Auxly Strengthens Board of Directors with Appointment of Murray McGowan

Rhea-AI Summary

Auxly Cannabis Group has appointed Murray McGowan, Chief Strategy and Development Officer at Imperial Brands, to its Board of Directors effective November 1, 2021. McGowan replaces Conrad Tate, who remains on the Board as an independent director. This leadership change comes as Auxly continues its growth in the Canadian cannabis market. Genevieve Young, Chair of the Board, emphasized McGowan's strategic expertise as a valuable asset during this expansion phase. The Board will now consist of six directors, including McGowan on the Audit Committee.

Positive

• Appointment of Murray McGowan expected to bring extensive strategy and development expertise.
• Continuity provided by Conrad Tate remaining on the Board despite leaving Imperial.

Negative

• None.

TORONTO, Nov. 02, 2021 (GLOBE NEWSWIRE) -- Auxly Cannabis Group Inc. (TSX - XLY) (“Auxly” or the “Company”), a leading consumer packaged goods company in the cannabis products market, is pleased to announce that, in connection with its strategic partnership with Imperial Brands PLC (“Imperial”), the Company has appointed Murray McGowan, Chief Strategy and Development Officer for Imperial, to its Board of Directors, effective November 1, 2021.

Mr. McGowan will join the Auxly Board of Directors as Imperial’s director designee, replacing previous Imperial nominee Conrad Tate. Mr. Tate has left Imperial but, at the request of the Company, has agreed to remain on Auxly’s Board as an independent director and will also continue to serve on Auxly’s Audit Committee and Compensation Committee. Mr. McGowan has also been appointed to the Company’s Audit Committee. Following the appointment of Mr. McGowan, the Board will comprise of six directors.

“We are excited to welcome Murray to our board during an important stage in Auxly’s growth,” said Genevieve Young, Chair of Auxly’s Board of Directors. “Murray’s extensive strategy and development experience will be invaluable to the Company as it continues to grow into one of the leading licensed producers in the country.   We are also thrilled that Conrad has decided to remain on Auxly’s Board after his departure from Imperial as it provides an important piece of continuity. His experience and expertise has been incredibly valuable over the course of the last two years and we are delighted to be able to retain the benefit of his counsel, insight and support on our Board of Directors.”

Mr. McGowan has a strong background in strategy, having worked in various strategic and operational leadership roles for a number of high-profile businesses including Costa Coffee, Yum! Brands, Cadbury and The Restaurant Group. He has also worked with a range of leading global consumer goods companies and retail businesses during his time at McKinsey and Company.

“Auxly is quickly becoming a leader in the Canadian cannabis market, and I am delighted to be joining its Board of Directors at such an exciting time,” said Murray McGowan. “I look forward to contributing to Auxly’s future growth and success.”

ON BEHALF OF THE BOARD

"Hugo Alves” CEO

About Auxly Cannabis Group Inc. (TSX: XLY) (OTCQX: CBWTF)

Auxly is a leading Canadian cannabis company dedicated to bringing innovative, effective, and high-quality cannabis products to the 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: consumer preferences; political change, 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, regulatory and political conditions in which Auxly operates will remain the same. 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 sources, the accuracy of which has not been verified by Auxly. 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, Auxly 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.

FAQ

Who is the new member appointed to Auxly's Board of Directors?

Murray McGowan has been appointed as a director.

What role did Murray McGowan hold at Imperial Brands?

He served as Chief Strategy and Development Officer.

When did the appointment of Murray McGowan take effect?

The appointment took effect on November 1, 2021.

What changes occurred in the Auxly Board of Directors?

Murray McGowan replaced Conrad Tate, who remains as an independent director.

What is the significance of Murray McGowan's appointment for Auxly?

His extensive experience is expected to contribute positively to Auxly's growth in the cannabis market.