Auxly Cannabis Group Inc. (TSX.V - XLY)
("
Auxly" or the "
Company") today
announced that its Board of Directors has named Hugo Alves,
President, to succeed Chuck Rifici as CEO, effective August 27,
2019. Mr. Rifici will continue to serve as Chairman of Auxly’s
Board of Directors.
“It’s been an honour to serve as Auxly’s CEO for
the last two years,” stated Mr. Rifici. “And I am pleased to
announce Hugo’s promotion to guide Auxly through its next chapter,
as we move toward commercialization of our branded derivative
products. As a leading lawyer and regulatory expert in the cannabis
space and one of the co-founders of Auxly, Hugo has demonstrated an
unrivaled depth of industry knowledge and an ability to build and
grow the business. With Hugo at the helm, Auxly, together with our
subsidiaries and partners, is poised to deliver the next stage of
growth as we progress towards our vision of becoming a global
cannabis leader.”
Mr. Rifici was named Chairman and CEO of Auxly
on May 5, 2017. Since its inception and under Mr. Rifici’s
leadership, Auxly has celebrated numerous achievements,
including:
- securing access to over 100,000 kgs of annual diversified
cultivation supply in Canada, including the Company’s joint venture
project Sunens Farms Inc., a 1.4 million square foot, fully
automated, purpose-built greenhouse currently under construction in
Leamington, Ontario;
- the acquisition of Dosecann Inc., Auxly’s in-house analytical
testing, extraction, research and development, product development
and manufacturing facility;
- the acquisition of KGK Science Inc., a wholly-owned contract
research, regulatory advisory and clinical testing
organization;
- establishing a leading position in Uruguay through the
Company’s 80% ownership of Inverell S.A.;
- the development of Auxly’s in-house brand portfolio, including
Dosecann, Kolab, Robinsons and Foray; and
- successfully raising approximately $423 million, including the
recently announced $123 million investment and research and
development partnership with Imperial Brands PLC, expected to close
in the third quarter of this year.
Genevieve Young, Independent Director,
commented: “On behalf of the entire Board, I’d like to thank Chuck
for his remarkable leadership of Auxly. Today’s announcement is
part of a deliberate, thoughtful and careful succession planning
process. This is the right time for a leadership transition, as
Canada moves toward the next phase of cannabis legalization and
Auxly prepares for the launch of its product portfolio. Hugo’s
regulatory first approach, performance to date, depth of experience
and track record for success is very impressive. The Board is
confident that Hugo has the right capabilities, appropriate outlook
and perspective to drive continued execution as Auxly’s CEO.”
Commenting on his appointment, Hugo Alves
stated: “I am honored and privileged to be the next CEO of Auxly,
and I am grateful for the confidence that both Chuck and the Board
of Directors have placed in me. Working with Chuck to build Auxly
to what it has become today has been an incredible personal and
professional journey which I am very much looking forward to
continuing in my new role as CEO. Chuck has always been a
great friend and tremendous ambassador for Auxly and I am delighted
that I get to continue working with him and that Auxly and its
shareholders get the benefit of his continued contributions as
Chairman. This is a dynamic time for our business and I look
forward to bringing our branded cannabis products to Canadian
consumers later this year.”
About Hugo Alves
Hugo is the Co-Founder and President of Auxly
Cannabis Group, where he has overall responsibility for driving the
Company's strategic vision. A cannabis industry pioneer, Hugo
has played a key role in shaping the regulated cannabis industry in
Canada, including acting as counsel and advisor to many of the
industry's leading companies (including Tweed; Bedrocan; Canopy;
Aurora; Supreme; Harvest One; Beleave; Origin House; Ample
Organics; Trellis; Lift & Co), brands (including Tokyo Smoke;
Leafs by Snoop; Feather), industry associations (Cannabis Counsel
of Canada), patient access groups (including Canadians for Fair
Access to Medical Marijuana; CanvasRx; Canadian Cannabis Clinics)
and cannabis focused events and conferences (including Lift
Conference; O'Cannabiz; Canadian Cannabis Business
Conference). He is also the co-founder of Hope for Health,
the world's first registered charity focused on providing access to
medical cannabis and the advancement of knowledge relating to
medical cannabis. Hugo is an adjunct professor at the
University of Western Ontario Law School, where he co-created and
teaches Cannabis Law and Practice, the first cannabis-focused
course ever offered at a Canadian law school.
Prior to founding Auxly, Hugo was a senior
corporate and commercial Partner at Bennett Jones LLP, where he
built the firm's cannabis practice group and advised Canadian and
foreign clients in connection with private mergers and
acquisitions, public and private financings, public procurements,
outsourcing transactions, joint ventures and strategic
alliances. Hugo obtained his BA from Carleton University,
where he won the Senate Medal for Outstanding Academic Achievement
and obtained his Doctor of Law from the University of Toronto.
ON BEHALF OF THE BOARD"Chuck Rifici"
Chairman
About Auxly Cannabis Group Inc. (TSX.V: XLY) (OTCQX:
CBWTF)
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 has secured a diversified supply of raw cannabis,
strong clinical, scientific and operating capabilities and leading
product 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.comPhone: 1.833.695.2414
Media Enquiries
(only): For media enquiries or to set up an interview
please contact:Sarah Bain, VP External Affairs Email:
sarah@auxly.com Phone: 613.230.5869
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 Company’s ability to successfully expand domestic and
international operations and obtain new investment opportunities.
There can be no assurance that the Company will realize the
anticipated benefits from the Company’s business model.
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 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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