Auxly Cannabis Group Inc. (TSX - XLY) (OTCQX:
CBWTF) ("
Auxly" or the
"
Company"), a leading consumer packaged goods
company in the cannabis products market, today released its
financial results for the three and nine months ended September 30,
2021. These filings and additional information regarding Auxly are
available for review on SEDAR at www.sedar.com. All amounts are
Canadian dollars except common shares (“
Shares”)
and per Share amounts.
Q3 2021 Highlights and Subsequent
Events
- Total net revenues of $24.5 million for the three months ended
September 30, 2021 improved by approximately 95% year over year and
17% sequentially.
- Adjusted EBITDA of negative $6.5 million, improved modestly
over the same period in 2020, however, increased over the previous
quarter primarily as a result of higher cost of sales associated
with changes in product mix and additional costs associated with
the introduction of new products.
- Continued growth in national recreational cannabis sales,
maintaining the #1 LP position in Cannabis 2.0 sales with 15.6%
market share and securing the #6 LP position in total national
recreational cannabis sales in the quarter, with continued growth
in the month of October moving the Company into the #5 LP position
with 7.3% share of market1.
- Continued leadership in new product innovation with the launch
of new and differentiated SKUs throughout the quarter, including
the introduction of Back Forty 40s, and Kolab Project 132 Series
Live Resin Black Cherry Punch Soft Chews, Canada’s first
cannabis-infused live resin edible.
- Strengthened its Board of Directors with the appointment of
Murray McGowan, Chief Strategy and Development Officer for Imperial
Brands.
1 Source: Headset Canadian Insights as of
November 2, 2021
Q3 Highlights
For the three months ended:(000’s) |
Sept 30, 2021 |
|
Sept 30, 2020 |
|
Change |
Percentage Change |
|
Total net revenues |
$ |
24,493 |
|
|
$ |
12,587 |
|
|
$ |
11,906 |
95 |
% |
Net
income/(losses)* |
|
(13,527 |
) |
|
|
(17,799 |
) |
|
|
4,272 |
24 |
% |
Net income/(loss) from
continuing operations* |
|
(13,527 |
) |
|
|
(17,597 |
) |
|
|
4,070 |
23 |
% |
Adjusted EBITDA** |
|
(6,485 |
) |
|
|
(6,684 |
) |
|
|
199 |
3 |
% |
Weighted Average Shares outstanding |
|
825,612,944 |
|
|
|
631,949,685 |
|
|
|
193,663,259 |
31 |
% |
For the nine months ended:(000’s) |
Sept 30, 2021 |
|
Sept 30, 2020 |
|
Change |
Percentage Change |
|
Total net revenues |
$ |
54,511 |
|
|
$ |
28,462 |
|
|
$ |
26,049 |
92 |
% |
Net
losses* |
|
(15,363 |
) |
|
|
(58,460 |
) |
|
|
43,097 |
74 |
% |
Net income/(loss) from
continuing operations* |
|
(27,519 |
) |
|
|
(58,085 |
) |
|
|
30,566 |
53 |
% |
Adjusted EBITDA** |
|
(16,481 |
) |
|
|
(24,580 |
) |
|
|
8,099 |
33 |
% |
Weighted Average Shares outstanding |
|
767,844,307 |
|
|
|
628,341,762 |
|
|
|
139,502,545 |
22 |
% |
*Attributable to shareholders of the
Company**Adjusted EBITDA is a Non-IFRS financial measure.
Refer to the Non-IFRS Financial and Performance Measures section in
the MD&A for definitions
(000’s) |
Sept 30, 2021 |
December 31, 2020 |
Change |
|
|
Percentage Change |
|
Cash and equivalents |
$ |
37,215 |
|
$ |
21,214 |
|
$ |
16,001 |
|
|
75 |
% |
Total assets |
$ |
393,428 |
|
$ |
378,963 |
|
$ |
14,465 |
|
|
4 |
% |
Debt |
$ |
106,826 |
|
$ |
114,825 |
|
$ |
(7,999 |
) |
|
-7 |
% |
Hugo Alves, CEO of Auxly, commented: “We are
proud to report another record revenue quarter for Auxly. We
continued to see growth in our Canadian cannabis recreational sales
in the quarter, driven by our expanding product offering in dried
flower and pre-rolls as well as our continued leadership of the 2.0
product segment where we maintained our #1 overall position driven
by our dominance in the vapor segment where our consumers rewarded
us with 24% of total national market share. We have continued to
prudently invest in the people, assets and capabilities that we
believe are necessary to win in our chosen consumer segments and
product categories and our success in the consumer market is a
testament to our focused strategy and our commitment to putting our
consumers first and foremost in everything we do. As we
finish building our asset base, we will increase focus on cost
optimization and increasing operational throughput efficiencies to
enhance margins and increase profitability. We will continue to
work tirelessly to serve our consumers by offering them innovative,
quality products at a great value under brands that they can trust
and love. We are just getting started and we could not be more
excited for the future.”
