<div id="readability-page-1"><article>Rescheduling aligns with Avicanna’s established pharmaceutical and medical cannabis strategy Rescheduling further supports advancement of R&amp;D, clinical development, and medical affairs initiatives TORONTO, April 28, 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, applauds the announcement by the U.S. Department of Justice and U.S. Drug Enforcement Administration to reschedule certain cannabinoid-based products from Schedule I to Schedule III under the U.S. federal Controlled Substances Act, in furtherance of President Trumps Executive Order of December 18, 2025. The Company applauds this development as a meaningful step towards advancing scientific research, improving regulatory clarity, and expanding patient access. The Company is pleased to provide an update of its scientific, R&amp;D, clinical development, and medical affairs initiatives and programs, while continuing to evaluate strategic opportunities in the U.S. Management Commentary “We are encouraged by actions and announcements of the current U.S. Administration toward a more evidence-based and pragmatic framework for cannabinoid-based products” said Aras Azadian, Chief Executive Officer of Avicanna. “This milestone reinforces the importance of rigorous scientific development and aligns closely with Avicanna’s long-standing strategy of advancing pharmaceutical-grade cannabinoid products alongside standardized medical cannabis platforms. As the regulatory landscape evolves, we believe Avicanna is well positioned to leverage its intellectual property portfolio, pipeline, and vertically integrated capabilities to support our strategic roadmap toward participation in the U.S.” Scientific and Medical Highlights (2026 YTD) Clinical Development: Avicanna continues to advance a robust clinical development strategy supported by both real-world evidence and randomized controlled trials. <ul type="disc"><li>An ongoing real-world evidence study evaluating physician-authorized medical cannabis has published findings demonstrating improvements in pain-related outcomes, mental health measures, and quality of life (Canadian Journal of Pain).</li><li>Initiation of a Phase I randomized, double-blind, placebo-controlled dose-finding study in collaboration with the University of Calgary’s Cumming School of Medicine, evaluating dose-dependent effects of oral THC on anxiety and stress using Avicanna’s proprietary capsule formulations.</li><li>Progress in a previously announced Phase II randomized controlled trial evaluating cannabinoid-based formulations for arthritic pain, initial patient enrollment commenced in early 2026. </li></ul> Research &amp; Development The Company continues to make meaningful progress across its proprietary R&amp;D pipeline.Continued advancement, commercialization, and optimization of Avicanna’s proprietary delivery technologies, including the QUIX™ rapid onset nanotechnology platform, supporting both pharmaceutical and medical cannabis applications. Medical Affairs and Scientific Engagement Avicanna continues to expand engagement with healthcare professionals through targeted education and collaboration, including the growth of Avicenna Academy, which supports evidence-based clinical decision-making, alongside the MyMedi.ca platform, which enhances patient access through pharmacist-led support programs, reimbursement initiatives, and specialized care pathways. The Company recently announced its 6th Annual Clinical Symposium on Cannabinoid Therapeutics, a leading forum for clinical dialogue, patient outcomes, and emerging therapeutic applications, to be held in an expanded two-day format, both in-person and virtually, bringing together clinicians, researchers, and key stakeholders. Strategic Outlook The evolving U.S. regulatory framework represents a significant milestone in the integration of cannabinoid-based therapeutics within a pharmaceutical framework. Avicanna will continue to monitor regulatory developments and assess pathways to leverage its scientific platform, proprietary formulations, and clinical data in support of future U.S. market entry, with a focus on: <ul type="disc"><li>Pharmaceutical development and FDA-aligned pathways including clinical development in the US</li><li>Evidence-driven and Federal or State level medical cannabis models</li><li>Strategic partnerships and licensing opportunities </li></ul> 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. Avicanna has an established scientific platform including R&amp;D and clinical development leading to the commercialization of more than thirty proprietary, evidence-based finished products and supporting four commercial stage business pillars. <ul type="disc"><li>Medical Cannabis formulary (RHO Phyto™): The formulary offers a diverse range of proprietary products including oral, sublingual, topical, and transdermal deliveries with varying ratios of cannabinoids, supported by ongoing patient and medical community education. RHO Phyto is an established brand in Canada currently available nationwide across several channels and expanding into new international markets.