Auxly Cannabis Group Inc. (OTCMKTS:CBWTF) has provided its Q4 and FY2018 financial results as well as updates on the company’s outlook for 2019. The company has cash and cash equivalents of over $200 million which will enable the company to execute its objectives for 2019.
Auxly Chairman and CEO, Chuck Rifici indicated that the company had a fruitful 2018 whereby they made tremendous progress in achieving the objective of becoming a vertically integrated company. The CEO stated that the cannabis company managed to build a diverse and a healthy cultivation pipeline with significant progress in value addition through the R&D of derived cannabis products via Dosecann. Equally, Auxly expanded its cannabis products distribution channels to the market and also the company enhanced its strategic assets through partnerships.
Following the legalization of medical cannabis in Canada the company has been working with partners to develop cost-effective and secure cannabis sources in a bid to take advantage of the growing cannabis market. The company invested in cultivation with the aim of diversifying the supply of cannabis derivatives as well as enhance proficient use of capital.
With the cultivation platform in place in 2018, the company laid more focus on securing expertise and infrastructure necessary for the production of cannabis derivatives for the Canadian market. The Dosecann wholly owned ultramodern processing facility plus a resourceful team has been the pillars that have enabled the company to produce cannabis products from raw cannabis. In addition, the acquisition of KGK Science Inc. by Auxly provided them with extra potential besides the ability of Dosecann to develop and produce high quality, safe and effective products.
Going forward the company will continue to pursue other strategic distribution channels as they look to grow their brand and capture existing and new markets such as retailers, healthcare providers as well as provincial boards. They also intend to enhance their Saskatchewan province retail outlet with e-commerce capabilities.
The company already has hemp cultivation and extraction investments in Uruguay through its 80% owned Inverell S.A. and 100% owned Zeratol S.A.