Auxly Reports Fourth Quarter and Full Year 2020 Financial Results and Provides Outlook for 2021
TORONTO, April 26, 2021 (GLOBE NEWSWIRE) --
Auxly Cannabis Group Inc. (TSX -- XLY) (OTCQX: CBWTF) ("Auxly" or the "Company"), a consumer packaged goods company in the cannabis products market, today released its fourth quarter and full year 2020 financial results. These filings and additional information regarding Auxly are available for review on SEDAR at www.sedar.com. All amounts are Canadian dollars except common shares ("Shares") and per Share amounts.
2020 Highlights
-- Recorded net revenues of $50.8 million in 2020, including $46.6 million in cannabis net revenues, an increase of 508% compared to 2019. -- Fourth quarter net Cannabis revenues of $18.3 million. -- Achieved the #1 LP position in Canada for Cannabis 2.0 product sales1 in 2020 with approximately 14% market share in the category. -- Expanded into the Cannabis 1.0 market with the launch of Robinsons premium dried flower and Kolab Project Growers Series collaborations with Lotus Cannabis and Safari Flower Co. -- Continued efforts to reduce SG&A which were below $10 million in the fourth quarter. -- Further strengthened the Company's balance sheet with financing transactions.