Avicanna Announces Closing of Strategic Non-Brokered Private Placement

Strategic investment by pharmaceutical executive and life sciences investor Michael Porter

TORONTO, Aug. 19, 2026 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products, is pleased to announce the closing of a strategic non-brokered private placement.

“Having spent my career building and investing in specialty-pharmaceutical and life-sciences platforms, I was impressed by Avicanna’s scientific depth, pharmaceutical operating discipline and clear focus on patient outcomes. The Company has assembled a differentiated platform spanning proprietary products, clinical and medical capabilities, international supply and patient-centered commercialization. I am pleased to invest in the Company, where I look forward to supporting international commercialization, strategic pharmaceutical partnerships and disciplined long-term value creation,” states Michael Porter, Founder and Managing Partner at PG Equity Group I, LLC

The non-brokered private placement offering of 3,333,334 ‎‎units of the Company (“Units”) at a price of $0.15 per Unit for aggregate gross proceeds of $500,000 (“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 $0.20 per share, subject to adjustment in certain events, until Aug 18, 2029.

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Michael W. Porter is a pharmaceutical executive and investor with more than 25 years of experience across life sciences and private equity. He co-founded and served as CEO of Covis Pharma Group, building it into a top ten global respiratory company with more than US$600 million in annual sales and generating more than US$1.5 billion in distributed profit for shareholders. Mr. Porter has led more than 25 life-sciences M&A and strategic transactions and currently serves on several public and private company Boards, as well as Executive Chairman of AltaNova Pharma Group AG.

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 cannabinoid-based products and formulations for the global medical and pharmaceutical market segments.