</li><li>Medical cannabis care platform (MyMedi.ca): MyMedi.ca is a medical cannabis care platform formed with the aim to better serve medical cannabis patients’ needs and enhance the medical cannabis patients’ journey. MyMedi.ca is operated by Northern Green Canada Inc. and features a diverse portfolio of products and bilingual pharmacist-led patient support programs. MyMedi.ca also provides specialty services to distinct patient groups such as veterans and collaborates with public and private payers for adjudication and reimbursement. MyMedi.ca provides educational resources to the medical community to facilitate the incorporation of medical cannabis into health care regimens.</li><li>Pharmaceutical pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has developed a pipeline of proprietary, indication-specific cannabinoid-based candidates that are in various stages of clinical development. These cannabinoid-based candidates aim to address unmet needs in the areas of dermatology, chronic pain, and various neurological disorders.</li><li>Active pharmaceutical ingredients (Aureus Santa Marta™): Active pharmaceutical ingredients supplied by the Company’s majority owned subsidiary Santa Marta Golden Hemp SAS (“SMGH”) is a commercial-stage business dedicated to providing various forms of high-quality CBD, THC and CBG to the Company’s international partners for use in the development and production of food, cosmetics, medical, and pharmaceutical products. SMGH also forms part of the Company’s supply chain and is a source of reliable input products for its consumer retail, medical cannabis, and pharmaceutical products globally. </li></ul> SOURCE Avicanna Inc. Stay Connected For more information about Avicanna, visit our website or contact Ivana Maric by email at ir@avicanna.com. Cautionary Note Regarding Forward-Looking Information and Statements This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Forward-looking information contained in this news release includes, without limitation, statements with respect to the Company’s future business operations, the opinions or beliefs of management and future business goals. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated March 31, 2026, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR+ at www.sedarplus.ca. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. <img src="https://imageproxy.pbkrs.com/https://www.globenewswire.com/newsroom/ti/query-bmY9T1Rjd09ERTJNeU0zTlRZNU16YzJJekl5TURFME5qYz0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1" height="1" original-src="https://imageproxy.pbkrs.com/https://www.globenewswire.com/newsroom/ti/query-bmY9T1Rjd09ERTJNeU0zTlRZNU16YzJJekl5TURFME5qYz0"/> <img src="https://imageproxy.pbkrs.com/https://ml.globenewswire.com/media/ZGY0N2Y0ZTQtZjIxNy00NTZkLTk2OGMtMWU4ZjM3MGYxZDc5LTEyMTMwMjAtMjAyNi0wNC0yOC1lbg==/tiny/Avicanna-Inc-.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1" height="1" original-src="https://imageproxy.pbkrs.com/https://ml.globenewswire.com/media/ZGY0N2Y0ZTQtZjIxNy00NTZkLTk2OGMtMWU4ZjM3MGYxZDc5LTEyMTMwMjAtMjAyNi0wNC0yOC1lbg==/tiny/Avicanna-Inc-.png"/></article></div>

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Avicanna Inc. has welcomed the U.S. Department of Justice's decision to reschedule certain cannabinoid-based products from Schedule I to Schedule III, aligning with its pharmaceutical strategy. This change is expected to enhance R&D, clinical development, and patient access. The company is advancing its clinical trials, including studies on THC for anxiety and pain management. Avicanna continues to expand its medical cannabis initiatives and is well-positioned to leverage its intellectual property for future U.S. market entry, focusing on pharmaceutical development and strategic partnerships.

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Avicanna Welcomes Initial U.S. Rescheduling of Medical Cannabis & Provides Scientific Update | AVCNF Stock News