Auxly Receives Conditional Approval to Graduate to the Toronto Stock Exchange

Rhea-AI Summary

Auxly Cannabis Group (OTCQX: CBWTF) has received conditional approval to graduate from the TSX Venture Exchange to the Toronto Stock Exchange (TSX). CEO Hugo Alves stated this milestone follows a successful Cannabis 2.0 launch and aims to enhance their market profile, liquidity, and shareholder base. The final approval hinges on the fulfillment of standard conditions by Auxly, after which its shares will be delisted from the TSXV and trade on the TSX under the symbol XLY. The company will maintain its OTCQX listing as CBWTF.

Positive

• Conditional approval from TSX to graduate from TSXV, which may enhance company visibility.
• Successful launch of Cannabis 2.0 contributes to the strategic decision to uplist.
• Potential increase in stock liquidity and broadened shareholder base.

Negative

• None.

TORONTO, March 29, 2021 (GLOBE NEWSWIRE) -- Auxly Cannabis Group Inc. (TSX.V - XLY) (OTCQX: CBWTF) ("Auxly" or the "Company"), a leading consumer packaged goods company in the cannabis products market, is pleased to announce that it has received conditional approval from the Toronto Stock Exchange (“TSX”) to graduate from the TSX Venture Exchange (“TSXV”) and list its common shares on the TSX.

“This conditional acceptance to graduate to Canada’s largest exchange is a significant milestone for Auxly,” said Hugo Alves, CEO of Auxly. “After an incredibly successful Cannabis 2.0 launch last year and our strategic expansion into Cannabis 1.0 in 2021, we believe that uplisting to the TSX is the next logical step in our corporate growth. By raising our profile in the investment community and enhancing the liquidity of our stock, we will be able to broaden our shareholder base and continue to build long-term shareholder value for our investors.”

Final approval of the listing is subject to the Company fulfilling certain standard and customary conditions required by the TSX. The Company expects to satisfy all of the requirements and will issue a statement once a trading date has been confirmed by the TSX. Upon completion of the final listing requirements, the Company’s common shares will be delisted from the TSXV and commence trading on the TSX under its existing symbol “XLY”.” The Company’s shares will continue to trade on the OTCQX market under the symbol “CBWTF.”

ON BEHALF OF THE BOARD
"Hugo Alves" CEO

About Auxly Cannabis Group Inc. (TSX.V: XLY)

Auxly is a leading Canadian 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 have secured a diversified supply of raw cannabis, strong clinical, scientific and operating capabilities and leading 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/.

Investor Relations:

For investor enquiries please contact our Investor Relations Team: 
Email: IR@auxly.com
Phone: 1.833.695.2414

Media Enquiries (only): 

For media enquiries or to set up an interview please contact:
Email: press@auxly.com 

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 satisfaction of final listing requirements and the receipt of final approval for the Company’s listing on the TSX; the anticipated benefits to the Company of listing on the TSX; 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: general economic, financial market, legislative, regulatory, competitive and political conditions in which the Company operates will remain the same. Additional risk factors are disclosed in the annual information form of the Company for the financial year ended December 31, 2019 dated May 13, 2020.

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. 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 news 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.

FAQ

What is the significance of Auxly Cannabis Group's graduation to the TSX?

Graduating to the TSX enhances Auxly's visibility and liquidity in the investment community, potentially attracting more investors.

When will Auxly Cannabis Group's shares start trading on the TSX?

The trading date will be confirmed once the company fulfills the standard conditions set by the TSX.

What is Auxly's stock symbol on the OTCQX?

Auxly's stock symbol on the OTCQX is CBWTF.

What are the expected benefits of Auxly's uplisting to investors?

Investors may benefit from increased liquidity and a broader shareholder base following the uplisting.

What recent achievement did Auxly Cannabis Group announce?

Auxly announced receiving conditional approval to list its shares on the Toronto Stock Exchange.