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$108.6 million net loss for Auxly, focusing on Cannabis 2.0 market

"This past year was pivotal for Auxly. We secured a $123 million investment from Imperial Brands and were selected as Imperial’s exclusive strategic partner for all cannabis activities globally, an incredible validation of our focus on the Cannabis 2.0 market. But the biggest milestone for Auxly in 2019 was successfully achieving our goal of launching our suite of branded cannabis products into the Cannabis 2.0 market on the first day that those products were legally permitted in Canada."

Speaking is, you might have guessed, Auxly CEO Hugo Alves. Yesterday the company's 2019 results were reported.

Revenues of $8.3 Million, Net Loss of $108.6 Million
Auxly recognized $6.26 million in revenues from “research contracts and other” during the fiscal year, while recognizing $2.2 million in revenue from the sale of cannabis products, bringing the full year revenue total to $8.35 million once excise taxes are deducted. The firm posted a net loss of $108.6 million during the entire fiscal year. 

Looking forward
"Whereas 2019 was a year of building infrastructure, know-how and capacity, 2020 will be Auxly’s first year of commercial operations. We will continue to focus on our vision of being a global leader in branded cannabis products and constantly strive to better understand and delight our consumers and deliver on our consumer promise of quality, safety and efficacy. There’s never been a more exciting time at Auxly!” 

Read the complete results here.

 


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