Toronto-based Avicanna said it paid off $1.4 million in debt from August 2023 after closing on a nearly $2 million non-brokered private placement of its 6.6 million shares.

Avicanna is a biopharmaceutical company focused on cannabinoid-based products.

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In addition to paying off the debt, Avicanna said in a news release that it plans to use the proceeds from the offering for general working capital and administrative expenses and costs related to production and manufacturing as well as research and clinical development.

The unit shares and warrants, and any securities that are issuable upon conversion, are subject to a four-month hold period under Canada’s securities laws.

The offering also is subject to the approval of the Toronto Stock Exchange, where shares of Avicanna

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