Auxly Sells Nova Scotia Facility For $6.0 Million

The trend of the sale of assets within the cannabis space amid poor market conditions plodded on today, with the announcement that Auxly Cannabis (TSX: XLY) has sold off a facility in Kentville, Nova Scotia.

The facility, which previously was utilized to produce product under the firms Robinson’s brand, was shuttered in early February as the company looks to right-size its operations to one day achieve profitability. The facility was one of two such Nova Scotia facilities closed down at the time, impacting 55 jobs in the region.

The Kentville facility is said to have been sold to a private purchaser, for a total figure of $6.0 million. The facility, along with the entire Robinson’s brand, was acquired in April 2018 via the issuance of 9.4 million shares of the company, which at the time was referred to as Cannabis Wheaton Income Corp.

Proceeds from the sale are earmarked to be used for supporting the ongoing operations of the company.

Auxly Cannabis last traded at $0.08 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Is Gold’s Bull Market About to Hit Junior Stocks? | Ken Armstrong – Westhaven Gold

Surge Battery Metals: The Nevada North Lithium PEA

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

Auxly Cannabis Secures Assets of Curative Cannabis

Auxly Cannabis (TSXV: XLY) has officially completed the foreclosure process on the share collateral of...

Friday, November 29, 2019, 09:44:59 AM

Auxly Announces $25 Million Standby Convertible Debenture Facility

Auxly Cannabis (TSXV: XLY) this morning announced that it has secured up to $25.0 million...

Wednesday, April 29, 2020, 08:34:32 AM

Auxly Cannabis To Conduct $10.0 Million Bought Deal Financing

Auxly Cannabis (TSXV: XLY) is evidently in need of funds yet again. The company this...

Tuesday, November 24, 2020, 08:29:13 AM

Auxly Reduces International Operations, Cuts Domestic Cultivation Plans

It appears Uruguay may not have the perceived demand for hemp that many expected. Auxly...

Monday, June 29, 2020, 08:17:44 AM

Auxly Cannabis Posts Third Quarter Revenue Growth Of 57%

Auxly Cannabis (TSXV: XLY) this morning posted their third quarter financial results, posting revenues of...

Monday, November 30, 2020, 10:28:12 AM