Auxly Reports 2024 Fourth Quarter and Full Year Results: Achieves Record Sales and Profitability, Back Forty exits 2024 as the #1 Brand in Canada

Rhea-AI Summary

Auxly Cannabis Group (CBWTF) reported strong financial results for Q4 and full year 2024, achieving record sales and profitability. Net revenue reached $122.3 million for the year, up 21% from 2023, with Q4 revenue of $34.6 million, increasing 29% year-over-year.

Key financial highlights include improved gross margins on finished cannabis inventory (54% in Q4 2024 vs 40% in 2023), reduced SG&A expenses by 8% to $35.7 million, and Adjusted EBITDA of $26.7 million (22% of net revenue). The company significantly strengthened its balance sheet by reducing total debt by 56% through conversion of over $123 million into shares.

Notable operational achievements include:

• Back Forty becoming the #1 cannabis brand in Canada by end of 2024
• 4th largest Canadian Licensed Producer with 6.0% market share
• Leading position in non-infused pre-roll category
• Back Forty all-in-one vape winning 'Innovation of the Year' at 2024 KIND awards

Positive

• Record net revenue of $122.3M in 2024, up 21% YoY
• Significant margin improvement: Q4 gross margins reached 54% vs 40% in 2023
• Strong Adjusted EBITDA of $26.7M (22% of revenue) vs $1.5M in 2023
• Total debt reduced by 56% through conversion to shares
• Achieved #1 brand position with Back Forty
• Market share growth to 6.0%, becoming 4th largest Canadian LP

Negative

• Net loss of $16.3M in 2024
• Deferred tax expense of $16.0M on Imperial Debenture conversion
• Inventory impairments of $2.3M due to product obsolescence

TORONTO, March 20, 2025 /PRNewswire/ - Auxly Cannabis Group Inc. (TSX: XLY) (OTCQB: CBWTF) ("Auxly" or the "Company") a leading consumer packaged goods company in the cannabis products market, today released its financial results for the fourth quarter and full year ended December 31, 2024. These filings and additional information regarding Auxly are available for review on SEDAR at www.sedar.com. All amounts are Canadian dollars except common shares ("Shares") and per Share amounts.

Highlights for the fourth quarter ended December 31, 2024 and subsequent events:

• Net revenue of $34.6 million, an increase of 29% over the prior year period.
• Gross Margin on Finished Cannabis Inventory Sold¹, of 54% in 2024, up from 40% in 2023.
• SG&A of $9.3 million, a reduction of 5% over the prior year period.
• Adjusted EBITDA¹ of $11.0 million or 32% of net revenue, up from $2.3 million in 2023.
• Cash flow from operations of $3.2 million and cash at quarter end totalled $18.4 million.
• 4^th largest Canadian Licensed Producer, with market share of 6.0% at quarter end².
• Back Forty exited the quarter as the #1 cannabis brand in Canada and remains the #1 brand today².

Highlights for the year ended December 31, 2024:

• Net revenue of $122.3 million, an increase of 21% over the prior year.
• Gross Margin on Finished Cannabis Inventory Sold¹ of 46% in 2024, up from 34% in 2023.
• SG&A of $35.7 million, a reduction of 8% compared to 2023.
• Adjusted EBITDA¹ of $26.7 million or 22% of net revenue, up from $1.5 million in 2023.
• Total Debt¹ reduced by 56% in 2024 with the conversion of over $123 million of debt into shares by Imperial Brands plc and repayment of the outstanding standby debenture facility.
• The Company's Back Forty all-in-one vape was recognized by budtenders as the "Innovation of the Year" at the 2024 KIND awards.
• The Company held the #1 position nationally in the non-infused pre-roll category.

