Auxly Reports Q2 2022 Financial Results
TORONTO, Ontario, August 15, 2022 – Auxly Cannabis Group Inc. (TSX ‐ XLY) (OTCQX: CBWTF) (“Auxly” or the “Company”) today released its financial results for the three and six months ended June 30, 2022. These filings and additional information regarding Auxly are available for review on SEDAR at www.sedar.com. All amounts are Canadian dollars except common shares (“Shares”) and per Share amounts.
Q2 2022 Highlights and Subsequent Events
— Total net revenues from sale of adult use cannabis in Canada of $27.3 million for the three months ended June 30, 2022, a 31% increase from the same period last year;
— SG&A remained relatively flat quarter‐over‐quarter as the Company continues to focus its efforts on reducing costs;
— Adjusted EBITDA improved to negative $4.0 million, an improvement of 37% as compared to the previous quarter;
— Auxly Leamington continues to contribute to positive gross margins through low‐cost cultivation and increased yields;
— Continued to hold the #1 LP position in Cannabis 2.0 sales nationally as the Company continues to launch new and exciting cannabis products to the Canadian market;
— Successfully launched 27 new SKUs to the Canadian market in the first half of 2022 including five first to‐ market products such as Dosecann’s CBN capsules and two new unique dried flower strains, Sticky Monkey and Tranquil Elephantizer under Kolab Project;
— Further strengthened the Company’s balance sheet with the sale of both Nova Scotia cultivation assets for total proceeds of $10.1 million to date.