Auxly Reports Q1 2022 Financial Results
TORONTO, Ontario, May 16, 2022 – Auxly Cannabis Group Inc. (TSX – XLY) (OTCQX: CBWTF) (“Auxly” or the “Company“) today released its financial results for the three months ended March 31, 2022. These filings and additional information regarding Auxly are available for review on SEDAR at www.sedar.com.
Q1 2022 Highlights
— 147% increase in net sales compared to Q1 in 2021 – recorded net revenues of $22.6M for the three months ended March 31, 2022;
— SG&A of $12.8M in Q1 2022 decreased slightly quarter-over-quarter with the full quarter consolidation of Auxly Leamington;
— Adjusted EBITDA improved year-over-year by approximately 14%;
— Continue to hold the #1 LP position in Cannabis 2.0 sales nationally;
— Back Forty remains the #1 vape brand in the country and became the #4 flower brand nationally in the quarter;
— Maintained its position as one of the top 5 LPs in Canada in total cannabis sales with 6.9% market share;
— With growing competition in vapes, the largest 2.0 product category, Auxly continued to hold the #1 LP position in national sales with 20% market share;
— Successfully launched 10 new SKUs into the market in the quarter, including solventless live rosin vapes, new infused pre-roll strains and the first-to-market Live Rosin Chew all under Kolab Project brand;
— Recorded non-cash impairment of approximately $25.7M related to the closure of Auxly Annapolis and Auxly Annapolis OG cultivation facilities.