Results of Operations
For the periods ended: |
Three months |
Three months |
Nine months |
Nine months |
(000’s) |
Sept 30, 2021 |
Sept 30, 2020 |
Sept 30, 2021 |
Sept 30, 2020 |
CONTINUING OPERATIONS |
|
|
|
|
Revenue |
|
|
|
|
Revenue from sales of cannabis products |
$ |
35,817 |
|
$ |
15, 243 |
|
$ |
77,520 |
|
$ |
34,030 |
|
Other
revenues |
|
- |
|
|
- |
|
|
- |
|
|
70 |
|
Excise taxes |
|
(11,324 |
) |
|
(2,656 |
) |
|
(23,009 |
) |
|
(5,638 |
) |
Total Net Revenues |
|
24,493 |
|
|
12,587 |
|
|
54,511 |
|
|
28,462 |
|
Cost of Sales |
|
|
|
|
Costs of
finished cannabis inventory sold |
|
19,471 |
|
|
9,536 |
|
|
39,380 |
|
|
19,656 |
|
Inventory (gain)/impairment |
|
716 |
|
|
(312 |
) |
|
1,070 |
|
|
1,630 |
|
Gross profit excluding fair value items |
|
4,306 |
|
|
3,363 |
|
|
14,061 |
|
|
7,176 |
|
Unrealized fair value gain/(loss) on biological transformation |
|
352 |
|
|
172 |
|
|
922 |
|
|
322 |
|
Realized fair value gain/ (loss) on inventory |
|
(1 |
) |
|
2 |
|
|
(1 |
) |
|
(193 |
) |
Gross Profit |
|
4,657 |
|
|
3,537 |
|
|
14,982 |
|
|
7,305 |
|
Expenses |
|
|
|
|
Selling,
general, and administrative expenses |
|
11,562 |
|
|
10,924 |
|
|
32,833 |
|
|
37,274 |
|
Depreciation and amortization |
|
2,223 |
|
|
2,076 |
|
|
6,829 |
|
|
6,653 |
|
Interest expense |
|
3,932 |
|
|
3,651 |
|
|
13,320 |
|
|
9,170 |
|
Total expenses |
|
17,717 |
|
|
16,651 |
|
|
52,982 |
|
|
53,097 |
|
|
|
|
|
|
Other incomes / (losses) |
|
|
|
|
Fair value
gain/(loss) for financial instruments accounted under FVTPL |
|
223 |
|
|
(34 |
) |
|
414 |
|
|
(4,670 |
) |
Interest
and other income |
|
436 |
|
|
392 |
|
|
1,283 |
|
|
798 |
|
Impairment of long-term assets |
|
(60 |
) |
|
144 |
|
|
(11,426 |
) |
|
(4,362 |
) |
Gain/(loss) on settlement of assets and liabilities and other
expenses |
|
41 |
|
|
(3,453 |
) |
|
21,104 |
|
|
(3,639 |
) |
Gain/(loss) on disposal of subsidiary |
|
1,355 |
|
|
- |
|
|
1,355 |
|
|
- |
|
Share of
gain/(loss) on investment in joint venture |
|
(3,095 |
) |
|
(1,214 |
) |
|
(6,048 |
) |
|
(2,995 |
) |
Foreign exchange gain/(loss) |
|
633 |
|
|
(466 |
) |
|
(546 |
) |
|
122 |
|
Total other income/(losses) |
|
(467 |
) |
|
(4,631 |
) |
|
6,136 |
|
|
(14,746 |
) |
Net Loss before income tax |
|
(13,527 |
) |
|
(17,745 |
) |
|
(31,864 |
) |
|
(60,538 |
) |
Income tax recovery |
|
- |
|
|
90 |
|
|
4,330 |
|
|
657 |
|
Net loss from continuing operations |
$ |
(13,527 |
) |
$ |
(17,655 |
) |
$ |
(27,534 |
) |
$ |
(59,881 |
) |
Net income/(loss) from discontinued
operations |
|
- |
|
|
(202 |
) |
|
12,156 |
|
|
(375 |
) |
Net income/(loss) |
$ |
(13,527 |
) |
$ |
(17,857 |
) |
$ |
(15,378 |
) |
$ |
(60,256 |
) |
|
|
|
|
|
Net income/(loss) attributable to shareholders of the
Company |
$ |
(13,527 |
) |
$ |
(17,799 |
) |
$ |
(15,363 |
) |
$ |
(58,460 |
) |
Net loss attributable to non-controlling
interest |
|
- |
|
$ |
(58 |
) |
$ |
(15 |
) |
$ |
(1,796 |
) |
|
|
|
|
|
Adjusted EBITDA |
$ |
(6,485 |
) |
$ |
(6,684 |
) |
$ |
(16,481 |
) |
$ |
(24,580 |
) |
From
continuing operations |
$ |
(0.02 |
) |
$ |
(0.03 |
) |
$ |
(0.04 |
) |
$ |
(0.09 |
) |
From discontinued operations |
|
- |
|
|
(0.00 |
) |
|
0.02 |
|
|
(0.00 |
) |
Net income/(loss) per common share (basic and
