Avicanna Inc (TSX:AVCN, OTCQX:AVCNF) said it has entered into an Intellectual Property Licensing & Royalty Agreement (IPLRA) with Ei.Ventures Inc to develop and commercialize functional fungi-based products.
The initial focus of the research and development efforts will be on functional, apoptogenic, fungi-based formulations in the form of consumer-friendly and single-dosed products, the company said.
"Over the past six years our team established a scientific platform that has led to the commercialization of several products across international commercial channels in the regulated cannabis industry,” Aras Azadian, Avicanna CEO said in a statement.
READ: Avicanna is focused on the advancement and commercialization of evidence-based cannabinoid products for global medical and pharmal markets
“As a part of our continued growth, we are thrilled to be entering into this agreement where our goal will be to demonstrate our scientific capabilities across alternative natural products and developing new fungi-based functional products. We look forward to working towards developing the new products in the nutraceutical area in a standardized and evidence-based way, as we have with our initial cannabinoid-based products,” Azadian added.
Avicanna's R&D team will lead the new product development efforts, leveraging the company's existing scientific platform and proprietary delivery systems to develop appropriately dosed and synergistic formulations., leveraging the company's existing scientific platform and proprietary delivery systems to develop appropriately dosed and synergistic formulations.
"We are excited to enter into this agreement with Avicanna to develop and commercialize the Psilly brand of products, starting with functional mushroom blends, gummies and chocolates, and which relationship can potentially evolve to botanical psychedelic pharmaceutical products" said David Nikzad, CEO of Ei. Ventures, an early-stage tech company empowering mental wellness through psychoactive compounds, nutraceuticals and technology.
“We believe in the Avicanna team and their mission to develop advanced and proprietary plant-based formulations, and we will bring our blockchain, Web3 and Metaverse assets to scale and support the success of the products developed under our agreement," he added.
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.
Contact the author at jon.hopkins@proactiveinvestors.com