TORONTO, May 16, 2022
/CNW/ - Auxly Cannabis Group Inc. (TSX: XLY) (OTCQX:
CBWTF) ("Auxly" or the "Company") today released
its financial results for the three months ended March 31, 2022. These filings and additional
information regarding Auxly are available for review on SEDAR at
www.sedar.com.
Q1 2022 Highlights
- 147% increase in net sales compared to Q1 in 2021 - recorded
net revenues of $22.6M for the three
months ended March 31, 2022;
- SG&A of $12.8M in Q1 2022
decreased slightly quarter-over-quarter with the full quarter
consolidation of Auxly Leamington;
- Adjusted EBITDA improved year-over-year by approximately
14%;
- Continue to hold the #1 LP position in Cannabis 2.0 sales
nationally;
- Back Forty remains the #1 vape brand in the country and became
the #4 flower brand nationally in the quarter;
- Maintained its position as one of the top 5 LPs in Canada in total cannabis sales with 6.9%
market share;
- With growing competition in vapes, the largest 2.0 product
category, Auxly continued to hold the #1 LP position in national
sales with 20% market share;
- Successfully launched 10 new SKUs into the market in the
quarter, including solventless live rosin vapes, new infused
pre-roll strains and the first-to-market Live Rosin Chew all under
Kolab Project brand;
- Recorded non-cash impairment of approximately $25.7M related to the closure of Auxly Annapolis
and Auxly Annapolis OG cultivation facilities.
Q1 Highlights
(000's)
|
March 31,
2022
|
March 31,
2021
|
Change
|
Percentage
Change
|
Total net
revenues
|
22,626
|
9,166
|
13,460
|
147%
|
|
|
|
|
|
Net
income/(loss)*
|
(39,846)
|
(10,494)
|
(29,352)
|
-280%
|
|
|
|
|
|
Net income/(loss) from
continuing operations*
|
(39,846)
|
(10,316)
|
(29,530)
|
-286%
|
Adjusted
EBITDA**
|
(5,622)
|
(6,540)
|
918
|
14%
|
Weighted average shares
outstanding
|
847,603,874
|
714,041,130
|
133,562,744
|
19%
|
|
|
|
|
|
|
|
|
|
|
|
|
(000's)
|
March 31,
2022
|
December 31,
2021
|
Change
|
Percentage
Change
|
Cash and
equivalents
|
$
16,295
|
$ 14,754
|
$
1,541
|
10%
|
|
|
|
|
|
Total assets
|
$ 417,460
|
$
450,422
|
$
(32,962)
|
-7%
|
|
|
|
|
|
Debt***
|
$ 175,577
|
$
168,809
|
$
6,768
|
4%
|
*Attributable to
shareholders of the Company
|
** Adjusted EBITDA is a
Non-IFRS financial measure. Refer to the Non-GAAP Measures
section in the MD&A for definitions
|
***Debt is a
supplementary financial measure. Refer to the Non-GAAP
Measures section in the MD&A for definitions
|
|
Hugo Alves, CEO of Auxly,
commented: "Amid intense and growing competition and seasonal
buying trends in the Canadian cannabis market, Auxly continued to
see strength in sales, increasing revenues 147%
year-over-year. Though this quarter presented some ongoing
supply chain and operational challenges preventing us from meeting
consumer demands for our branded cannabis products, we believe we
have taken the necessary steps to correct these issues for the
coming quarters, allowing us to increase fill rates and continue
with our exciting new product launches throughout the year.
We continue to lead the market in cannabis 2.0 products and remain
focused on building to leadership in dried flower and pre-rolls and
improving our business to achieve our goal of reaching adjusted
EBITDA profitability."