_______________________________

1 Non-IFRS or supplementary financial measure. Refer to the Non-GAAP Measures section in the MD&A for definitions.

2 All retail data is sourced from Hifyre IQ, as of December 2024 and March 2025.

Management Commentary

"The Auxly team delivered an outstanding year, driven by our unwavering commitment to innovation, gross margin expansion, and operational excellence," said Hugo Alves, Founder and Chief Executive Officer of Auxly. "With demand for THC in Canada and around the world at an all-time high, Auxly is uniquely positioned to capitalize on this opportunity through our large-scale, low-cost cultivation advantage and innovation leadership in the largest, fastest-growing product categories. We are just getting started and excited about the road ahead and will remain focused on driving sustainable, profitable growth and creating meaningful value for all of our stakeholders."

Auxly President Mike Lickver echoed this optimism, stating, "Our success is a testament to the dedication of our team, the loyalty of our consumers, and the trust of our partners. We made tremendous strides in brand awareness, culminating in Back Forty emerging as the #1 cannabis brand in Canada by the end of 2024. As we move forward, our commitment to superior product quality and consumer-centric brands will continue to strengthen Auxly's leadership in the Canadian cannabis market."

Year End Highlights and Key Performance Indicators

For the three months ended:	December 31,	December 31,
(000's)	2024	2023	Change	% Change
Net revenues	$               34,626	$                   26,909	$             7,717	29 %
Gross margin on finished cannabis inventory sold*	18,684	10,804	7,880	73 %
Gross margin on finished cannabis inventory sold (%)*	54 %	40 %	14 %	35 %
Net income/(loss)	4,423	(54,020)	58,443	108 %
Adjusted EBITDA*	11,006	2,294	8,712	380 %
Weighted average shares outstanding - basic	1,284,329,265	1,005,194,829	279,134,436	28 %
For the years ended:	December 31,	December 31,
(000's)	2024	2023	Change	% Change
Net revenues	$             122,329	$                   101,078	$          21,251	21 %
Gross margin on finished cannabis inventory sold*	55,861	34,295	21,566	63 %
Gross margin on finished cannabis inventory sold (%)*	46 %	34 %	12 %	35 %
Net income/(loss)	(16,348)	(44,511)	28,163	63 %
Adjusted EBITDA*	26,705	1,471	25,234	1715 %
Weighted average shares outstanding - basic	1,204,591,972	990,994,056	213,597,916	22 %
As at:	December 31,	December 31,
(000's)	2024	2022	Change	% Change
Cash and equivalents	$               18,356	$                   15,608	$             2,748	18 %
Total assets	261,530	261,904	(374)	0 %
Debt*	54,683	123,579	(68,896)	-56 %

*Non-IFRS or supplementary financial measure. Refer to the Non-GAAP Measures section for definitions.

Results of Operations

(000's) For the years ended:	December 31, 2024	December 31, 2023
Revenues
Revenue from sales of cannabis products	$        185,666	$     151,762
Excise taxes	(63,337)	(50,684)
Total Net Revenues	122,329	101,078
Cost of Sales Costs of finished cannabis inventory sold	66,468	66,783
Inventory impairment	2,332	10,474
Gross profit/(loss) excluding fair value items	53,529	23,821
Unrealized fair value gain / (loss) on biological transformation	32,627	16,207
Realized fair value gain/(loss) on inventory	(26,227)	(18,751)
Gross profit	59,929	21,277
Expenses
Selling, general, and administrative expenses	35,676	38,641
Equity-based compensation	5,055	1,641
Depreciation and amortization	4,484	6,943
Interest and accretion expense	15,041	25,715
Total expenses	60,256	72,940
Other incomes / (losses)
Interest and other income	240	32
Impairment of assets	-	(39,706)
Gain/(loss) on settlement of assets and liabilities and other expenses Gain/(loss) on disposal of assets held for sale Gain/(loss) on disposal of subsidiary	1,401 (453) -	48,365 - (4,006)
Foreign exchange gain/(loss)	(1,217)	(771)
Total other income/(loss)	(29)	3,914
Net income/(loss) before income tax	(356)	(47,749)
Income tax recovery/(expense)	(15,992)	3,238
Net income/(loss)	$(16,348)	$(44,511)
Adjusted EBITDA	$    26,705	$          1,471
Net income/(loss) per common share (basic and diluted)	$       (0.01)	$           (0.04)
Weighted average shares outstanding (basic and diluted)	1,204,591,972	990,994,056

Net Revenues

For the year ended December 31, 2024, net revenues were $122.3 million as compared to $101.1 million during the same period in 2023, representing increases of 21%. Revenues for the year ended December 31, 2024 were comprised of approximately 61% (2023 – 61%) in sales of dried flower and pre-roll Cannabis Products, with the remainder from oils and Cannabis 2.0 Product sales. 

