Auxly Cannabis Group Inc. announced that the Company has closed the sale of its Auxly Annapolis OG Inc. outdoor cultivation facility located in Hortonville, Nova Scotia to a private purchaser for total proceeds to the Company of $4.1 million. As previously announced by the Company, Auxly closed both its cultivation facilities located in Nova Scotia in February 2022 and sold its Auxly Annapolis indoor cultivation facility in July 2022 for total proceeds to the Company of $6 million. The Company intends to apply the proceeds from both sales to support Auxly's ongoing operations.
"The sale of the Auxly Annapolis outdoor facility for $4.1 million further strengthens the Company's cash position as we have now received a cumulative $10.1 million for both our Nova Scotia cultivation assets," said Hugo Alves, CEO. "We remain committed to identifying opportunities to reduce costs, streamline operations and source additional capital in a non-dilutive way as we continue to focus our efforts of achieving our goal of becoming Adjusted EBITDA profitable in 2022."
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