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Achieved through expansion in Cannabis 1.0 product sales and maintaining its leadership position in Cannabis 2.0
TORONTO, Oct. 18, 2021 (GLOBE NEWSWIRE) -- Auxly Cannabis Group Inc. (TSX - XLY) (“Auxly” or the “Company”), a leading consumer packaged goods company in the cannabis products market, is pleased to announce that the Company has moved to the #6 LP position in Canada for total cannabis sales as of the end of Q3 2021 after continuing to win with Canadian consumers and gaining market share through its expanded, high-quality, and innovative portfolio of branded cannabis products.
After the successful launch of new product offerings during the third quarter of 2021, such as the introduction of the Back Forty 40s pre-rolls and differentiated dried flower offerings, Auxly secured 5.7% share of the total cannabis market in Q3 2021, up from 4.9% in Q2 2021, ending the quarter with 6.4% share of market in September.
“Auxly continues to make strides towards reaching its goal of achieving 7-9% share of market in Canadian recreational cannabis sales by the end of the year through expanded sales growth opportunities founded in consumer insights, innovation and executional excellence,” said Hugo Alves, CEO of Auxly. “As planned capabilities have come on-line our product line-up has grown to include Cannabis 1.0 products, but our focus remains the same: to put our consumers first and consistently deliver unique, exciting products under brands that they can trust and love.”
In addition to overall growth and expanded presence in the dried flower segment, Auxly also continues to hold the #1 LP position in Canada for Cannabis 2.0 product sales with 15.6% market share in Q3 2021. Powered by a 24.7% share of the vapour market – the largest of any Canadian LP by a significant marginii – the Company’s organic growth in each of the Cannabis 2.0 categories it participates in is a testament to the quality and efficacy of its product suite that Canadian consumers have come to rely on.
As the Canadian cannabis market continues to become more competitive, Auxly is outperforming many of its peers in generating sales and share of market growth by remaining focused on executing its targeted expansion into new product categories and building deeper connections with consumers through its popular brands: Kolab Project, Back Forty, Foray and Dosecann.
Source: Hifyre and Cowen and Company
As Auxly enters the fourth quarter of the year, the Company looks forward to achieving its 7-9% share of market goal and achieving adjusted EBITDA positive by the end of the year.
ON BEHALF OF THE BOARD
"Hugo Alves” CEO
About Auxly Cannabis Group Inc. (TSX: XLY) (OTCQX: CBWTF)
Auxly is a leading Canadian cannabis company dedicated to bringing innovative, effective, and high-quality cannabis products to the wellness and adult-use markets. Auxly's experienced team of industry first-movers and enterprising visionaries have secured a diversified supply of raw cannabis, strong clinical, scientific and operating capabilities and leading research and development infrastructure in order to create trusted products and brands in an expanding global market.
Learn more at www.auxly.com and stay up to date at Twitter: @AuxlyGroup; Instagram: @auxlygroup; Facebook: @auxlygroup; LinkedIn: company/auxlygroup/.
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Notice Regarding Forward Looking Information:
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities law. Forward-looking information is frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. This information is only a prediction. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking information throughout this news release. Forward looking information includes, but is not limited to: the Company’s execution of its product development, commercialization strategy and expansion plans; the ability of the Company to maintain and grow its market share; the relevance of the Company’s current and proposed products; consumer preferences; political change, future legislative and regulatory developments involving cannabis and cannabis products; and competition and other risks affecting the Company in particular and the cannabis industry generally.
A number of factors could cause actual results to differ materially from a conclusion, forecast or projection contained in the forward-looking information in this release including, but not limited to whether: there is acceptance and demand for current and future Company products by consumers and provincial purchasers; and general economic, financial market, regulatory and political conditions in which Auxly operates will remain the same. The forward-looking information in this release is based on information currently available and what management believes are reasonable assumptions. Forward-looking information speaks only to such assumptions as of the date of this release. In addition, this release may contain forward-looking information attributed to third party sources, the accuracy of which has not been verified by Auxly. The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Except as may be required by applicable securities laws, Auxly does not undertake any obligation to publicly update or revise any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
Neither Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
i Headset Canadian Insights, July 2021 – September 2021
ii Headset Canadian Insights, Vape Sales from July 2021 – Sept 2021