Traders are taking note of the fact that Auxly Cannabis Group Inc (OTCMKTS:CBWTF) just announced that its wholly owned subsidiary Robinsons Cannabis Inc. has been authorized by Health Canada to sell dried cannabis to provinces and territories under the Cannabis Regulations.
According to the release, this sales license expands Auxly’s product portfolio to include artisan hand-crafted cannabis flower for the premium craft market, which the Company expects to be available in select Canadian provinces this summer.
Auxly Cannabis Group Inc (OTCMKTS:CBWTF) trumpets itself as an investment company that seeks to provide investor returns through streams and capital appreciation in the Canadian cannabis industry.
The company operates as a cannabis streaming company. It provides funding for cannabis facility expansions, operations, and initial construction in exchange for minority equity interests and a portion of the cultivation production.
The company was formerly known as Knightswood Financial Corp. and changed its name to Cannabis Wheaton Income Corp. in May 2017. Cannabis Wheaton Income Corp. was incorporated in 1987 and is based in Vancouver, Canada, and became known as Auxly Cannabis Group Inc over recent months.
According to company materials, “Auxly Cannabis Group is a collective of entrepreneurs with a passion for the cannabis industry past, present and future. Our mandate is to facilitate growth for our partners by providing them with financial support and sharing our collective industry experience. Our partners all have different visions, voices and brand values, and all share a common goal—to build a world-class industry based on ethics, diversity, quality and innovation.”
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As noted above, CBWTF just announced that its wholly owned subsidiary Robinsons Cannabis Inc. has been authorized by Health Canada to sell dried cannabis to provinces and territories under the Cannabis Regulations.
Recent action has seen 19% during the past month in terms of shareholder gains in the listing. Moreover, the name has benefitted from a jump in recent trading volume to the tune of 10% beyond what we have been seeing over the larger time frame.
“We couldn’t be more excited to obtain this sales license for Robinsons – a key milestone for Auxly as we continue to execute against our vision of being a leader in branded cannabis products,” said Hugo Alves, CEO of Auxly. “Congratulations to the talented team at Robinsons who are growing what I believe is the best cannabis in Canada, and special thanks to Health Canada for their ability to facilitate this license in the midst of unique challenges presented by the COVID-19 pandemic.”
Currently trading at a market capitalization of $193M, CBWTF has a significant war chest ($44.4M) of cash on the books, which is balanced by about $29.9M in total current liabilities. CBWTF is pulling in trailing 12-month revenues of $8.4M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 387.8%. This is an exciting story, and we look forward to a follow-up chapter as events transpire. Sign-up for continuing coverage on shares of $CBWTF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $CBWTF, either long or short, and we have not been compensated for this article.