Results of Operations
(000's) For the
three months ended:
|
March 31,
2022
|
March 31, 2021
|
CONTINUING
OPERATIONS
Revenues
|
|
|
Revenue from
sales of cannabis products
|
$
33,204
|
$
12,152
|
Excise taxes
|
(10,578)
|
(2,986)
|
Total Net Revenues
|
22,626
|
9,166
|
|
|
|
Cost of
Sales
|
|
|
Costs of finished cannabis inventory sold
|
17,522
|
6,848
|
Biological asset
impairment
Inventory
gain/impairment
|
704
4,878
|
-
230
|
Gross profit excluding fair value items
|
(478)
|
2,088
|
|
|
|
Unrealized fair
value gain / (loss) on biological transformation
|
6,473
|
255
|
Realized fair
value gain/(loss) on inventory
|
(2,325)
|
1
|
Gross profit
|
3,670
|
2,344
|
|
|
|
Expenses
|
|
|
Selling, general, and administrative expenses
|
12,842
|
9,205
|
Depreciation and amortization
|
4,600
|
2,432
|
Interest expense
|
5,080
|
4,601
|
Total expenses
|
22,522
|
16,238
|
|
|
|
Other incomes
/ (losses)
|
|
|
Fair value
gain/(loss) for financial instruments accounted under
FVTPL
|
-
|
116
|
Interest and
other income
|
85
|
416
|
Impairment of long‐term assets
|
(12,884)
|
-
|
Impairment of
intangible assets and goodwill
|
(10,789)
|
-
|
Gain/(loss) on settlement of assets and liabilities and other expenses
|
-
|
4,068
|
Share of
gain/(loss) on investment in joint venture
|
-
|
(459)
|
Foreign exchange gain/(loss)
|
(361)
|
(608)
|
Total other income/(loss)
|
(23,949)
|
3,533
|
|
|
|
Net loss
before income tax
|
(42,801)
|
(10,361)
|
Income tax
recovery
|
2,955
|
39
|
Net Loss from
continuing operations
Net income/(loss) from discontinued
operations
|
$
(39,846)
-
|
$
(10,322)
(178)
|
Net
income/(loss)
|
$
(39,846)
|
$
(10,500)
|
|
|
|
Net income/(loss)
attributable to shareholders of the Company
|
$
(39,846)
|
$
(10,494)
|
Net loss
attributable to non‐controlling interest
|
$
-
|
$
(6)
|
|
|
|
Adjusted EBITDA
|
$
(5,622)
|
$
(6,540)
|
From continuing
operations
From discontinued
operations
|
$ (0.05)
-
|
$ (0.01)
-
|
Net income/(loss)
per common share (basic and diluted)
Weighted average
shares outstanding (basic and diluted
|
$ (0.05)
847,603,874
|
$ (0.01)
714,041,130
|
Net Revenue
For the three months ended March 31,
2022, net revenues were $22.6
million as compared to $9.2
million during the same period in 2021, an improvement of
147%. Revenue in the first quarter of 2022 was comprised of
approximately 61% in Cannabis 2.0 Product sales, with the remainder
from Cannabis 1.0 Product sales. Net revenues improved as a
result of the Company's expansion into Cannabis 1.0 Products and
continued leadership in Cannabis 2.0 Products. Consistent with
prior periods, as the Company does not participate in the
Quebec market, approximately 85%
of cannabis sales during the first quarter of 2022originated from
sales to British Columbia,
Alberta and Ontario.
Gross Profit
Auxly realized a gross profit of $3.7
million resulting in a 16% Gross Profit Margin1
for the quarter ended March 31, 2022,
compared to $2.3 million (26%) during
the same period in 2021. Gross profits were impacted by the
biological assets and inventory impairments of $5.0 million associated with the closure of the
Auxly Annapolis and Auxly Annapolis OG facilities as announced on
February 7, 2022. Cost of Finished
Cannabis Inventory Sold Margin1 was 23%, 2% lower than
the same period of 2021, however 3% greater than the fourth quarter
of 2021, inclusive of the impact of Auxly Leamington.
