Auxly Cannabis Group Inc. (TSX.V - XLY) ("
Auxly"
or the “
Company”), a leading consumer packaged
goods company in the derivative cannabis products market, is
pleased to announce that its wholly-owned subsidiary Dosecann LD
Inc. (“
Dosecann”) has entered into an agreement
with GSW Creative Corporation Canada Inc., doing business as
dosist™ (“
dosist”), to manufacture their
proprietary wellness vape devices at Dosecann’s facility in Prince
Edward Island.
Dosecann will utilize its production
capabilities, capacity, and world-class expertise in cannabis
derivative products to manufacture dosist’s innovative dose control
solutions. dosist will also utilize Auxly’s well-established
national distribution channels to bring its proprietary new
innovations to Canadians nation-wide, including their newly
engineered dose pen 100, their new range of high potency formulas
for THC-forward experiences called thc-plus, and their new
rechargeable dose pen system.
“We are thrilled to expand the Dosecann business
to include the manufacture and distribution of dosist’s proprietary
wellness devices,” said Hugo Alves, CEO of Auxly. “Our arrangement
with dosist allows us to leverage our sales and distribution reach
and maximize the use of Dosecann’s manufacturing capacity and
expertise in making the highest quality products for consumers.
Also, as a premium wellness-focused brand with an international
track record of success in California and here in Canada, dosist is
a perfect fit within Auxly’s existing portfolio of branded cannabis
products. We look forward to building our relationship with dosist
and continuing to deliver a compelling portfolio of cannabis
products that delight consumers.”
The Company remains committed to the development
and success of its diverse, in-house platform of branded products
and realizing its vision of becoming a global leader in branded
cannabis products that deliver on the consumer promise of quality,
safety and efficacy. Auxly believes that the manufacture of
dosist’s technology is a great complement to its existing suite of
products. The arrangement allows the Company to maximize production
capacity at Dosecann and generate additional cash flow to support
the business as it moves towards profitability.
“At dosist, our vision continues to be anchored
in providing targeted formulas and precise dosage to Canadians
through our proprietary technology with the objective of providing
a safe, effective and dose controlled experience,” said Lenny
Louis, Chief Commercial Officer for dosist. “We are excited and
confident that this new partnership with Dosecann will help ensure
we deliver on this vision and improve our ability to provide
greater access to dosist for the Canadian wellness consumer.”
Pursuant to the agreement, dosist will provide
Dosecann with an exclusive license to the intellectual property
required for Dosecann to manufacture, distribute and sell Dosist’s
branded cannabis products, and the Company in turn will receive
certain fees for such manufacture and distribution. The Company has
the right of first offer to manufacture any other branded cannabis
product introduced by dosist in the future, at the Company’s
election.
The agreement is for a three-year term, subject
to renewal for an additional two years.
ON BEHALF OF THE BOARD
"Hugo Alves" CEO
About DosistDosist, based
in Los Angeles, California, launched in 2016 and has
since been recognized as a disruptor in the health and wellness
industry, named by Fast Company as one of 2018's Top 10 Most
Innovative Companies in the health sector, and most recently
recognized by LinkedIn as the number two Top Startups 2019:
Hottest U.S. Companies To Work For Now. Through its six targeted
formulations of the active ingredients in cannabis - bliss™, rest™,
calm™, soothe™, passion™ and arouse™ - dosist provides
natural alternatives for some of our most common ailments. Their
proprietary medical-grade dose pen™ dose dial™ and newly
launched dose pen rechargeable system (dial and dose pen
rechargeable available in California only) deliver a
precise dose each and every time ensuring a customer has a
consistent and repeatable experience. For more information about
dosist and their products visit their website
at dosist.ca and follow @dosistCanada on Facebook and
Instagram.
About Dosecann LD Inc.Dosecann,
a wholly-owned subsidiary of Auxly, is a Canadian developer and
manufacturer of innovative cannabis products for the
wellness-focused consumer. Dosecann is committed to providing
Canadians with quality products designed for everyday use, backed
by science and advanced research. Dosecann’s 52,000 square foot,
GMP-compliant facility located in Charlottetown, Prince Edward
Island, houses extraction, research and development, product
formulation, analytical testing and commercial manufacturing for
Auxly’s branded cannabis products. Built on the pillars of quality,
safety and efficacy, Dosecann is cannabis – down to a science™.
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 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: Auxly's execution of its product development and
commercialization strategy, the anticipated benefits of the
partnership with dosist, consumer preferences, political change,
future legislative and regulatory developments involving cannabis
and cannabis products; and competition and other risks affecting
Auxly and Dosecann 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
its current licences and obtain and maintain all other necessary
governmental and regulatory authorizations and permits to conduct
business, the acceptance and demand for Dosecann and dosist
products by consumers, and general economic, financial market,
regulatory and political conditions in which Auxly and Dosecann
operate will remain the same. Additional risk factors are disclosed
in the annual information form of Auxly 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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