Auxly Sells Its Auxly Annapolis Cannabis Cultivation Facility For $6M

Auxly Cannabis Group Inc. CBWTF XLY, a leading consumer packaged goods company in the cannabis products market, has closed the sale of its Auxly Annapolis Inc. indoor cultivation facility located in Kentville, Nova Scotia to a private purchaser for total proceeds to the company of $6 million. As previously announced by the company, Auxly ceased operations at the cultivation facility in February 2022. The company intends to apply the proceeds from the sale to support Auxly's ongoing operations.

"We are pleased with the sale of our Annapolis indoor facility," stated Hugo Alves, Chief Executive Officer of Auxly Cannabis Group Inc. "Being able to monetize this non-core asset to strengthen our cash position in a non-dilutive way is fantastic for the company and provides us with additional capital to support Auxly's strategic objectives."

About Auxly Cannabis Group

Auxly is a leading Canadian consumer packaged goods company in the cannabis products market, headquartered in Toronto, Canada. The company's focus is on developing, manufacturing and distributing branded cannabis products that delight wellness and recreational consumers and deliver on its consumer promise of quality, safety and efficacy.

Photo by CRYSTALWEED cannabis on Unsplash

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