diluted) |
$ |
(0.02 |
) |
$ |
(0.03 |
) |
$ |
(0.02 |
) |
$ |
(0.09 |
) |
Weighted average shares outstanding (basic and
diluted) |
|
825,612,944 |
|
|
631,949,685 |
|
|
767,844,307 |
|
|
628,341,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
For the three months ended September 30, 2021,
net revenues were $24.5 million as compared to $12.6 million during
the same period in 2020 and were comprised of approximately 69%
Cannabis 2.0 Products sales, with the remainder from Cannabis 1.0
Product sales. Net revenues improved during the third quarter
of 2021 by $11.9 million over the same period of 2020 and by $3.6
million over the second quarter of 2021. Likewise, net revenues
year-to-date were $54.5 million, an improvement of $26.0 million
over the same period of 2020 primarily due to increased retail
cannabis sales by the Company nationally, achieved through
continued leadership in Cannabis 2.0 Product sales and continued
expansion into Cannabis 1.0 Products. Consistent with prior
periods, as the Company does not participate in the Quebec market,
approximately 85% of cannabis sales during the third quarter of
2021 originated from sales to British Columbia, Alberta and
Ontario.
Gross Profit/Loss
Auxly realized a gross profit of $4.7 million
resulting in a 19% margin during the three months ended September
30, 2021, compared to $3.5 million (28%) during the same period in
2020. Gross profits as reflected in margin declined during the
current period primarily as a result of product mix changes and
higher additional costs associated with the production of new
products, while margins related to Cannabis 1.0 Products remained
nominal. Gross profits on a year-to-date basis improved by
approximately $7.7 million to $15.0 million as compared to the same
period in 2020, resulting in a 27% margin, which is slightly better
than 2020.
Inventory impairment was $0.7 million for the
third quarter and $1.1 million year-to-date 2021, primarily driven
by packaging materials no longer being used by the Company. In
2020, impairment of inventory was higher on a year-to-date basis
due to additional charges associated with Inverell’s
operations.
Total Expenses
Selling, general and administrative expenses
(“SG&A”) are comprised of wages and benefits,
office and administrative, professional fees, business
developments, share-based payments, and selling expenses. SG&A
expenses were $11.6 million during the third quarter and $32.8
million year-to-date 2021, an increase of $0.6 million and a
decrease of $4.5 million as compared to the same periods in
2020.
Wages and benefits were $4.0 million and $12.9
million for the third quarter and year-to-date of 2021
respectively, decreases of $1.3 million and $5.0 million, over the
same periods in 2020. The decrease for the third quarter of $1.3
million was primarily driven by workforce reductions which were
implemented following the third quarter of 2020 which have
continued to have a positive impact to date. Year-to-date decreases
of $5.0 million are primarily related to workforce reductions at
Inverell of approximately $1.2 million with the remainder of the
savings coming from headcount reductions and absorption changes in
the rest of the Company.