Following the acquisition of Auxly Leamington, the Company
recognizes gross profit or loss from Auxly Leamington only as
product is sold to the Company's customers after being further
processed by Auxly Ottawa or Auxly Charlottetown. During the first
quarter of 2022, the Company realized approximately $1.5 million of additional gross profit from the
sale of finished cannabis inventory sold. Prior to the acquisition
of Auxly Leamington in November 2021,
the net earnings of Auxly Leamington were recorded in other income
and expenses on an equity basis in proportion to the Company's
ownership in the joint venture.
Biological and inventory impairments of $0.7 million and $4.9
million respectively were attributable to the closure of the
Auxly Annapolis and Auxly Annapolis OG facilities.
Unrealized fair value gains and losses on biological assets and
realized fair value gains and losses on inventory in the first
quarter of 2022 primarily relate to Auxly Leamington. In 2021,
prior to the acquisition, Auxly Leamington was accounted for under
the equity method.
__________________________________
|
1
|
Gross Profit
Margin and Cost of Finished Cannabis Inventory Sold Margin are
supplemental financial measures – See "Non-GAAP Measures" in
the MD&A.
|
Total Expenses
Selling, general and administrative expenses ("SG&A")
are comprised of wages and benefits, office and administrative,
professional fees, business development, share-based payments, and
selling expenses. SG&A expenses were $12.8 million during the first quarter of 2022,
slightly lower than the fourth quarter of 2021 with the full
quarter consolidation of Auxly Leamington, and $3.6 million higher than the first quarter of
2021.
Wages and benefits were $5.7
million during the first quarter of 2022, approximately
$1.5 million higher than the same
period of 2021, primarily from workforce additions to support
Cannabis 1.0 Product sales and in support of higher revenues, and
the addition of the Auxly Leamington workforce of approximately
$0.5 million.
Office and administrative expenses were $3.6 million during the current quarter,
increasing by $0.5 million compared
to the same period in 2021. The increased expenditures primarily
relate to the addition of Auxly Leamington of approximately
$0.7 million.
Auxly's professional fees were $0.4
million during the first quarter of 2022, which was
consistent with 2021. Professional fees incurred during the period
primarily related to accounting fees, regulatory matters, reporting
issuer fees, and legal fees associated with certain corporate
activities.
Business development expenses were $0.1
million for the three months ended March 31, 2022, as compared to $Nil during the
same period in 2021. These expenses have been nominal during the
COVID-19 pandemic and primarily relate to acquisition, business
development and travel related expenses.
Share-based compensation was $0.2
million for the three months ended March 31, 2022, which was consistent with the
same period in 2021. The expense is a function of the number of
option grants, the weighted average aging of the grants and the
share price at the time of grant.
Selling expenses were $2.9 million
for the three months ended March 31,
2022, an increase of $1.6
million over the same period in 2021, as a result of
cannabis sales activities comprised of brokerage fees earned by
Kindred, Health Canada fees related to higher revenues, and
increased marketing initiatives for Cannabis Products.
Depreciation and amortization expenses were $4.6 million for the period ended March 31, 2022, $2.2
million greater than the same period of 2021. The increase
in expense during the current period is primarily related to
additional capital expenditures and inclusion of Auxly Leamington
representing approximately $0.7
million.
Interest expenses were $5.1
million in the three months ended March 31, 2022, an increase of $0.5 million over the same period in 2021
primarily as a result of the inclusion of Auxly Leamington, which
accounted for approximately $0.9
million. Interest expense includes accretion on the
convertible debentures and interest paid in kind on the
$123 million Imperial Brands
Debenture. Interest payable in cash was approximately $1.4 million for the current quarter.
Total Other Incomes and
Losses
Total other incomes and losses for the quarter were a
$23.9 million loss as compared to a
gain of $3.5 million during the same
period in 2021.
