TORONTO, Aug. 10,
2022 /PRNewswire/ - Auxly Cannabis Group Inc. (TSX:
XLY) ("Auxly" or the "Company"), a leading consumer
packaged goods company in the cannabis products market, announced
today that the Company has closed the sale of its Auxly Annapolis
OG Inc. outdoor cultivation facility located in Hortonville, Nova Scotia to a private
purchaser for total proceeds to the Company of $4.1 million. As previously announced by the
Company, Auxly closed both its cultivation facilities located in
Nova Scotia in February 2022 and sold its Auxly Annapolis indoor
cultivation facility in July 2022 for
total proceeds to the Company of $6
million. The Company intends to apply the proceeds from both
sales to support Auxly's ongoing operations.
"The sale of the Auxly Annapolis outdoor facility for
$4.1 million further strengthens the
Company's cash position as we have now received a cumulative
$10.1 million for both our
Nova Scotia cultivation assets,"
said Hugo Alves, CEO. "We
remain committed to identifying opportunities to reduce costs,
streamline operations and source additional capital in a
non-dilutive way as we continue to focus our efforts of achieving
our goal of becoming Adjusted EBITDA profitable in
ON BEHALF OF THE BOARD
"Hugo Alves" CEO
About Auxly Cannabis Group Inc.
(TSX: XLY) (OTCQX: CBWTF)
Auxly is a leading Canadian consumer packaged goods company in
the cannabis products market, headquartered in Toronto, Canada. The Company's focus is on
developing, manufacturing and distributing branded cannabis
products that delight wellness and recreational consumers and
deliver on its consumer promise of quality, safety and
Learn more at www.auxly.com and stay up to date at Twitter:
@AuxlyGroup; Instagram: @auxlygroup; Facebook:
@auxlygroup; LinkedIn: company/auxlygroup/.
Notice Regarding Forward Looking
This news release contains certain "forward-looking information"
within the meaning of applicable Canadian securities law.
Forward-looking information is frequently characterized by words
such as "plan", "continue", "expect", "project", "intend",
"believe", "anticipate", "estimate", "may", "will", "potential",
"proposed" and other similar words, or information that certain
events or conditions "may" or "will" occur. This information is
only a prediction. Various assumptions were used in drawing the
conclusions or making the projections contained in the
forward-looking information throughout this news release. Forward
looking information includes, but is not limited to: the proposed
use of the proceeds of the sale; the Company's execution of its
product development, commercialization strategy and expansion
plans; the relevance of the Company's current and proposed
products; the expectation and timing of future revenues; consumer
preferences; political change, future legislative and regulatory
developments involving cannabis and cannabis products; and
competition and other risks affecting the Company in particular and
the cannabis industry generally.
A number of factors could cause actual results to differ
materially from a conclusion, forecast or projection contained in
the forward-looking information in this release including, but not
limited to, whether: the Company's subsidiaries are able to
maintain the necessary regulatory authorizations to conduct
business; there is acceptance and demand for current and future
Company products by consumers and provincial purchasers; and
general economic, financial market, regulatory and political
conditions in which the Company operates will remain the same.
Additional risk factors are disclosed in the annual information
form of the Company for the financial year ended December 31, 2021 dated March 30, 2022.
The forward-looking information in this release is based on
information currently available and what management believes are
reasonable assumptions. Forward-looking information speaks only to
such assumptions as of the date of this release. In addition, this
release may contain forward-looking information attributed to third
party industry sources, the accuracy of which has not been verified
by Auxly. Readers should not place undue reliance on
forward-looking information contained in this release. The
forward-looking information contained in this release is expressly
qualified by the foregoing cautionary statements and is made as of
the date of this release. Except as may be required by applicable
securities laws, the Company does not undertake any obligation to
publicly update or revise any forward-looking information to
reflect events or circumstances after the date of this release or
to reflect the occurrence of unanticipated events, whether as a
result of new information, future events or results, or
Neither Toronto Stock Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the Toronto
Stock Exchange) accepts responsibility for the adequacy or accuracy
of this release.
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SOURCE Auxly Cannabis Group Inc.