Auxly Clears Key Milestones for Phase Two Cannabis Product Sales: Agreements in Place and Listings Secured for Derivative Pro...
December 05 2019 - 7:30AM
Auxly Cannabis Group Inc. (TSX.V - XLY) (“
Auxly”
or the “
Company”) today announced that it has
entered into an agreement with every Canadian province (except
Quebec) to commence sales of cannabis 2.0 products (extracts,
edibles and topicals) and has secured in excess of 250 listings in
the aggregate for its vape, chocolate and chewable products across
nine provinces. This development, following the Company’s
submission to Health Canada of new product notifications for 83
derivative cannabis products announced in October, means that Auxly
will be ready to sell vapes, chocolates and chewables beginning
December 16 when the sale of those products becomes legally
permitted. These new product formats will be added to the oil-based
products in bottle and spray formats that the Company recently
began shipping for sale in certain provinces, all of which are
produced at Auxly’s wholly owned, state-of-the-art, 52,000 square
foot facility, Dosecann.
“This is a major milestone for us,” said Hugo
Alves, CEO of Auxly. “Our team has been working toward the launch
of our derivative product portfolio for over 20 months and seeing
the hugely positive reactions to our thoughtfully developed brands
and products from provincial purchasers, our distribution partner,
Kindred, and consumer focus groups has been immensely satisfying
and motivating for the entire Auxly family. It is a huge
accomplishment to be ready for commercialization on day one, right
across the country – it speaks to the talent and dedication of our
people and our organization-wide focus on winning in the cannabis
2.0 market. We are very much looking forward to bringing our
branded cannabis products to Canadian consumers from coast to coast
and we are committed to winning consumer confidence and trust
through the quality, consistency and efficacy of our products."
Led by Dosecann’s Chief Product Innovation
Officer Peter Crooks, founder and former CEO of Canada’s Smartest
Kitchen, the Company has formulated what it believes will be some
of the highest quality and best tasting cannabis chocolates and
chewables available to consumers anywhere in the world. Together
with Peter and his team, Auxly is committed to being a category
leader in cannabis 2.0 by leveraging the powerful combination of
Dosecann and its clinical capabilities at KGK Science to bring
consumers new and innovative product formats backed by research and
science.
Similarly, the Company is confident that its
branded vape products, produced using quality hardware tuned
specifically to Auxly’s proprietary in-house formulations and made
using Dosecann's validated processes, will provide Canadian
consumers with a differentiated and unique user experience. Like
all of Auxly’s derivative products, its vapes have been developed
with consumer safety at the heart of the product development
process. The Company has gone above and beyond applicable
regulatory requirements with both its hardware and its formulations
to earn the trust of Canadian consumers.
The Company’s launch of 2.0 derivative products
will be sold under the Kolab, Foray and Dosecann brands. Auxly
anticipates launching tablet, capsule and lozenge formats beginning
the first half of 2020 and topical formats in Q3 of 2020, and
entering the Quebec market as soon as required regulatory approvals
have been obtained.
ON BEHALF OF THE BOARD
"Hugo Alves” CEOAbout 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 successful production and launch of the Company's new
derivative products; the timeline for the launch of additional
product formats; the timeline and ability of the Company to enter
the Quebec market; 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; the acceptance and
demand for 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 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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