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Marijuana

Auxly Cannabis Group Inc (OTCMKTS:CBWTF) Moves Into An Expansive Hemp Cultivation Deal

Auxly Cannabis Group Inc (OTCMKTS:CBWTF) pronounced its entry into a new business agreement. In the hemp cultivation and purchase deal the business giant will become the financial sponsor for a co-operative. This hemp farming co-operative comprises of about six individual hemp license holders.

Company’s expenditure

Auxly Cannabis Group has already channeled about $4.5 million into the hemp cultivation undertaking. The total amount required to complete the process is $6 million, and it will soon give out the outstanding. The Hemp Farmers have made major strides in line with the farming activities. So far, they have covered about 300 acres with hemp. This is expected to yield hemp biomass of almost 100,000 kilograms.

Dosecann Inc is one of this company’s subsidiaries, and will be one purchasing the production of the Hemp Farmers. An official working with Auxly Cannabis Group says the subsidiary will purchase the product at a rather preferential rate. This will be something almost close to the wholesale rates on the market.

Planning for the future

The amount Auxly will be directing towards the development of the project will be useful. It will serve as pre-payment for purchases that Dosecann will be making shortly. Auxly says that initial hemp harvesting may start this fall if everything plays out according to plan. The next line of activity will, of course, be the testing, milling, and storage activities.

Upon delivery to Dosecann, the extraction and manufacturing process will start right away. The company hopes the end products will be of high quality. The Minister of Agriculture and Land for Prince Edward Island Bloyce Thompson has spoken about the matter. He is quite pleased with the latest developments. The company doesn’t take it for granted getting the opportunity to work with the finest farmers in Canada.

The President of Auxly Hugo Alves says that it was an honor for them to collaborate with farmers from the province of PEI. He opined, “I’m proud of our Dosecann team for finding this opportunity and being able to demonstrate our continued support for Atlantic Canada.”

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Marijuana

Auxly Cannabis Group Inc (OTCMKTS:CBWT) And Imperial Brands Strike $123 Million Partnership That Will Focus On R&D And Investment

Auxly Cannabis Group Inc (OTCMKTS:CBWT) announced towards the end of July that it kicked off an investment and R&D relationship with Imperial Brands after signing a $123 Million partnership.

The international cannabis firm announced on July 25 that Imperial Brands will inject $123 million into Auxly in the form of convertible debentures. The capital injection will be part of an R&D and Investment agreement between the two firms. The deal will also allow Imperial Brands to license its vaping technology to Auxly. The transaction will also grant Auxly access to Imperial Brand’s vapor business.

“This investment from Imperial Brands will enhance Auxly’s ability to continue to deliver on our business plans and accelerate our growth initiatives to expand our portfolio of branded derivative products,” stated Auxly President Hugo Alves.

Alves also noted that the partnership between the two firms comes at an opportune time when Auxly is preparing to introduce its robust cannabis portfolio to the fast-growing cannabis market in Canada. He also noted that the partnership will focus on expanding research and development activities on vaping technologies.

Auxly believes that Imperial Brands is the ideal partner for the charge into the Canadian market because it has a strong portfolio of assets that align with Auxly’s growth initiatives. It also has significant market expertise and resources that will help Auxly to adapt to different market dynamics. The company is currently shifting its focus to the fast-paced vapor market through its innovative technologies.

Hugo Alves appointed as Auxly CEO

Auxly announced on August 12 that it has appointed Hugo Alves as its new Chief Executive Officer. Alves will take over the helm from Chuck Rifici who stepped down from the CEO position but will continue to be part of the company as the chairman of the Board of Directors.

Auxly revealed that Hugo will take over the leadership position from August 27 this year. Mr. Rifici has been the company’s CEO since it was founded. He believes that Hugo is the right person to lead the company to the next level of growth as it works towards becoming a global leader in the cannabis industry.

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