News Release

Auxly Reports Q3 2022 Financial Results

TORONTO, Ontario, November 14, 2022 – Auxly Cannabis Group Inc. (TSX ‐ XLY) (OTCQX: CBWTF) (“Auxly” or the “Company”) today released its financial results for the three and nine months ended September 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.

Q3 2022 Highlights

 —  Total net revenues from sale of adult use cannabis in Canada of $19.8 million for the three months ended September 30, 2022, a 19% decrease from the same period last year and a 28% increase year-to-date;

 —  SG&A declined approximately 11% from the previous quarter as the Company continues to focus its efforts on reducing costs;

 —  Adjusted EBITDA was negative $5.8 million, an improvement of $0.3 million as compared to the same period last year;

 —  Auxly Leamington continues to contribute to positive gross margins through low‐cost cultivation and increased yields;

 —  Continues to rank among the top 10 LPs in Canada by total recreational retail sales as the Company continues to launch new and exciting cannabis products to the Canadian market.

Read full release on GlobeNewswire here.

Auxly Financials and Filings.