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.
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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.
