Auxly Cannabis Group Inc. (TSX.V - XLY)
("
Auxly" or the "
Company") today
announced that its wholly-owned subsidiaries, Dosecann Inc.
(“
Dosecann”) and Kolab Project Inc.
(“
Kolab”) have both been authorized by Health
Canada to sell cannabis oil under the Cannabis Regulations. The
issuance of these sales licences marks a significant milestone for
Auxly in furthering its strategy to deliver branded derivative
cannabis products to market when such products become legal later
this year. The licences enable each of Dosecann and Kolab to
commence initial sales of cannabis oil products to provincial and
territorial purchasers; through Kolab’s flagship retail store in
Saskatchewan; and to registered medical patients across the country
through Kolab’s online portal at kolabproject.com.
Dosecann
Dosecann is Auxly’s state-of-the-art processing
facility located in Prince Edward Island, which houses extraction,
research and development, product formulation, in-house analytical
testing and commercial manufacturing lines. Dosecann’s team
consists of leading experts that are dedicated to the development
and manufacturing of innovative derivative cannabis products.
Dosecann serves as Auxly’s manufacturing hub for all the Company’s
branded derivative products.
In addition to being Auxly’s home for derivative
product development, Dosecann is also one of Auxly’s cornerstone
brands. Dosecann is a clinical wellness brand built on pillars of
quality, efficacy and safety. Backed by science and advanced
research and development, Dosecann products are driving today's
innovation and establishing tomorrow's standards.
In anticipation of the receipt of its sales
licence, Dosecann has been accumulating inventory of oil-based
cannabis products in bottles, sprays and capsule formats. With the
sales licence now in hand, Dosecann intends to commence delivery of
such oil-based products in the coming weeks, beginning with several
provinces in Atlantic Canada.
Dosecann is also pleased to announce that it has
submitted its attestations to Health Canada requesting an amendment
to its oil sales licence to add the sale of cannabis extracts,
edible cannabis, and cannabis topicals upon their legalization
later this year. Dosecann has successfully completed the
development process for its derivative product portfolio, which
will be expanded to include new classes of cannabis such as
cannabis vaporizers, various edible formats and cannabis topicals
later this year, upon receipt of necessary regulatory
authorizations. Dosecann’s derivative products will be sold under
Auxly’s suite of proprietary brands, including Dosecann and
Kolab.
“We continue our commitment to provide
innovative cannabis-based products to consumers across Canada,”
said Greg Boone, CEO of Dosecann. “We’ve spent the last year
researching and developing a world class product portfolio and our
incredible science team has been dedicated to ensuring that our
products meet the Dosecann pillars of quality, safety and efficacy
as we continue to drive wellness down to a science. We are
deeply committed to Atlantic Canada and could not be more excited
to launch our products and introduce consumers in Atlantic Canada
and across Canada to our incredible suite of products.”
Kolab Project
Kolab is Auxly’s craft cultivation facility
located in Carleton Place, Ontario which is focused on providing
high quality cannabis flower, pre-rolls and derivative products to
its registered medical patients.
Kolab is also one of Auxly’s cornerstone
brands. Kolab is committed to supporting the arts, culture
and design communities. Its mission is to provide Canadians with a
carefully curated selection of exceptional cannabis products, while
championing high quality, purposeful goods produced in
collaboration with culturally relevant creators.
The issuance of the oil sales licence permits
Kolab to expand its current product offering from dried flower to
include various Kolab branded oil-based products, to be
manufactured by Dosecann. Kolab intends to provide its
registered patients with access to such oil-based products in the
coming weeks. Kolab branded oil-based products will also be
available in Kolab’s flagship store in Saskatchewan in the near
term.
Kolab has also submitted its attestations to
Health Canada requesting an amendment to its oil sales licence to
add the sale of cannabis extracts, edible cannabis, and cannabis
topicals upon their legalization later this year. Once legally
permitted to sell derivative products, Kolab will further expand
its product offering to include cannabis extracts including vapes
and various edible cannabis products.
“We could not be more excited about receiving
our oil sales license,” said Andrew Rock, Chief Operating Officer
of Kolab. “Being able to expand on our product offering to
now include oil-based products as well as our superior pre-rolls
(always whole flower, never shake) and high quality flower will
ensure our registered patients get the full spectrum of
cannabis-based products, while maintaining the consistent modern
formats they have come to expect from Kolab.”
Management Commentary
Hugo Alves, CEO of Auxly, commented: “These
sales licences are key regulatory milestone for Auxly in executing
our business plan of launching derivative products later this year.
I applaud the tremendous efforts of our teams at Kolab, Dosecann
and Auxly’s regulatory affairs department in securing these
critical licences. We are firmly on track for our broader
derivative product launch and look forward to bringing our
portfolio of innovative derivative products to Canadian consumers
later this year.”
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: 613.230.5869Notice 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 Kolab and Dosecann facilities;
the proposed operation of Kolab's retail store; the Company's
ability to obtain the required Health Canada authorizations for new
classes of cannabis; 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: Kolab and Dosecann are able
to maintain their sales licenses and are able to obtain and
maintain all other necessary governmental and regulatory
authorizations and permits to conduct business; and general
economic, financial market, regulatory and political conditions in
which the Company and Kolab operate will remain the same.
Additional risk factors are disclosed in the revised annual
information form of the Company for the financial year ended
December 31, 2017 dated May 24, 2018.
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 the Company'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 the
Company. 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, 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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