The impairment of long-term assets of $12.9 million and intangible assets and goodwill
of $10.8 million respectively in the
first quarter of 2022 relates to the closure of the Auxly Annapolis
and Auxly Annapolis OG facilities where the carrying value exceeds
the fair value less cost to sell.
Gains and losses on settlement of assets and liabilities and
other expenses in the prior year quarter were primarily associated
with a gain on the settlement of a $5.8
million liability associated with a non-monetary product
exchange with another licensed producer.
The share of loss on investment in joint venture of $0.5 million represents the Company's
proportionate share of Auxly Leamington's earnings prior to its
acquisition in November 2021, which
results are presently consolidated into the Company's financial
statements.
Auxly is exposed to foreign exchange fluctuations from the U.S.
dollar to CAD dollar exchange rate primarily related to inventory,
capital purchases and Inverell net assets. During the period ended
March 31, 2022, the Company reported
a foreign exchange loss of $0.4
million as compared to a loss of $0.6
million during the same period of 2021.
Net Income and
Loss
Net losses attributable to shareholders of the Company were
$39.8 million for the three months
ended March 31, 2022, representing a
net loss of $0.05 per share on a
basic and diluted basis. The loss of $29.4
million relative to the same period in 2021 was primarily
related to the net impact of approximately $25.7 million related to the closure of the Auxly
Annapolis and Auxly Annapolis OG facilities during the period and a
gain on the settlement of assets and liabilities and other expenses
of $4 million in 2021.
Adjusted EBITDA
Adjusted EBITDA of negative $5.6
million during the three months ended March 31, 2022 was $0.9
million better than the same period in 2021, primarily
related to higher gross profits before fair value adjustments and
impairment charges, partially offset by higher SG&A.
Discontinued
Operations
On May 27, 2021, the Company
announced that it had reached an agreement to sell KGK to Myconic
Capital Corp. (now Wellbeing Digital Sciences Inc.)
("Wellbeing"), and on June 2,
2021, completed the sale of KGK to Wellbeing. As a result of
the sale, results from operations and cash flows from KGK have been
presented as discontinued operations, as applicable, on a
retrospective basis.
Outlook
In 2022, Auxly remains committed to building on its success as a
Canadian market leader. The Company plans to drive organic growth
through continued innovation, increased brand traction, and
ubiquitous distribution, while prioritizing operational
efficiencies and profitability. The Company's high-level objectives
for 2022 are:
- Improve revenue and Gross Profit Margin to achieve positive
Adjusted EBITDA
-
- Auxly's key priority in 2022 is to achieve Adjusted EBITDA
profitability by continuing to grow top line revenue while
enhancing Gross Profit Margins through leveraging the increasing
flower output from its Auxly Leamington facility, focused and
differentiated brand and product offerings, increased depth and
breadth of distribution, and cost optimization through investments
in automation to increase production capabilities and efficiency
and continuous improvement initiatives.
- Win with consumers and increase brand traction
-
- The Company will continue to be deeply committed to
understanding its targeted consumers and developing products and
brands that help them live happier lives. Driven by deep
consumer insights the Company will continue to evolve its brand
portfolio to earn and keep the trust and loyalty of its customers
and consumers and be the choice of consumers in-store. Auxly will
service the evolving preferences of its consumers by delivering new
and innovative branded products to market and ensuring that its
consumers can access those products broadly and reliably.
The Company is pleased with its first quarter results, with
seasonality having had less of an impact on revenue as compared to
the same period in 2021. However, it did encounter operational
challenges throughout the quarter, such as lower winter yields at
Auxly Leamington and hardware and packaging shortages due to supply
chain disruptions. The Company believes that those challenges
are largely behind it, and is very encouraged by yield and overall
product quality improvements that it has seen at Auxly Leamington,
which it believes will better equip Auxly to meet the demand for
its flower and pre-roll products.
