AUXLY ANNOUNCES INTERIM EXTENSION OF AUXLY LEAMINGTON CREDIT FACILITY

TORONTO –

Auxly Cannabis Group Inc. (TSX: XLY) (OTCQB: CBWTF) (“Auxly” or the “Company”), a leading consumer packaged goods company in the cannabis products market, today announced that it has received an interim extension of the maturity date of the amended and restated credit facility between its wholly-owned subsidiary Auxly Leamington Inc. and a syndicate of lenders, led by the Bank of Montreal as administrative agent, until November 30, 2023.

The Company and the lenders are working towards a formal credit amendment and longer-term extension although there can be no assurance that an agreement with the lenders will be reached.

About Auxly Cannabis Group Inc. (TSX: XLY)

Auxly is a leading Canadian consumer packaged goods company in the cannabis products market, headquartered in Toronto, Canada. Our focus is on developing, manufacturing and distributing branded cannabis products that delight our consumers.

Our vision is to be a leader in branded cannabis products that deliver on our consumer promise of quality, safety and efficacy.

Learn more at www.auxly.com and stay up to date at Twitter: @AuxlyGroup; Instagram: @auxlygroup; Facebook: @auxlygroup; LinkedIn: company/auxlygroup.

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: expectations regarding the Company’s ability to enter into a formal credit amendment with the lenders and the timing thereof; 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: the Company will be able to reach an agreement with the lenders on terms acceptable to the Company and in a timely manner; there is acceptance and demand for current and future Company products by consumers and provincial purchasers; and general economic, financial market, legislative, 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, 2022 dated March 31, 2023.

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. 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 Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.



Comments

Post a Comment

Popular posts from this blog

8 Breeders and Seed Banks with Desirable Strains for 2024

Every cannabis grower hopes to have a plentiful harvest full of top-shelf buds. One of the best ways to meet that goal is by planting quality genetics . But with so many breeders out there, it may be difficult to determine the best cannabis seed banks for your needs. Cannabis seeds are technically legal across the United States since they contain less than 0.3 percent THC, according to the 2018 Farm Bill. In the last six years, dozens of online seed banks have popped up vying for market share. Offering feminized cannabis seeds and autoflowering seeds in many of the most popular strains , there are endless genetics from which to choose. The best cannabis seeds for an operator may vary depending on whether a grow is indoors or outdoors, their preferred growing medium, and the ultimate goal for the crop. For example, are you hoping to extract rosin or sell smokable buds? These questions must be considered prior to selecting marijuana strains and, by proxy, a source for those genetics....
Read more

Audacious Awarded New Jersey Adult Use Licenses

LAS VEGAS – Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) “AUSA”, “AUDACIOUS”, or the “Company), today announced the Company was awarded a provisional Cultivation license, as well as a provisional Manufacturing license in the state of New Jersey. With a population close to 9 million people, New Jersey officially announced on Thursday that adult-use marijuana sales will start on April 21. Residents in the Garden State voted to legalize recreational cannabis in 2020. Market insiders estimate the total New Jersey opportunity to approach U.S.$2 billion[1]. To date, the state has awarded 37 conditional cultivation licenses and 70 conditional manufacturing licenses, in addition to allowing 6 of the incumbent 12 medical use operators to participate. The limited number of licenses awarded and the limited availability of municipalities that have opted in provides AUDACIOUS with a significant early mover advantage. Terry Booth, CEO, commented, “AUDACIOUS’ new team, just o...
Read more

Will This Be Our Year?

In 1919, a ban on alcohol exposed a cultural divide between urban and rural America and led to a spike in organized crime. Federal, state, and local governments struggled to adapt to the abrupt change in reality that came to be known as Prohibition. The task of enforcing new regulations initially fell to the Internal Revenue Service (thus the term “revenuers” for federal agents who hunted moonshiners) before being passed to the Department of Justice (DOJ). While enforcement was concentrated in rural areas and small towns—where some folks made decent livings by operating homemade stills—urban dwellers continued to enjoy alcohol courtesy of bootleggers and speakeasies. With the end of Prohibition in 1933, after the broken bottles, blood, and dust finally settled, an article in The United States News (now U.S. News & World Report) attempted to give the citizenry an idea of how the path forward might look. The open season for liquor-control laws is at hand. With repeal on December ...
Read more