Chuck Rifici Out! Auxly Moves On

This morning Auxly Cannabis Group (TSXV: XLY) announced they are moving forward with a succession plan at the CEO position. Auxly Board named Hugo Alves, current President to succeed Chuck Rifici as CEO, effective August 27, 2019. Rifici will continue to serve as Chairman of Auxly’s Board of Directors.

It’s been an honour to serve as Auxly’s CEO for the last two years…. And I am pleased to announce Hugo’s promotion to guide Auxly through its next chapter, as we move toward commercialization of our branded derivative products. As a leading lawyer and regulatory expert in the cannabis space and one of the co-founders of Auxly, Hugo has demonstrated an unrivaled depth of industry knowledge and an ability to build and grow the business. With Hugo at the helm, Auxly, together with our subsidiaries and partners, is poised to deliver the next stage of growth as we progress towards our vision of becoming a global cannabis leader.”

Chuck Rifici, Outgoing CEO, Auxly

Of course, last week friend of the Deep Dive, @BettingBruiser predicted this.

Auxly surprised the cannabis investment community when they announced they had agreed to a $123M investment from Imperial Brands last month. This investment is earmarked for a research and development partnership and gives Auxly the global licences to the British tobacco giant’s vaping technology.

Of course, Chuck gave himself a nice parting gift last week.

Source: Instagam @crifci

Information for this briefing was found via Sedar, Twitter, Instagram and Auxly Cannabis Group Inc. The author is no position in this security and has no 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.