The Company has and will continue to put its consumers first by
addressing their evolving needs and preferences through its
industry leading, insight-driven innovation pipeline. During the
first quarter of 2022, Auxly successfully launched 10 of the
anticipated 60 new SKUs planned to be launched throughout the year,
to strong early results and consumer acclaim. Auxly continues to
prioritize investing in innovations for key growth categories,
while maintaining its standards for producing the high-quality
products that are contributing to its growing consumer awareness
and brand equity.
Finally, the Company remains focused on cost control and margin
enhancement through continued process improvements and investments
in automation. While its first quarter SG&A now includes
a full quarter of Auxly Leamington expenses for the first time, the
Company was still able to maintain flat SG&A compared to the
previous quarter and also continue to make improvements to Adjusted
EBITDA. The Company remains confident in its second quarter
sales outlook and in its ability to achieve Adjusted EBITDA
profitability in 2022.
Non- GAAP Measures
Please see the Company's MD&A dated March 30, 2022, under "Non-GAAP Measures" for a
further description of the following financial and supplementary
financial measures.
Financial Measures
EBITDA and Adjusted
EBITDA
These are non-GAAP measures used in the cannabis industry and by
the Company to assess operating performance removing the impacts
and volatility of non-cash and other adjustments. The definition
may differ by issuer. The Adjusted EBITDA reconciliation is as
follows:
(000's)
|
Q1/22
|
Q4/21
|
Q3/21
|
Q2/21
|
Q1/21
|
Q4/20
|
Q3/20
|
Q2/20
|
Net loss from
continuing operations
|
$
(39,846)
|
$
(18,376)
|
$
(13,527)
|
$
(3,685)
|
$
(10,322)
|
$
(26,012)
|
$
(17,655)
|
$
(30,466)
|
Interest
expense
|
5,080
|
4,348
|
3,932
|
4,787
|
4,601
|
3,814
|
3,651
|
3,339
|
Interest
income
|
(85)
|
(308)
|
(436)
|
(431)
|
(416)
|
310
|
(381)
|
(345)
|
Income tax
recovery
|
(2955)
|
-
|
-
|
(4,291)
|
(39)
|
(24)
|
(90)
|
(567)
|
Depreciation and
amortization
|
|
|
|
|
|
|
|
|
Included
in cost of sales
|
1,913
|
689
|
386
|
326
|
141
|
208
|
267
|
176
|
Depreciation and
amortization
|
|
|
|
|
|
|
|
|
Included
in expenses
|
4,600
|
5,678
|
2,223
|
2,174
|
2,432
|
2,328
|
2,076
|
2,688
|
EBITDA
|
(31,293)
|
(7,969)
|
(7,422)
|
(1,120)
|
(3,603)
|
(19,376)
|
(12,132)
|
(25,175)
|
|
|
|
|
|
|
|
|
|
Impairment of
biological assets
|
704
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Impairment of
inventory
|
4,878
|
2,194
|
716
|
124
|
230
|
1,763
|
(312)
|
668
|
Unrealized fair value
loss/(gain) on
|
|
|
|
|
|
|
|
|
biological transformation
|
(6,473)
|
(1,462)
|
(352)
|
(315)
|
(255)
|
(215)
|
(172)
|
(201)
|
Realized fair value
loss/(gain) on
|
|
|
|
|
|
|
|
|
Inventory
|
2,325
|
904
|
1
|
1
|
(1)
|
-
|
(2)
|
15
|
Share-based
compensation
|
|
|
|
|
|
|
|
|
Fair value loss/(gain)
for financial
|
203
|
212
|
55
|
960
|
206
|
472
|
1,178
|
1,282
|
Instruments accounted under
|
|
|
|
|
|
|
|
|
FVTPL
|
-
|
408
|
(223)
|
(75)
|
(116)
|
(262)
|
34
|
4,521
|
Impairment of long-term
assets
|
12,884
|
-
|
60
|
11,366
|
-
|
1,784
|
(144)
|
4,506
|
Impairment of
intangible assets and
|
|
|
|
|
|
|
|
|
Goodwill
|
10,789
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(Gain)/loss on
settlement of assets,
|
|
|
|
|
|
|
|
|
Liabilities and disposals
|
-
|
815
|
(1,396)
|
(16,995)
|
(4,068)
|
6,042
|
3,453
|
2,020
|
Share of loss on
investment in joint
|
|
|
|
|
|
|
|
|
Venture
|
-
|
(1,387)
|
3,095
|
2,494
|
459
|
4,412
|
1,214
|
996
|
Foreign exchange
loss/(gain)
|
361
|
242
|
(633)
|
571
|
608
|
749
|
466
|
1,056
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
(5,622)
|
$
(6,043)
|
$
(6,099)
|
$
(2,989)
|
$
(6,540)
|
$
(4,631)
|
$
(6,417)
|
$
(10,312)
|
Supplementary Financial
Measures
Gross Profit Margin
"Gross Profit Margin" is defined as gross profit divided by
revenue. Gross profit margin is a supplementary financial
measure.
