Auxly Receives Licences to Sell Cannabis Extracts, Edibles and Topicals; Submits New Product Notifications for More Than 80 C...
October 24 2019 - 6:30AM
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 received amendments to their
respective oil sales licences from Health Canada. These amendments
authorize Dosecann and Kolab to sell cannabis extracts, edibles and
topical products to the Canadian market.
The Cannabis Regulations require licenced
processors to submit a notification to Health Canada of their
intent to sell each novel cannabis product in Canada at least 60
calendar days before making such cannabis products available for
sale. Auxly, through its subsidiaries, has successfully submitted a
total of 83 unique product SKUs to Health Canada for the new
derivative product formats that the Company intends to offer for
sale beginning in mid-December. New products include vapes,
chewables and chocolates, all of which have been formulated,
developed and packaged to meet the regulatory requirements set out
by Health Canada. These new product formats will be added to the
Company’s current product portfolio already authorized for sale,
such as oil-based products in, sprayable and capsule formats.
Hugo Alves, CEO of Auxly, commented: “We are
delighted with the issuance of the licence amendments to Dosecann
and Kolab and the successful submission of the required new product
notifications for over 80 unique cannabis product SKUs under three
of our cornerstone brands. These amendments and notifications are
necessary regulatory milestones that must be achieved by any
company wishing to sell derivative cannabis products when the 2.0
market begins later this year. Having successfully achieved these
milestones, Auxly is able to launch its portfolio of branded
cannabis products as soon as legally permitted by the regulations.
This is an important step in executing our route-to-market strategy
and introducing Canadian consumers to our incredible products.”
The Company’s initial products will be sold
under three of Auxly’s proprietary brands: Dosecann, Kolab and
Foray.
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.
Kolab is a platform dedicated
to arts, design and culture. Its mission is to provide Canadian
cannabis enthusiasts with a carefully curated selection of
exceptional cannabis products, while championing high quality,
purposeful goods produced in collaboration with culturally-relevant
creators.
Foray aims to be an accessible
entry point for anybody, at any stage of their cannabis journey.
Designed for the curious, Foray aims to both celebrate and educate
one’s foray into cannabis, ultimately inviting them to see cannabis
differently.
ON BEHALF OF THE BOARD
"Hugo Alves” CEO
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 AffairsEmail:
sarah@auxly.comPhone: 613.230.5869
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 successful production and launch of the Company's new
derivative products; 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 licences 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.
Auxly Cannabis (TSXV:XLY)
Historical Stock Chart
From Apr 2024 to May 2024
Auxly Cannabis (TSXV:XLY)
Historical Stock Chart
From May 2023 to May 2024