For the year ended December 31, 2024, approximately 76% (2023 – 82%) of cannabis sales originated from sales to British Columbia, Alberta and Ontario. During 2024, the Company had sales in all Canadian provinces and the Yukon and Northwest Territories.

Gross Profit

Auxly realized a gross profit of $59.9 million for the year ended December 31, 2024, resulting in a 49% Gross Profit Margin, respectively as compared to $21.3 million or 21% during the same periods in 2023. The Gross Margin on Finished Cannabis Inventory Sold for the year ended December 31, 2024 improved to 46% versus 34% in 2023 as a result of the streamlining and improvements made in the Company's manufacturing process to reduce operating costs and increased demand and pricing of adult-use recreational market and bulk flower products.

Realized and unrealized fair value gains and losses reflect accounting treatments associated with Auxly Leamington cultivation activities and sales and are influenced by changes in production, sales and net realizable value assumptions.

Inventory impairments during 2024 of $2.3 million were associated with charges related to reductions in net realizable value of dried cannabis under the Company's product specifications and obsolescence of certain retired products and packaging, a decrease of $8.1 million from the comparative period.

Total Expenses

Selling, general and administrative expenses ("SG&A") are comprised of wages and benefits, office and administrative, professional fees, business development, and selling expenses. SG&A expenses were $35.7 million in 2024, $3.0 million or 8% lower than 2023. The decrease in SG&A was primarily as a result of measures taken to reduce overhead in the organization.

Wages and benefits were $16.9 million for the year, as compared to $16.3 million during 2023. Wages and benefits in 2023 included a positive adjustment to compensation accruals. Excluding the adjustments to compensation accruals in 2023, wages and benefits decreased compared to 2023 due to the streamlining of operations and support staff as a result of a more focused product portfolio.

Office and administrative expenses were $5.2 million for the year, $5.2 million lower than the same period in 2023. The decreased expenditures were primarily related to streamlining of operations, lower corporate head office spending, and reduced insurance expenses.

Auxly's professional fees were $2.2 million during 2024, $0.8 million lower than 2023. Professional fees incurred primarily related to accounting fees, regulatory matters, reporting issuer fees, and legal fees associated with certain corporate activities and as a result can fluctuate significantly from one period to the next.

Business development expenses were $0.4 million for year ended December 31, 2024 as compared to $0.5 million for the same period in 2023. These expenses primarily relate to business development and travel related expenses.

Selling expenses were $11.0 million for the year ended December 31, 2024, an increase of $2.5 million from the same periods in 2023. The increase in expenditures was primarily as a result of investments in marketing initiatives and higher Health Canada fees related to higher revenues.

Equity-based compensation for the year was $5.1 million, primarily due to the impact of the increased closing price of the Company's Shares as at December 31, 2024 on the value of Cash Settled RSUs granted in 2023 and RSUs issued in 2024. During the same period in 2023, equity-based compensation was $1.6 million. 

Depreciation and amortization expenses were $4.5 million for 2024, representing a decrease of $2.5 million over 2023. The decreases were primarily as a result of reductions in intangible assets and depreciation associated with disposed assets, including the transition out of the Auxly Ottawa Carleton Place facility.

Interest expenses were $15.0 million for the year ended December 31, 2024, a decrease of $10.7 million over the same period in 2023. The decrease in expenses were primarily a result of the conversion of Imperial Debentures into Shares and lower interest expense on adjustable-rate debt, partially offset by interest from newly financed obligations. Interest expense includes accretion on the convertible debentures and interest paid in kind on the Imperial Debenture. Interest payable in cash was approximately $8.8 million for 2024, $0.5 million lower than 2023 as a result of lower principal amounts outstanding on debt instruments.

