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Auxly Announces Receipt of Dealer’s Licence for Dosecann Facility
VANCOUVER, British Columbia, Aug. 09, 2018 (GLOBE NEWSWIRE) -- Auxly Cannabis Group Inc. (TSX.V:XLY) ("Auxly" or the "Company") is pleased to announce that the Company’s wholly-owned subsidiary, Dosecann Inc. (“Dosecann”), has successfully obtained a Dealer’s Licence for Controlled Drugs and Substances (the “Licence”) from Health Canada pursuant to the Narcotics Control Regulations for Dosecann’s purpose built 42,000 square foot facility located in Charlottetown, PEI.
The Licence allows Dosecann to serve as a central mid-stream hub to Auxly and its subsidiaries and partners in the development and manufacturing of value-added cannabis products. The Licence authorizes Dosecann to engage in various activities related to manufacturing of cannabis oils and resins through extraction of dried cannabis flower, production of authorized cannabis products, product formulation, research and development and quality testing. In addition, the Licence permits the import of input materials and the export of finished cannabis products to international markets for medical and scientific purposes.
Greg Boone, Chief Executive Officer of Dosecann commented: “Receiving our Dealer’s Licence represents the culmination of years’ worth of hard work at the facility to get it prepared for this day and we could not be more excited to see it all coming together. I would like to thank all members of the Dosecann and Auxly teams for their continual efforts and for their commitment to building this world class facility that will act as a key asset within the overall Auxly business strategy.”
Hugo Alves, President and Director of Auxly commented: “Dosecann is the cornerstone asset in our midstream (value-add) business segment and we are thrilled to have received a Dealer's Licence from Health Canada. We look forward to working closely with Greg and his team as we position Dosecann, and subsequently, Auxly, as a leading producer of value added cannabis products in Canada and beyond.”
ON BEHALF OF THE BOARD
"Chuck Rifici" Chairman & CEO
About Auxly Cannabis Group Inc. (TSX.V:XLY)
Auxly Cannabis Group is a collective of entrepreneurs with a passion for the cannabis industry past, present and future. Our mandate is to facilitate growth for our partners by providing them with financial support and sharing our collective industry experience. Our partners all have different visions, voices and brand values, and all share a common goal—to build a world-class industry based on ethics, diversity, quality and innovation.
Dosecann is a Canadian Licensed Dealer dedicated to developing cannabis solutions for the cannabis industry. Located in Charlottetown, PEI, Dosecann’s purpose-built, 42,000 square foot facility will be the hub for cannabis extraction, quality testing, research and development, product formulation and manufacturing.
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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: the proposed operation of Dosecann’s facility, political change, future legislative and regulatory developments involving cannabis; 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: Dosecann is able to maintain a Dealer’s Licence; the Company is able to successfully manage the integration of Dosecann's operations with its own; Dosecann can obtain all necessary governmental and regulatory permits and approvals for the operation of the facility, and whether such permits and approvals can be obtained in a timely manner; and general economic, financial market, legislative, regulatory, competitive and political conditions in which the Company and Dosecann operate will remain the same. Additional risk factors are disclosed in the revised annual information form of the Company for the financial year ended December 31, 2017 dated May 24, 2018.
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. In addition, this release may contain forward-looking information attributed to third party industry sources, the accuracy of which has not been verified by the Company. 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, 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 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.