Auxly Cannabis Group Inc (OTCMKTS:CBWTF) has entered a deal to take over a 46% stake in Curative Cannabis. The company also agreed to provide funding for the construction/ development of Ontario based cannabis cultivation facility. Auxly also signed long term purchase accord with Curative Cannabis.
The customized indoor facility produces ultra-premium cannabis. The annual cannabis production capacity of 30,000 sq. Ft. facility is 2,900 Kg during the first phase. Curative Cannabis offers premium cannabis product for recreational use in Canada.
Plans to expand indoor cultivation facility to 120,000 sq. Ft.
The first phase of the indoor facility will be functional by March 2019. It complies with EU GMP standards. The company expects to submit the evidence package for Health Canada approval in March 2019. Municipal Corporation already gave the nod to expand indoor cultivation facility to an additional 120,000 sq. Ft.
Auxly reports revenue of C$502,000 in Q3 2018
Auxly has reported revenues of C$502,000 in Q3, 2018. The company conducts business operations through three distinct verticals: Downstream, Midstream, and Upstream. In the upstream business, Auxly develops the facilities in Uruguay and Canada to increase cultivation capacity. The company committed to developing a diverse cultivation platform that comprises JV partnerships, streaming partnerships, wholly owned assets, and commercial offtake arrangements.
Auxly took over a stake of 80% in Inverell S.A. to ensure a stable supply of cannabidiol molecules in the overseas markets through global distributional channels. The company entered a supply accord with Aphria Inc., to satisfy the short term demand in the global markets. As per the terms of the deal, Aphria supplies 20,000 kg of cannabis annually to Auxly.
Auxly is exploring new opportunities for the sale of cannabis in North America and also in the global markets where legalization of cannabis for medical and adult use expected soon.
Auxly signed commercial rights accord with Kaneh Bosm BioTechnology it is valid for ten years. Kaneh will receive the help and guidance for the production facility and development. The company also made strategic investments in Kaneh. Also, Kaneh would undergo a name change to ICC International Cannabis Corp. However, it will continue to trade under the symbol ‘KBB.’