Total Other Incomes and Losses

Total other incomes and losses was $nil for 2024, compared to net gains of $3.9 million in 2023. The other incomes and losses in 2024 included gains on settlement of assets and liabilities, the extensions of the unsecured promissory notes and gains on the sale of equipment, offset by foreign exchange losses, the loss on the adjustment to the provision related to the claim filed by Kindred Partners Inc. and the loss on the sale of the Auxly Ottawa facility. The net gains in 2023 were primarily driven by the gains on the extension of the Imperial Brands Debenture and the unsecured promissory notes, partially offset by $35.9 million of impairment of other assets, noting that the Company's market capitalization traded significantly below its shareholders' equity. Other income and losses in 2023 also included the closure of the Auxly Ottawa facility where the carrying value exceeded the fair value less cost to sell, and the disposal of Inverell.

Net Income and Loss

Net loss for the year ended December 31, 2024 was $16.3 million, representing a net loss of $0.01 per share on a basic and diluted basis. The net loss of $16.3 million for 2024 included $16.0 million of deferred tax expense on the conversion of Imperial Debenture into Shares. Excluding the gains on the extension of the Imperial Brands Debenture in the third quarter of 2023 of $46.9 million and the after-tax charges of $32.7 million related to the impairment of other assets during the fourth quarter of 2023, net income increased by $42.4 million primarily due to improved gross profits and reduction in expenses, including the operational stability as a result of the consolidation of the Company's dried flower and pre-roll manufacturing to the Auxly Leamington facility.

Adjusted EBITDA

Adjusted EBITDA was $26.7 million for the year, an improvement of $25.2 million when compared to $1.5 million during 2023. Adjusted EBITDA for the year ended December 31, 2024 improved primarily as a result of improved gross profits and lower SG&A.

Outlook

As the Company looks ahead to 2025, it remains steadfast in its commitment to profitable growth. Building on a record-breaking year, the Company expects to further improve in 2025 through focused innovation, expansion of our distribution footprint and enhanced production efficiency. 

At the core of the Company's strategy is its commitment to teamwork and the excellence of its people. The Company will continue to foster an inclusive, collaborative, high-performance culture with a shared commitment to quality, innovation and continuous improvement. The Company's people are the foundation of its success, and the Company will continue to invest in their development. By empowering the team with the tools, training, and leadership needed to excel, the Company will drive operational discipline, efficiency and success in all areas of the business.

The Company will continue to build on its track record of product innovation leadership. The Company's commitment to consumer insights and its culture of operational agility and speed to market in a sector where consumer preferences evolve rapidly will continue to support its excellence in this area. In 2024, the Company accepted several new genetics into commercial production from its dried flower research and development program. Two of these strains, Liquid Imagination and Fire Breath, were top selling flower products in Canada in 2024. In the pre-roll category, the Company was the first to introduce the extra large 0.75g format in the straight-cut pre-roll segment and developed in-house automation technology for coating infused pre-rolls, improving product quality and enhancing efficiency. The Company's Back Forty all-in-one vapes significantly grew the category and shifted the demand for new vape products, winning "Innovation of the year" at the KIND Industry Awards. All of these product innovations highlight Auxly's ability to achieve market-leading success across its key categories and underpins the Company's continued financial success in a market where consumer preferences are dynamic and still evolving. The Company's innovation leadership in the largest and fastest-growing product categories is a competitive advantage.

The Company anticipates continued market success across its core categories through focus and execution. This includes defending the leadership position of the Back Forty brand, which exited 2024 as the #1 brand in Canada by retail sales. The Company will expand its domestic distribution channels and continue to assess available options for sustainable international expansion. The Company will continue to deepen its relationships with retailers across the country to ensure that our products are always accessible. The Company will remain dedicated to consumer and competitor insights and will refine its proprietary business intelligence tools to maximize the value proposition of its product offerings.

