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Auxly Announces Strategic Partnership With Cannabis OneFive
VANCOUVER, British Columbia, Aug. 13, 2018 (GLOBE NEWSWIRE) -- Auxly Cannabis Group Inc. (TSX.V - XLY) ("Auxly" or the "Company") is pleased to announce that it has entered into a strategic partnership with Cannabis OneFive, Inc. (“C15”), a provider of quality management and document control software systems for the cannabis industry. Auxly’s wholly-owned subsidiary, Dosecann Inc. (“Dosecann”), will become a lead subscriber of C15’s software, and the Company expects the C15 software to be deployed at other Auxly facilities.
In connection with the strategic partnership, the Company has entered into a share exchange agreement (the “Share Exchange Agreement”) with C15. Pursuant to the Share Exchange Agreement, Auxly will issue 429,507 common shares and make a cash payment of $50,000 to C15, and Auxly will receive 9,000,000 common shares in the capital of C15 and a common share purchase warrant entitling Auxly to purchase 4,250,500 common shares of C15 at an exercise price of $0.075 per common share, representing a 30% ownership interest in C15 on a fully-diluted basis.
Hugo Alves, President of Auxly commented: “Forming this strategic partnership with Cannabis OneFive provides Dosecann with a robust and much needed operational and compliance system in the highly regulated Canadian cannabis industry. We look forward to working with the team at C15 to implement and optimize the system at Dosecann over the coming months as we develop the facility.”
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.
About Cannabis One Five, Inc.
Cannabis OneFive, Inc. ("C15") (www.cannabisonefive.com) is a technology partner of the Veeva QualityOne, best of breed, quality and document management cloud solution. Veeva’s customer base consists of more than 625 global pharma, biotech, consumer goods, chemical and life science companies. C15 is a partner of Veeva Systems Inc. ("Veeva") (www.industries.veeva.com) to configure, sell and customize Veeva QualityOne for the cannabis sector. The Veeva QualityOne cloud application is globally compliant with FDA CFR21 Part 11; EU GMP Annex 11; and Health Canada.
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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 successful implementation of the C15 software at Auxly’s facilities and other regulated facilities in Canada, 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: general economic, financial market, legislative, regulatory, competitive and political conditions in which the Company operates 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.