Office and administrative expenses of $3.3
million for the current period and $10.0 million year-to-date in
2021 increased by $0.5 million and $1.0 million compared to same
periods in 2020. Expenditures during the third quarter of 2021
included increased product testing, supplies and waste resulting
from increased innovation and product development activities, and
Dosecann rent, partially offset by reduced expenditures of $0.3
million at Inverell and a number of other reductions throughout the
Company. Year-to-date increased expenditures of $1.0 million
primarily relate to increased operating costs associated with the
development and sale of Cannabis Products, TSX listing fees, and
Dosecann rent, partially offset by approximately $0.8 million of
reduced expenditures at Inverell.
Auxly’s professional fees for the three months
ended September 30, 2021, were $0.8 million, higher by $0.5 million
as compared to 2020 primarily due to increased legal expenditures
associated with certain corporate activities. Year-to-date
expenditures of $1.9 million were lower by $0.3 million as compared
to 2020 primarily as a result of greater consulting expenditures in
2020 related to the development of the Company’s ERP system and
costs incurred by Inverell during 2020. Professional fees incurred
during the periods primarily related to accounting fees, regulatory
matters, reporting issuer fees, and legal fees associated with
certain corporate activities. Professional fees can vary
significantly based upon transactional activities from period to
period.
Business development expenses were $0.1 million
for the three and $0.2 million for the nine months ended September
30, 2021, as compared to $Nil and $0.5 million during the same
periods in 2020. The year-to-date decrease is primarily due to a
reduction in acquisition, business development and travel related
expenses primarily a result of the on-going COVID-19 pandemic.
Selling expenses for the period ended September
30, 2021, were $3.3 million and $6.7 million year-to-date, an
increase of approximately $1.9 million and $2.8 million
respectively over the same periods in 2020, as a result of cannabis
sales activities comprised of brokerage fees earned by Kindred
Partners, Health Canada fees related to higher revenues, and
marketing initiatives for Cannabis Products.
For the three months ended September 30, 2021,
share-based compensation was $0.1 million and $1.2 million
year-to-date primarily as a result of options granted in 2021, net
of terminations. The year-to-date reduction in expense of
$2.7 million as compared to 2020, reflects the impact of lower
share prices and aging outstanding options.
Depreciation and amortization expenses were $2.2
million for the three months ended September 30, 2021, and $6.8
million year-to-date, $0.1 million and $0.2 million greater
respectively, as compared to the same periods of 2020. The change
in expenditures during the current period and year-to-date is
primarily related to additional capital expenditures, partially
offset by amounts related to Inverell in 2020.
Interest expenses were $3.9 million and $13.3
million for the third quarter and year-to-date of 2021
respectively, increases of $0.3 million and $4.1 million over the
same periods in 2020. Interest expenses in 2021 were primarily the
result of interest expense and accretion on the $123 million
Imperial Brands Debenture and changes related to the Amendments
thereof, 7.5% on the convertible debentures issued in 2020, the
non-cash accretion of placement and other related fees being
recognized over the terms of the respective debentures, leases and
short-term financing. Interest expenses in 2020 were primarily
driven by the Imperial Brands Debenture, 7.5% on the convertible
debentures issued in 2020 to date, and by leases.
Total Other Incomes and
Losses
Fair value changes on financial instruments
arise on changes in value of promissory notes and level two
securities held. For the three and nine months ended September 30,
2021, the Company reported a fair value gain of $0.2 million and
$0.4 million respectively. The $4.7 million loss for the nine
months ended September 30, 2020 was the result of more significant
valuation reductions and a larger securities portfolio during
2020.
The Company recorded interest and other incomes
of $0.4 million and $1.3 million for the three and nine months
ended September 30, 2021, with increases over the same periods of
2020 primarily due to changes in interest accretion on the
promissory note from the Company’s Sunens joint venture.
Impairment of long-term assets of $11.4 million
on a year-to-date basis in 2021 relate to the sale of Curative
where the carrying value exceeded the proceeds of sale. During
2020, the Company recognized an impairment loss on long-term assets
of $4.5 million related to Inverell. The current period gain on
disposal of subsidiary of $1.4 million relates to the final
accounting of the Curative sale transaction for assets that were
not classified as sold during the previous quarter prior to the
closing of such transaction in July 2021.
Gains and losses on settlement of assets and
liabilities and other expenses was a gain of $Nil during the
current quarter and $21.1 million year-to-date 2021 which primarily
relate to a $16.6 million gain associated with the Imperial Brands
Debenture Amendments and a $4.2 million first quarter gain on the
settlement of a $5.8 million liability associated with a
non-monetary product exchange with another licensed producer. The
loss of $3.5 million in the third quarter of 2020 and $3.6 million
year-to-date primarily relate to the aforementioned licensed
producer transaction which had been reversed following the return
of the product by the purchaser. The transaction was fully
satisfied in 2021.
