Auxly Cannabis Group Inc. (TSX.V -
XLY) ("
Auxly" or the
“
Company”), a consumer packaged goods company in
the cannabis products market, today provided an update on the
Company’s national and international cultivation strategy. The
Company is pleased by the progress of its cultivation portfolio,
which is instrumental in supplying a secure, cost-efficient and
consistent source of input material for the Company’s growing
portfolio of cannabis products. In order to sharpen the Company’s
near-term focus on Cannabis 2.0 dominance in Canada, the Company
has decided to rationalize its cultivation portfolio by focusing on
its domestic cultivation, while maintaining optionality in Uruguay.
Sunens Farms Inc.
On June 15, 2020, the Company announced that
Sunens Farms Inc. (“Sunens”), the Company’s
organic cultivation joint-venture with legendary greenhouse
operator Peter Quiring, secured a standard cultivation licence from
Health Canada for the first phase of its fully automated,
purpose-built, 1.1 million sq. ft. greenhouse facility in
Leamington, Ontario. The first phase of the licensed area includes
approximately 360,000 sq. ft. of cultivation, processing, and
storage space, with the additional licence amendments for the
remaining phases being submitted throughout the course of 2020.
Since announcing receipt of the cultivation
licence, the Sunens team has already commenced cultivation of
organic cannabis within the licensed area. Cannabis harvested from
the Sunens facility will provide Auxly with a consistent, traceable
source of low-cost, organic dried flower to support Auxly’s
commercial strategy, including the manufacturing of Auxly’s branded
cannabis products at its Dosecann facility in Prince Edward Island
and continued product innovation.
The Company believes that the Sunens facility
will be the cornerstone of its cultivation portfolio and, when
fully operational, will produce approximately 100,000 kg of organic
cannabis annually.
Robinsons Cannabis Inc.
On May 20, 2020, the Company announced that its
wholly owned subsidiary, Robinsons Cannabis Inc.
(“Robinsons”), received its sales licence from
Health Canada, expanding Auxly’s product portfolio to include
hand-crafted cannabis flower for the connoisseur market.
Since receipt of its cultivation licence,
Robinsons has been growing small-batch cannabis at its 27,700 sq.
ft. state-of-the-art facility in Kentville, Nova Scotia. Robinsons
will release a selection of its favorite genetics in select
Canadian provinces in July of 2020, each grown with an
uncompromising commitment to quality, flavor and craftsmanship.
Robinsons Outdoor Grow
Incorporated
On November 15, 2019, the Company announced the
launch of Robinsons Outdoor Grow (“Robinsons OG”),
a large-scale outdoor cultivation project located in Hortonville,
Nova Scotia, with over 158 acres of land available for
development.
Robinsons OG will provide the Company with
access to organic, sun grown cannabis flower to help support the
Company’s ongoing development of Robinsons branded cannabis
products.
The Company is pleased to announce that
Robinsons OG has secured a standard cultivation licence from Health
Canada. However, given timing for the optimal outdoor planting
season and the operational challenges posed by COVID-19, the
Company has made the strategic decision to delay the commencement
of cultivation activities at the Robinsons OG site and, instead,
focus its efforts on the continued development of the Robinsons OG
land and facility in preparation for the 2021 cultivation
season.
Kolab Project Inc.
During 2019, the Kolab Project Inc.
(“Kolab”) facility located in Carleton Place,
Ontario, was focused on providing quality cannabis flower and
pre-rolls to registered medical patients across Canada. In 2020,
the Company made the strategic decision to cease cultivation at the
Kolab facility and fully focus Kolab’s operations on pre-roll
manufacturing and innovation activities to support the Company’s
branded pre-roll product offering.
Inverell S.A.
Inverell S.A. (“Inverell”) is
the Company’s 80%-owned subsidiary located in Montevideo. Inverell
has completed its 2019-2020 harvest which resulted in approximately
43,000 kilograms of packed hemp biomass. However, due to the slower
than anticipated pace of cannabis-specific regulatory development
in Latin America (“LATAM”) and, consequently, the
slower development of viable near-term commercial channels in the
region, the Company has chosen not to proceed with planting for the
2020-2021 growing season nor with the development of extraction
capabilities with a view to reducing headcount and keeping
operating expenditures to a minimum. This strategy will reduce
future operating expenses by approximately $6-7 million annually,
which can be redirected into the Canadian market with a view to
driving more immediate revenue to Auxly. Auxly will maintain the
optionality Inverell provides and continue to monitor the
regulatory landscape in LATAM, while exploring extraction
opportunities as well as sales channel opportunities for the
current stored biomass into legally permissible jurisdictions.
ON BEHALF OF THE BOARD
"Hugo Alves" CEO
About Auxly Cannabis Group Inc. (TSX.V:
XLY) Auxly is an international cannabis company dedicated
to bringing innovative, effective, and high-quality cannabis
products to the medical, wellness and adult-use markets. Auxly's
experienced team of industry first-movers and enterprising
visionaries have secured a diversified supply of raw cannabis,
strong clinical, scientific and operating capabilities and leading
research and development infrastructure in order to create trusted
products and brands in an expanding global market.
Learn more at www.auxly.com and stay
up to date at Twitter: @AuxlyGroup; Instagram:
@auxlygroup; Facebook: @auxlygroup; LinkedIn:
company/auxlygroup/.
Investor Relations: For investor enquiries
please contact our Investor Relations Team:
Email: IR@auxly.com Phone: 1.833.695.2414
Media Enquiries (only): For media
enquiries or to set up an interview please contact:
Email: press@auxly.com
Notice Regarding Forward
Looking Information:
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 operation of the Sunens and
Robinsons OG facilities; the timing for completion and licensing of
the additional phases of the Sunens facility; production capacity,
including discussions of plans or potential for expansion of
capacity at existing or new facilities; expectations of future
growing capability at the Robinsons OG project; the successful
production and launch of Robinsons products; the Company’s
execution of its product development and commercialization
strategy; 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 their current licences and
are able to obtain and maintain all other necessary governmental
and regulatory authorizations and permits to operate their
facilities and conduct business, and whether such authorizations
and permits can be obtained in a timely manner; Robinsons OG is
able to successfully cultivate and harvest outdoor cannabis crops
in Nova Scotia at the anticipated cost and yield; the acceptance
and demand for current and future Company products by consumers and
provincial purchasers; the Company is able to find new
opportunities for the stored biomass in Uruguay; 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, 2019 dated May 13,
2020.
New factors emerge from time to time, and it is
not possible for management to predict all of those factors or to
assess in advance the impact of each such factor
on Auxly’s business or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking information.
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. The purpose of forward-looking information is
to provide the reader with a description of management's
expectations, and such forward-looking information may not be
appropriate for any other purpose. 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, Auxly 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 otherwise.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this
release.
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