Cost of Finished Cannabis Inventory Sold
Margin
"Cost of Finished Cannabis Inventory Sold Margin" is a
supplementary financial measure and is defined as Cost of Finished
Cannabis Inventory Sold divided by revenue.
ON BEHALF OF THE BOARD
"Hugo Alves" CEO
About Auxly Cannabis Group Inc.
(TSX: XLY)
Auxly is a leading Canadian cannabis company dedicated to
bringing innovative, effective, and high-quality cannabis products
to the 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/.
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 Auxly, its subsidiaries and partners; the
intention to grow the business, operations and existing and
potential activities of Auxly; proposed timelines for the
build-out, licencing and commercialization of the Company's
facilities and projects; the Company's response to the COVID-19
pandemic; the impact of the COVID-19 pandemic on the Company's
current and future operations; the Company's execution of its
innovative product development, commercialization strategy and
expansion plans; the Company's intention to introduce innovative
new cannabis products to the market and the timing thereof; the
anticipated benefits of the Company's partnerships, research and
development initiatives and other commercial arrangements; the
anticipated benefits of the Company's acquisition of Auxly
Leamington; the expectation and timing of future revenues and of
positive Adjusted EBITDA; expectations regarding the Company's
expansion of sales, operations and investment into foreign
jurisdictions; future legislative and regulatory developments
involving cannabis and cannabis products; the timing and outcomes
of regulatory or intellectual property decisions; the relevance of
Auxly's subsidiaries' current and proposed products with provincial
purchasers and consumers; consumer preferences; political change;
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 will be able to execute on
its business strategy; Auxly's subsidiaries and partners are able
to obtain and maintain the necessary governmental and regulatory
authorizations to conduct business; the Company is able to
successfully manage the integration of its various business units
with its own; there are not materially more closures
or lockdowns related
to the COVID‐19 pandemic; the Company's subsidiaries
and partners obtain and maintain all necessary governmental and
regulatory permits and approvals for the operation of their
facilities and the development of cannabis products, and whether
such permits and approvals can be obtained in a timely manner; the
Company will be able to successfully integrate Auxly Leamington's
operations with its own, and whether the expected benefits of the
acquisition materialize in the manner expected, or at all; the
Company will be able to successfully launch new product formats and
enter into new markets; there is acceptance and demand for current
and future Company products by consumers and provincial purchasers;
the Company will be able to increase revenues and achieve positive
Adjusted EBITDA; and general economic, financial market,
legislative, regulatory, competitive and political conditions in
which the Company and its subsidiaries and partners operate 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.
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
forward-looking information is being provided for the purposes of
assisting the reader in understanding the Company's financial
performance, financial position and cash flows as at and for
periods ended on certain dates and to present information about
management's current expectations and plans relating to the future,
and the reader is cautioned that 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 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.