Our team has been working toward the launch of our derivative product portfolio for over 20 months…
TORONTO, Dec. 05, 2019 (GLOBE NEWSWIRE) — 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” 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/.
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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 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.
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