The share of loss on investment in joint venture
of $3.1 million for the three months ended September 30, 2021 and
$6.0 million year-to-date reflect the Company’s proportionate share
of Sunens’ earnings. Sunens received its cultivation licence in
June 2020 and has scaled up operations and made product available
for sale to licenced producers, including Auxly beginning in the
first quarter of 2021.
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 quarter ended September 30, 2021, the Company
reported a foreign exchange gain of $0.6 million and a loss of $0.5
million year-to-date as compared to a loss of $0.5 million and a
gain of $0.1 million during the same periods of 2020.
Net Income and Loss
Net losses attributable to shareholders of the
Company were $13.5 million for the three months ended September 30,
2021, representing a net loss of $0.02 per share on a basic and
diluted basis. Net losses attributable to shareholders of the
Company were $27.5 million for the nine months ended September 30,
2021, representing a net loss of $0.04 per share on a basic and
diluted basis from continuing operations and a net loss of $0.02
per share in total. The year-to-date improvement in net income and
loss positions was primarily a result of net income of $12.3
million related to the sale of KGK, recognition of a gain from the
Imperial Brands Debenture Amendments, improvements in continuing
operating gross profits and income tax recoveries, partially offset
by an impairment charge related to the Curative recoverable amount
and losses on the investment in joint venture.
Adjusted EBITDA
Adjusted EBITDA of negative $6.5 million during
the third quarter of 2021 improved nominally over the same period
in 2020 primarily driven by greater gross profits and partially
offset by higher selling related SG&A expenses. Year-to-date
Adjusted EBITDA of negative $16.5 million in 2021 improved by $8.0
million as compared to the same period of 2020 primarily as a
result of improved gross profits and lower SG&A.
Discounted Operations
On May 27, 2021, the Company announced that it
had reached an agreement to sell KGK to Myconic Capital Corp. (now
KetamineOne Capital Limited) (“KetamineOne”), and
on June 2, 2021, completed the sale of KGK to KetamineOne. 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 2021, Auxly is focused on building upon the
Company’s success as a market leader in Cannabis 2.0 Products,
while continuing to advance the Company’s focused expansion of its
dried flower, pre-roll, oil and capsule product offerings. The
Company’s overall objectives for 2021, which may be impacted by the
COVID-19 pandemic (see further discussion in the MD&A under
“COVID-19 Pandemic”), are as follows:
- Continued leadership and strength in the Cannabis 2.0 Products
market;
- Focused expansion of Cannabis 1.0 Products;
- Become a top 5 licenced producer in Canada by total market
share in adult recreational cannabis sales;
- Continue to take measures to improve cash flows, and finance
the business;
- Become Adjusted EBITDA positive by the end of the calendar
year;
- Leverage the Sunens facility to establish a secure supply of
cannabis and reduce reliance on open market purchasing; and
- Explore possible cannabis market entry strategies in regulated
international markets, on an asset light basis.
During the quarter, the Company continued to
execute against its objectives, securing the #6 LP position in
national recreational retail sales with 5.6% market share. Despite
delays in certain automation equipment at the Kolab facility, which
would have contributed to further sales and cost reductions, the
Company saw an increase in national retail sales in the month of
October and moved into the #5 LP position with 7.3% share of
market, successfully achieving the Company’s 2021 market share
objective of 7-9% by the end of 2021.
While the quarter presented some challenges for
Auxly, including additional expenditures as it scaled operations,
commissioned new equipment, introduced new products and innovations
to the base product portfolio and supported the opening of new
stores in key provinces like Ontario, the Company is pleased with
the continued revenue growth trend and believe its initiatives to
improve the cost structure will lead to an increase in cash flows
and near-term positive adjusted EBITDA.
Auxly remains focused on bringing innovative and
differentiated cannabis products to Canadian consumers that deliver
on its consumer promise of quality, safety and efficacy.
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/.
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: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. 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; 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 anticipated benefits of the Company's
partnerships, joint ventures, research and development initiatives
and other commercial arrangements; the expectation and timing of
future revenues; expectations regarding the Company’s expansion of
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 ability of the Company to
maintain and grow its market share; the relevance of Auxly’s
current and proposed products; 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 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; 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, 2020 dated April 23, 2021.
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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