Efficiency remains a key priority as Auxly remains focused on profitable growth. In 2024, the Company successfully increased cultivation yields at its Auxly Leamington facility by increasing plant density and optimizing post-harvest processes. The Company has identified further areas to expand production in 2025 on a capital-light basis. The Company will leverage its culture of continuous improvement by improving its supply chain, enhancing inventory management, and building in-house capabilities for international market diversification.

Enhancing financial stability is a key piece of the Company's corporate strategy. The Company's disciplined approach to capital management has reduced overhead expenses and strengthened its balance sheet. In 2024, the Company reduced total debt by 56% and refinanced its debt facilities. In the coming year, the Company will maintain a sharp focus on reducing debt and its cost of capital, while working with its existing capital partners to ensure long-term stability and liquidity needed for continued profitable growth.

Looking ahead, the Company is confident in its ability to continue delivering exceptional results by focusing on innovation, operational excellence, and profitable growth in its key categories. By executing on its strategic priorities, the Company will reinforce its leadership in the Canadian cannabis market, fortify its foundations for continued profitable growth and create value for all of its stakeholders in 2025 and beyond.

Non- GAAP Measures

Please see the Company's MD&A dated March 20, 2025, under "Non-GAAP Measures" for a further description of the following financial and supplementary financial measures.

Financial Measures

EBITDA and Adjusted EBITDA

These are non-GAAP measures used in the cannabis industry and by the Company to assess operating performance removing the impacts and volatility of non-cash and other adjustments. The definition may differ by issuer. The Adjusted EBITDA reconciliation is as follows:

 

(000's)	Q1/23	Q2/23	Q3/23	Q4/23	Q1/24	Q2/24	Q3/24	Q4/24
Net income/(loss)	$  (10,249)	$  (12,863)	$   32,621	$  (54,020)	$(26,012)	$  2,002	$  3,239	$  4,423
Interest and accretion expense	5,808	6,457	6,613	6,837	6,868	2,749	3,133	2,291
Interest and other income	(14)	20	(16)	(22)	(19)	(140)	(54)	(27)
Income tax expense/(recovery)	-	-	-	(3,238)	15,992	-	-	-
Depreciation and amortization     included in cost of sales	1,120	911	1,151	1,084	1,292	1,780	1,382	1,338
Depreciation and amortization     included in expenses	1,745	1,673	1,817	1,708	1,230	1,067	1,197	990
EBITDA	(1,590)	(3,802)	42,186	(47,651)	(649)	7,458	8,897	9,015
Impairment of inventory	673	1,459	3,233	5,109	456	473	674	729
Unrealized fair value loss/(gain) on biological transformation	(4,247)	(4,713)	(4,766)	(2,481)	(2,773)	(8,817)	(9,964)	(11,073)
Realized fair value loss/(gain) on inventory	4,639	3,146	5,538	5,428	2,435	4,464	7,703	11,625
Restructuring and acquisition costs	165	86	29	131	-	655	(75)	271
Equity-based compensation	409	377	707	148	1,927	701	1,324	1,103
Impairment of assets	-	2,588	-	37,118	-	-	-	-
Non-recurring bad debt expense/(recovery)	-	780	360	-	-	-	(123)	-
(Gain)/loss on settlement of assets, liabilities and disposals	-	(1,478)	(46,887)	4,006	634	62	(183)	(1,461)
Foreign exchange loss/(gain)	89	479	(283)	486	210	177	33	797
Adjusted EBITDA	$        138	$    (1,078)	$        117	$     2,294	$  2,240	$  5,173	$   8,286	$  11,006

Supplementary Financial Measures

Gross Margin on Finished Cannabis Inventory Sold

"Gross Margin on Finished Cannabis Inventory Sold" is a supplementary financial measure and is defined as net revenues less cost of finished cannabis inventory sold divided by net revenues.

Gross Profit Margin

"Gross Profit Margin" is defined as gross profit divided by net revenues. Gross Profit Margin is a supplementary financial measure.

Debt

"Debt" is defined as current and long-term debt and is a supplementary financial measure. It is a useful measure in managing the Company's capital structure and financing requirements.

