TORONTO, Oct. 24, 2019 (GLOBE NEWSWIRE) -- Auxly Cannabis Group Inc. (TSX.V - XLY) ("Auxly" or the "Company") today announced that its wholly-owned subsidiaries, Dosecann Inc. (“Dosecann”) and Kolab Project Inc. (“Kolab”), have received amendments to their respective oil sales licences from Health Canada. These amendments authorize Dosecann and Kolab to sell cannabis extracts, edibles and topical products to the Canadian market.
The Cannabis Regulations require licenced processors to submit a notification to Health Canada of their intent to sell each novel cannabis product in Canada at least 60 calendar days before making such cannabis products available for sale. Auxly, through its subsidiaries, has successfully submitted a total of 83 unique product SKUs to Health Canada for the new derivative product formats that the Company intends to offer for sale beginning in mid-December. New products include vapes, chewables and chocolates, all of which have been formulated, developed and packaged to meet the regulatory requirements set out by Health Canada. These new product formats will be added to the Company’s current product portfolio already authorized for sale, such as oil-based products in, sprayable and capsule formats.
Hugo Alves, CEO of Auxly, commented: “We are delighted with the issuance of the licence amendments to Dosecann and Kolab and the successful submission of the required new product notifications for over 80 unique cannabis product SKUs under three of our cornerstone brands. These amendments and notifications are necessary regulatory milestones that must be achieved by any company wishing to sell derivative cannabis products when the 2.0 market begins later this year. Having successfully achieved these milestones, Auxly is able to launch its portfolio of branded cannabis products as soon as legally permitted by the regulations. This is an important step in executing our route-to-market strategy and introducing Canadian consumers to our incredible products.”
The Company’s initial products will be sold under three of Auxly’s proprietary brands: Dosecann, Kolab and Foray.
Dosecann is a clinical wellness brand built on pillars of quality, efficacy and safety. Backed by science and advanced research and development, Dosecann products are driving today’s innovation and establishing tomorrow’s standards.
Kolab is a platform dedicated to arts, design and culture. Its mission is to provide Canadian cannabis enthusiasts with a carefully curated selection of exceptional cannabis products, while championing high quality, purposeful goods produced in collaboration with culturally-relevant creators.
Foray aims to be an accessible entry point for anybody, at any stage of their cannabis journey. Designed for the curious, Foray aims to both celebrate and educate one’s foray into cannabis, ultimately inviting them to see cannabis differently.
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/.
Investor Relations:
For investor enquiries please contact our Investor Relations Team:
Email: IR@auxly.com
Phone: 1.833.695.2414
Media Enquiries (only):
For media enquiries or to set up an interview please contact:
Sarah Bain, VP External Affairs
Email: sarah@auxly.com
Phone: 613.230.5869
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 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 licences and are able to obtain and maintain all other necessary governmental and regulatory authorizations and permits to conduct business; and general economic, financial market, regulatory and political conditions in which the Company and Kolab operate 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.