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Cannabinoid-focused biopharmaceutical company Avicanna Inc. (TSX:AVCN) (OTCQX:AVCNF) (FSE: 0NN) announced on Thursday that it has completed the commercial export of Aureus-branded purified cannabigerol (CBG) products into Singapore through its majority-owned subsidiary Santa Marta Golden Hemp.
The company said that, with this transaction – its first export into Asia, Aureus-branded products have now reached 18 international markets. Avicanna products are now available in 21 markets.
Meanwhile, in Singapore, cannabis remains stigmatized. The Central Narcotics Bureau of Singapore is of the stance that cannabis should be considered an illicit drug.
"Cannabis is addictive and harmful, and there is no scientific evidence of the safety and efficacy of raw cannabis use," says the Central Narcotics Bureau of Singapore. "Decriminalisation and legalization of cannabis is not the way to go, especially when our drug situation is well under control."
In March of 2023, changes to the Misuse of Drugs Act and the Constitution were given the green light in the Singapore Parliament, setting up a new legislative framework for psychoactive substances by criminalizing their production, import, export, possession and consumption. Under that law, a substance that is abused for a high will be defined as a psychoactive substance, excluding caffeine, tobacco, alcohol and health products. The law also proposes up to 30 years in prison and 15 strokes of the cane for possession of eight types of narcotics, including marijuana.
Last year, a 37-year-old man was hung after having spent seven years in prison. He was convicted in 2019 by Singapore authorities for trafficking about 1.5 kilograms of marijuana.
Earlier this year, a former property manager was sentenced to death for cannabis trafficking after being caught with 4.5kg of marijuana, reported South China Morning Post. However, the plant was intended for research purposes only as Seet Poh Jing was determined to look into potential uses of cannabidiol, as per his lawyers.
In the absence of laws allowing its citizens to get life-saving medical cannabis-based treatments, Singapore's National Research Foundation (NRF) began research into the development of synthetic cannabinoids in 2018, reported CNBC at the time. The research was part of a broader $25 million initiative to boost the development of the biotech industry in the Southeast Asian nation.
In 2021, the Ministry of Home Affairs approved two patients to use the pharmaceutical Epidiolex to address treatment-resistant epilepsy, reported The Straits Times.
The first FDA-authorized CBD medicine, Jazz Pharmaceuticals‘ (NASDAQ:JAZZ) Epidiolex was first approved for treating seizures connected to Lennox-Gastaut syndrome and Dravet syndrome. In 2022, the medicine was approved for treating seizures related to tuberous sclerosis complex.
Avicanna’s shares traded at $0.25 per share as of market close on Tuesday, July 2.
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