Auxly’s Subsidiary Dosecann Receives Research Licence to Conduct Product Palatability and Sensory Testing with Human Subjec...
June 30 2020 - 7:30AM
Auxly Cannabis Group Inc. (TSX.V -
XLY) ("
Auxly" or the
“
Company”), a consumer packaged goods company in
the cannabis products market, is thrilled to announce that its
wholly owned subsidiary, Dosecann LD Inc.
(“
Dosecann”) has received its Cannabis Research
Licence from Health Canada pursuant to the Cannabis Act. This
licence permits Dosecann to administer cannabis extracts, edible
cannabis and cannabis topicals to human subjects for purposes of
palatability and sensory testing at its state-of-the-art facility
located in Charlottetown, Prince Edward Island.
Dosecann has spent the last few years developing
highly accurate, proprietary processes in order to create the
Company’s first-class suite of cannabis products, however, due to
regulatory restrictions, the product development team was unable to
fully evaluate the impact of cannabis infusion on the taste of its
edible products. With this licence, Dosecann can now conduct
broader in-house testing, incorporating consumer input and feedback
on attributes such as flavour, aroma, texture or mouthfeel, to
better evaluate later-stage product formulations.
“Up until now, our team of product developers at
Dosecann knew we had great tasting non-infused formulations, but we
were unable to assess the impact of the addition of cannabis
extracts. For food product developers, it is critical that we have
the ability to quickly evaluate different product attributes; a
tool that wasn’t available to us until now,” said Peter Crooks,
Chief Product Innovation Officer, Dosecann. “We will very quickly
begin to apply the ability, under this research licence, to conduct
organoleptic assessments in order to evaluate the impact of
different cannabis extracts on our edible formulations. Having this
ability to conduct in-house testing will lead to better tasting
products for our consumers, generate additional proprietary
knowledge into our approach to flavour development, processing and
manufacturing, and support the optimization of the cannabis
extracts used in our different edible product segments.”
Hugo Alves, CEO of Auxly added: “This is a key
license for Auxly’s product innovation strategy and our efforts to
develop incredible cannabis products that deliver on a consumer
promise of quality, safety and efficacy. The incorporation of
consumer input and feedback during product development is critical
to those efforts and has been demonstrated repeatedly to reduce
costs and time to market and increase product acceptance by
consumers. Peter and his team at Dosecann now have all of the tools
they need to innovate and delight consumers with new and exciting
cannabis products, all accurately dosed and manufactured to
Dosecann’s exacting standards.”
Option Issuance
Auxly also announces that it has granted 640,000
options to purchase common shares of the Company (the
"Options") to certain officers of the Company
pursuant to the Company’s equity incentive plan (the
"Plan"). The Options will vest in equal tranches
over the following three years and are exercisable at a price of
$0.30 per common share. The Options have a term of 5 years and are
subject in all respects to the terms of the Plan and the
requirements of the TSX Venture Exchange.
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. 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 Dosecann facility; the Company’s
execution of its product development and commercialization
strategy; the anticipated benefits of the Company’s research and
development initiatives; 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: Dosecann is able to
maintain the Cannabis Research Licence and its other current
licences, and obtain and maintain all other necessary governmental
and regulatory authorizations and permits to operate its facility
and conduct business; the success of Dosecann’s research strategies
and the applicability of the discoveries made therein; the
acceptance and demand for future Dosecann 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
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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