Auxly Cannabis Group (OTCMKTS:AXCWF) has signed a supply accord with its long time strategic partner – Delta9 Cannabis Inc. As per the terms of the contract, Auxly will provide cannabis to permit multiple retail locations of Delta9 legally.
Operates cannabis retail stores in Manitoba
Winnipeg, Manitoba based Delta9 operates four cannabis retail locations in Manitoba. It plans to expand the retail store chain under the Delta9 Cannabis store brand. The company is a top performer since 2017 in Canada. It has recorded more than 250,000 customer transactions and generated retail revenues of more than $14 million.
Availability of cannabis products at Delta9 retail stores
Chief Executive Officer of Auxly, Hugo Alves, said the company is excited to distribute its branded products through the retail stores of a strategic partner. The team at Auxly is pleased that customers can buy a plethora of cannabis products that comprise vape products, chewable, chocolates, oils through the retail locations of Delta9. Auxly sells these products under the brands Dosecann, Foray, and Kolab Project. Hugo further said the company reaffirms the relation with Delta9 and expects to jointly develop a robust platform for the sale of recreational cannabis in Canada.
Auxly is included in the XCAN
Auxly is included in the newly formed S&P/TSX Cannabis Index (XCAN), which is responsible for measuring the performance of companies trading on the TSX Venture and TSX exchanges.
Settles unsecured convertible debentures
Auxly has settled the balance 6% unsecured convertible debentures, which are matured on January 6, 2020, for $2.7 million. Also, the warrants, which are issued on January 16, 2018, to acquire 32.2 million common shares of the company, are matured on January 16, 2020. The company has delisted the warrants. Hugo said the repayment of the balance debentures along with warrants expiration simplified the capital structure of the company.
Imperial Brands exercises preemptive rights
Imperial Brands Plc has utilized its preemptive rights to subscribe to Auxly’s 6.32 million common shares for $5.2 million. With this subscription, Imperial Brands exhibits its continued support to Auxly. It maintains a stake of 19.9% in Auxly. Hugo said the company is pleased with the continued support and the trust reposed by Imperial Brands in its vision to become a global cannabis products firm.
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