Auxly’s Joint Venture Partner, Sunens Farms, Receives Cultivation Licence at Large-Scale Facility
15 June 2020 - 9:30PM
Auxly Cannabis Group Inc. (TSX.V -
XLY) ("
Auxly" or the
“
Company”), a consumer packaged goods company in
the cannabis products market, is pleased to announce that its joint
venture partner, Sunens Farms Inc. (“
Sunens”), has
secured a standard cultivation licence from Health Canada for the
first phase of its fully automated, purpose-built, 1.1 million sq.
ft. greenhouse facility in Leamington, Ontario.
The Sunens facility is operational and the team
will immediately begin cultivating high-quality organic cannabis
within the licensed area. This standard cultivation licence allows
Sunens to commence bulk sales of cannabis following harvest without
additional regulatory approvals. Sunens has secured a large
and diverse genetic library consisting of over 200 unique strains.
Cannabis harvested from the Sunens facility will support the
production of Auxly’s branded derivative cannabis products
manufactured at the Company’s Dosecann facility in Prince Edward
Island.
A Media Snippet accompanying this announcement
is available by clicking on the image or link below:
This first phase of the licensed area includes
approximately 360,000 sq. ft. of cultivation, processing, and
storage space. The Company anticipates that the additional
licence amendments for the remaining phases will be submitted
throughout the course of 2020, and upon receipt of such amendments,
the entire cultivation footprint for the project will be
licensed.
“After spending several years researching
cannabis facility design and optimal growing environments and
having more than 25 years of experience building thousands of acres
of high-tech, world-class greenhouses across North America, we have
built what we believe to be the ultimate cannabis growing
facility. We have also worked hard to assemble a very
experienced team, from cultivation, operations and compliance, to
enable Sunens to be a leader in the industry. Our objective
is to produce the highest quality organic cannabis at the lowest
cost possible,” said Peter Quiring, CEO of Sunens.
Hugo Alves, CEO of Auxly, added: “The receipt of
this cultivation licence for the first phase of the Sunens project
marks another key milestone for Auxly. The speed with which
the joint venture project has been developed, constructed and
licensed relative to its peers is a testament to the hard work and
dedication of a very focused and capable team. Sunens will provide
Auxly with a consistent, high-quality and cost-effective source of
organic cannabis, giving us greater traceability and flexibility in
the development and manufacturing of our branded products. We are
focused on executing against our business plan and Sunens is an
important piece of our strategy. This is a very happy day for
everyone at Auxly.”
ON BEHALF OF THE BOARD
"Hugo Alves" CEO
About Auxly Cannabis Group Inc. (TSX.V:
XLY) 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 have secured a diversified supply of raw cannabis,
strong clinical, scientific and operating capabilities and leading
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:
Email: press@auxly.com
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. 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
proposed operation of the Sunens facility; the timing for
completion and licensing of the additional phases of the Sunens
facility; 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: Sunens is able to maintain
its cultivation licence and is able to obtain and maintain all
other necessary governmental and regulatory authorizations and
permits to operate its facility and conduct business, and whether
such authorizations and permits can be obtained in a timely manner;
and general economic, financial market, regulatory and political
conditions in which the Company operates will remain the same.
Additional risk factors are disclosed in the annual information
form of the Company for the financial year ended December 31, 2019
dated May 13, 2020.
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 Auxly’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 Auxly. 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, Auxly 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.
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