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Auxly Cannabis: Canadian Marijuana Stock Production Update

Auxly Cannabis: Canadian Marijuana Stock Production UpdateCanadian marijuana stock, Auxly Cannabis Group (CVE: XLY), fell 1.7% on Monday after the company provided its 2020 production update.

The cannabis stock has experienced a downtrend for nearly a year and was at a 52-week low price of CA$0.22 in mid-march. Since last Tuesday, this marijuana stock has declined just over 9% and the year to date returns are a negative 49%. Auxly Cannabis is a small-cap pot stock with a market cap approaching CA$182 million.

Auxly shifts gears to emphasize domestic cultivation strategy

In Canada, “Cannabis 2.0” products are becoming the focal point for all legal marijuana cultivation companies and Auxly Cannabis hopes to dominate the market in Canada by boosting domestic cultivation.

In a press release dated June 29, 2020, Auxly shared an update on five of its cultivation facilities. These facilities include Sunens Farms facility in Ontario, Robinsons Cannabis facility in Nova Scotia, Robinsons Outdoor Grow project in Nova Scotia, The Kolab Project in Ontario, and the Inverell facility in Uruguay.

All of the aforementioned Canadian cannabis cultivation properties hold the relevant standard cultivation licenses or sales licenses from Health Canada.

Auxly’s cultivation strategy

Auxly Cannabis: Canadian Marijuana Stock Production Update

Sunens Farms Inc is a joint venture between Auxly and Peter Quiring – a well-known celebrity in the Cannabis industry. The 1.1 million sq. ft. greenhouse facility in Leamington is partially licensed by Health Canada.

The first phase of this area is fully automated and measures 360,000 sq. ft. Production in Phase 1 of this facility is currently active and has a cultivation capacity of close to 33,000 kgs of organic cannabis per year. Production from this site will fuel operations at the company’s Dosecann facility in Prince Edward Island.

Robinsons Cannabis Inc. is a wholly-owned subsidiary of Auxly. The 27,700 sq. ft Kentville facility is an active cultivation site. Whereas, the Robinsons Outdoor Grow project or Robinsons OG is still not deployed for cultivation.

The 158 acres Hortonville facility is a massive project for outdoor cannabis cultivation. The company decided to withhold production at this site due to the pandemic outbreak, among other reasons. Auxly’s management hopes to deploy this facility in 2021.

Auxly’s Kolab property will also cease production and turn towards manufacturing the company’s branded pre-rolled products. In addition to this, the facility will also explore product innovation opportunities.

Finally, the company’s international cultivation site in Latin America will not be part of the cultivation plans for 2020-2021. The cultivation site is handled by Inverell S.A, Auxly’s 80% owned subsidiary. The strategic decision is expected to save Auxly’s operating expenses by up to $ 6 million per year, which will be redirected to its Canadian Operations.

Auxly Cannabis: Canadian Marijuana Stock Production Update

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