Connect with us

Hi, what are you looking for?

Sunday, Jun 1, 2025
Mugglehead Investment Magazine
Alternative investment news based in Vancouver, B.C.
Auxly shutters 2 Nova Scotia facilities
Auxly shutters 2 Nova Scotia facilities
Image via Auxly

Canada

Auxly completes sale of Annapolis facility

The proceeds will go to support its operations. 

Auxly Cannabis Group Inc. (TSX: XLY) has completed closing the sale of its Annapolis OG Inc. outdoor cultivation facility previously announced in February.

On Wednesday, the Toronto-based cannabis producer announced that the previously announced $4.1 million sale has closed and proceeds will go to supporting its operations. The company announced the closure of two of its cultivation facilities in Nova Scotia in February and officially sold the Annapolis facility in July. Due to the closures, around 55 employees lost their jobs.

“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,” CEO Hugo Alves said.

“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 on achieving our goal of becoming Adjusted EBITDA profitable in 2022.”

Auxly focuses on developing, manufacturing and distributing branded cannabis products for the wellness and adult-use markets.

Company stock stayed flat on Wednesday at $0.08 on the Toronto Securities Exchange.

Read more: Auxly reports $22.6M revenue, $39.8M loss in Q1

Read more: Auxly shutters 2 Nova Scotia facilities

 

natalia@mugglehead.com

Follow Mugglehead on Twitter

Like Mugglehead on Facebook

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Gold

Only one regulatory hurdle remains now

Gold

Gold producers irepresent an opportunity for the savvy investor to take advantage of the gold zeitgeist without taking out a mortgage on their house

Rare Earths

The province plans to use uranium for nuclear energy and to produce medical isotopes for treating health conditions

Cannabis

The aim is to reduce the vast number of illicit Mi’kmaq-owned pot shops or "truckhouses" as they are called