- Source : Globenewswire
- Date : 2019-09-09
- Companies : Auxly Cannabis Group Inc.
Auxly Announces Receipt of Key Cannabis Oil Sales Liceneces for Dosecann and Kolab Project
VANCOUVER, British Columbia, Sept. 09, 2019 (GLOBE NEWSWIRE) -- Auxly Cannabis Group Inc. (TSX.V - XLY) ("Auxly" or the "Company") today announced that its wholly-owned subsidiaries, Dosecann Inc. (“Dosecann”) and Kolab Project Inc. (“Kolab”) have both been authorized by Health Canada to sell cannabis oil under the Cannabis Regulations. The issuance of these sales licences marks a significant milestone for Auxly in furthering its strategy to deliver branded derivative cannabis products to market when such products become legal later this year. The licences enable each of Dosecann and Kolab to commence initial sales of cannabis oil products to provincial and territorial purchasers; through Kolab's flagship retail store in Saskatchewan; and to registered medical patients across the country through Kolab's online portal at kolabproject.com.
Dosecann is Auxly's state-of-the-art processing facility located in Prince Edward Island, which houses extraction, research and development, product formulation, in-house analytical testing and commercial manufacturing lines. Dosecann's team consists of leading experts that are dedicated to the development and manufacturing of innovative derivative cannabis products. Dosecann serves as Auxly's manufacturing hub for all the Company's branded derivative products.
In addition to being Auxly's home for derivative product development, Dosecann is also one of Auxly's cornerstone brands. Dosecann is a clinical wellness brand built on pillars of quality, efficacy and safety. Backed by science and advanced research and development, Dosecann products are driving today's innovation and establishing tomorrow's standards.
In anticipation of the receipt of its sales licence, Dosecann has been accumulating inventory of oil-based cannabis products in bottles, sprays and capsule formats. With the sales licence now in hand, Dosecann intends to commence delivery of such oil-based products in the coming weeks, beginning with several provinces in Atlantic Canada.
Dosecann is also pleased to announce that it has submitted its attestations to Health Canada requesting an amendment to its oil sales licence to add the sale of cannabis extracts, edible cannabis, and cannabis topicals upon their legalization later this year. Dosecann has successfully completed the development process for its derivative product portfolio, which will be expanded to include new classes of cannabis such as cannabis vaporizers, various edible formats and cannabis topicals later this year, upon receipt of necessary regulatory authorizations. Dosecann's derivative products will be sold under Auxly's suite of proprietary brands, including Dosecann and Kolab.
“We continue our commitment to provide innovative cannabis-based products to consumers across Canada,” said Greg Boone, CEO of Dosecann. “We've spent the last year researching and developing a world class product portfolio and our incredible science team has been dedicated to ensuring that our products meet the Dosecann pillars of quality, safety and efficacy as we continue to drive wellness down to a science. We are deeply committed to Atlantic Canada and could not be more excited to launch our products and introduce consumers in Atlantic Canada and across Canada to our incredible suite of products.”Kolab Project
Kolab is Auxly's craft cultivation facility located in Carleton Place, Ontario which is focused on providing high quality cannabis flower, pre-rolls and derivative products to its registered medical patients.
Kolab is also one of Auxly's cornerstone brands. Kolab is committed to supporting the arts, culture and design communities. Its mission is to provide Canadians with a carefully curated selection of exceptional cannabis products, while championing high quality, purposeful goods produced in collaboration with culturally relevant creators.
The issuance of the oil sales licence permits Kolab to expand its current product offering from dried flower to include various Kolab branded oil-based products, to be manufactured by Dosecann. Kolab intends to provide its registered patients with access to such oil-based products in the coming weeks. Kolab branded oil-based products will also be available in Kolab's flagship store in Saskatchewan in the near term.
Kolab has also submitted its attestations to Health Canada requesting an amendment to its oil sales licence to add the sale of cannabis extracts, edible cannabis, and cannabis topicals upon their legalization later this year. Once legally permitted to sell derivative products, Kolab will further expand its product offering to include cannabis extracts including vapes and various edible cannabis products.
“We could not be more excited about receiving our oil sales license,” said Andrew Rock, Chief Operating Officer of Kolab. “Being able to expand on our product offering to now include oil-based products as well as our superior pre-rolls (always whole flower, never shake) and high quality flower will ensure our registered patients get the full spectrum of cannabis-based products, while maintaining the consistent modern formats they have come to expect from Kolab.”Management Commentary
Hugo Alves, CEO of Auxly, commented: “These sales licences are key regulatory milestone for Auxly in executing our business plan of launching derivative products later this year. I applaud the tremendous efforts of our teams at Kolab, Dosecann and Auxly's regulatory affairs department in securing these critical licences. We are firmly on track for our broader derivative product launch and look forward to bringing our portfolio of innovative derivative products to Canadian consumers later this year.”
ON BEHALF OF THE BOARD
"Chuck Rifici” Chairman
About Auxly Cannabis Group Inc. (TSX.V: XLY) (OTCQX: CBWTF)
Auxly is an international cannabis company dedicated to bringing innovative, effective, and high-quality cannabis products to the medical, wellness and adult-use markets. Auxly's experienced team of industry first-movers and enterprising visionaries has secured a diversified supply of raw cannabis, strong clinical, scientific and operating capabilities and leading product research and development infrastructure in order to create trusted products and brands in an expanding global market.
Learn more at www.auxly.com and stay up to date at Twitter: @AuxlyGroup; Instagram: @auxlygroup; Facebook: @auxlygroup; LinkedIn: company/auxlygroup/.
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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 the Kolab and Dosecann facilities; the proposed operation of Kolab's retail store; the Company's ability to obtain the required Health Canada authorizations for new classes of cannabis; the Company's execution of its product development and commercialization strategy; consumer preferences; political change, future legislative and regulatory developments involving cannabis and cannabis products; and 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: Kolab and Dosecann are able to maintain their sales licenses and are able to obtain and maintain all other necessary governmental and regulatory authorizations and permits to conduct business; and general economic, financial market, regulatory and political conditions in which the Company and Kolab 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.