Auxly Cannabis - CEO, Hugo Alves
CEO, Hugo Alves
Source: Canadian Lawyer
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  • Auxly Cannabis Group (XLY) has closed the sale of its Annapolis outdoor cultivation facility for $4.1 million
  • Auxly previously sold its Annapolis indoor cultivation facility for $6 million
  • The company intends to apply the proceeds from both sales to support Auxly’s ongoing operations
  • Auxly is a Canada-based consumer packaged goods company in the cannabis products market
  • Auxly Cannabis Group (XLY) opened trading at C$0.080

Auxly Cannabis Group (XLY) has closed the sale of its Annapolis outdoor cultivation facility for $4.1 million.

The facility is located in Hortonville, Nova Scotia.

Auxly sold its Auxly Annapolis indoor cultivation facility in July 2022 for total proceeds of $6 million.

The company intends to apply the proceeds from both sales to support Auxly’s ongoing operations.

Hugo Alves, CEO of Auxly, commented on the sale.

“The sale of the Auxly Annapolis outdoor facility for $4.1 million further strengthens the company’s cash position as we have now received a cumulative $10.1 million for both our Nova Scotia cultivation assets. We remain committed to identifying opportunities to reduce costs, streamline operations and source additional capital in a non-dilutive way as we continue to focus our efforts of achieving our goal of becoming Adjusted EBITDA profitable in 2022.”

Auxly is a leading Canadian consumer packaged goods company in the cannabis products market, headquartered in Toronto. The company’s focus is on developing, manufacturing and distributing branded cannabis products.

Auxly Cannabis Group (XLY) opened trading at C$0.080.


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