ON BEHALF OF THE BOARD

"Hugo Alves" CEO

About Auxly Cannabis Group Inc. (TSX: XLY)

Auxly is a leading Canadian consumer packaged goods company in the cannabis products market, headquartered in Toronto, Canada. Our mission is to help consumers live happier lives through quality cannabis products that they trust and love.

Our vision is to be a global leader quality cannabis products.

Learn more at www.auxly.com and stay up to date at Twitter: @AuxlyGroup; Instagram: @auxlygroup; Facebook: @auxlygroup; LinkedIn: company/auxlygroup/.

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 Auxly, its subsidiaries and partners; the intention to grow the business, operations and existing and potential activities of Auxly; proposed timelines for the build‐out, expansion, licencing or commercialization of the  Company's facilities and projects; the Company's execution of its innovative product development, commercialization strategy and expansion plans; the Company's intention to introduce innovative new cannabis products to the market and the timing thereof; the anticipated benefits of the Company's partnerships, research and development initiatives and other commercial arrangements; the expectation, timing and quantum of future revenues, Gross Margin on Finished Cannabis Inventory Sold, SG&A and of positive Adjusted EBITDA; expectations regarding the Company's expansion of sales, operations and investment into foreign jurisdictions; future legislative and regulatory developments involving cannabis and cannabis products; the timing and outcomes of regulatory or intellectual property decisions; the ability of the Company to maintain and grow its market share; the relevance of Auxly's subsidiaries' current and proposed products with provincial purchasers and consumers; consumer preferences; political change; 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: the Company will be able to execute on its business strategy or achieve its goals; Auxly's subsidiaries are able to maintain the necessary governmental and regulatory authorizations to conduct business; the  Company is able to successfully manage the integration of its various business units with its own; the Company's subsidiaries obtain and maintain all necessary governmental and regulatory permits and approvals for the operation of their facilities and the development of cannabis products, and   whether such permits and approvals can be obtained in a timely manner; the Company will be able to successfully launch new product formats and enter into new markets; there is acceptance and demand for current and future Company products  by consumers and provincial purchasers; the Company will be able to increase and maintain revenues, maintain positive Adjusted EBITDA, and/or achieve and maintain its target Gross Margin on Finished Cannabis Inventory Sold; risks relating to the overall macroeconomic environment, which may impact customer spending, the Company's costs and margins, including tariffs (and related retaliatory measures), the levels of inflation, and interest rates; and general economic, financial market, legislative, regulatory, competitive and political conditions in which the Company and its subsidiaries and partners operate will remain the same.   Additional risk factors are disclosed in the annual information form of the Company for the financial year ended December 31, 2024 dated March 20, 2025.

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 forward‐looking information is being provided for the purposes of assisting the reader in understanding the Company's financial performance, financial position and cash flows as at and for periods ended on certain dates and to present information about management's current expectations and plans relating to the future, and the reader is cautioned that 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 Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

View original content to download multimedia:https://www.prnewswire.com/news-releases/auxly-reports-2024-fourth-quarter-and-full-year-results-achieves-record-sales-and-profitability-back-forty-exits-2024-as-the-1-brand-in-canada-302406805.html

SOURCE Auxly Cannabis Group Inc.

FAQ

What was Auxly's (CBWTF) revenue growth in 2024?

Auxly's net revenue grew 21% to $122.3 million in 2024, with Q4 revenue increasing 29% to $34.6 million compared to 2023.

How much did Auxly (CBWTF) reduce its total debt in 2024?

Auxly reduced its total debt by 56% in 2024, converting over $123 million of debt into shares through Imperial Brands plc conversion.

What was Auxly's (CBWTF) market position in Canada by end of 2024?

Auxly was the 4th largest Canadian Licensed Producer with 6.0% market share, and its Back Forty brand became the #1 cannabis brand in Canada.

How did Auxly's (CBWTF) gross margins improve in 2024?

Gross margins on finished cannabis inventory increased to 54% in Q4 2024 from 40% in 2023, driven by streamlined manufacturing and improved pricing.