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Friday, Mar 29, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Canada

Auxly completes sale of Annapolis facility

The proceeds will go to support its operations. 

Auxly shutters 2 Nova Scotia facilities
Image via Auxly

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

 

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