Auxly Cannabis Group Inc (OTCMKTS
Annual sales of cannabis are expected to reach $75 billion by the year 2030. Investors are closely watching the marijuana industry because it is on par with soda sales across the world. CBWTF is
Revenues of $747,000 CAD in 2018
CBWTF has reported higher revenues of $747,000 CAD in 2018 on account of research contracts. It has reported research contract revenues of $512,000 CAD in Q3, 2018. It has also realized research contract revenues of $235,000 CAD in Q4, 2018. The company is expected to improve recognizable revenues in 2019 because its wholly owned grows farms and streaming partners bring production of cannabis online.
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Operating expenses surge
The operating expenses of Auxly have increased from $14.6 million CAD in 2017 to $28 million CAD in 2018. The spending of the company has increased in Q4 because it is preparing to increase derivative production and cannabis cultivation. It plans to produce oils apart from dried flower.
Auxlyacquired a stake of 80% in Uruguay based Inverel S.A. on January 9, 2019 for $15 million USD. The acquisition provides access to hemp crops of Inverel that spans an area of over 150 hectares. CBD is abundantly available in hemp and offers excellent medical benefits. The alliance of Auxly Cannabis with ICC International Cannabis Corp allows access 35,000 pharmacies in 16 markets.
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