provide specialty services to distinct patient groups including veterans in addition to reimbursement services for public and private providers.
“We are thankful to be selected as the partner for this transition and look forward to introducing MyMedi.ca, with a view towards supporting patients and facilitating continuity of care,” said Aras Azadian, CEO, Avicanna. “We are motivated towards furthering the work started by Shoppers to create Canada’s leading independent, comprehensive medical cannabis platform and continuing our efforts towards advancing access to medical cannabis and its long-term incorporation into the standard of care.”
Avicanna stock has gapped up over 14% today on the news, and currently sits at a market cap just above $33 million.
With this gap up, the stock is set to trigger a triangle breakout with today’s close likely being above the trendline. This means the stock is in a new uptrend breakout pattern as long as it holds above the $0.375 zone. Resistance comes in at the major psychological $0.50 zone.