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Auxly Cannabis Group Inc
Auxly Cannabis Group, Inc. engages in developing, manufacturing, and distributing branded cannabis products for wellness and recreational consumers. The company is headquartered in Toronto, Ontario. The company went IPO on 2001-08-20. The firm is focused on developing, manufacturing and distributing branded cannabis products for wellness and recreational consumers. The firm's segments include Canadian cannabis operations and South American cannabis operations. Both segments are engaged in the cultivation and sale of cannabis products in respective regions. The company provides various products, including vaporizers, edibles, pre-rolls, capsules and oils and concentrates. The firm's brands include Back Forty, Foray, Dosecann and Kolab Project. The company is also a licensed producer of Cannabis 2.0 as well as Cannabis 1.0 products. The firm's subsidiaries include Dosecann LD Inc., Kolab Project Inc., Robinson's Cannabis Inc., Robinson's Outdoor Grow Inc. and Inverell S.A.
Auxly Cannabis Group, Inc. engages in developing, manufacturing, and distributing branded cannabis products for wellness and recreational consumers. The company is headquartered in Toronto, Ontario. The company went IPO on 2001-08-20. The firm is focused on developing, manufacturing and distributing branded cannabis products for wellness and recreational consumers. The firm's segments include Canadian cannabis operations and South American cannabis operations. Both segments are engaged in the cultivation and sale of cannabis products in respective regions. The company provides various products, including vaporizers, edibles, pre-rolls, capsules and oils and concentrates. The firm's brands include Back Forty, Foray, Dosecann and Kolab Project. The company is also a licensed producer of Cannabis 2.0 as well as Cannabis 1.0 products. The firm's subsidiaries include Dosecann LD Inc., Kolab Project Inc., Robinson's Cannabis Inc., Robinson's Outdoor Grow Inc. and Inverell S.A.
Revenue Growth: Net revenues were CAD24 million, up 6% year-over-year but down 3% from Q4 2022, showing resilience against typical Q1 seasonality.
Profitability Milestone: Auxly achieved positive adjusted EBITDA for the first time in its history, driven by higher revenues, lower cost of goods, and reduced SG&A.
Margin Improvement: Gross profit margin reached 33%, double last year's Q1, and the margin on finished cannabis inventory sold improved to 37%.
SG&A Reduction: Selling, general and administrative expenses dropped to CAD10.1 million, down from CAD12.6 million a year earlier.
Cash Flow Turnaround: Operating cash flow swung from a CAD7 million use last year to a CAD3.2 million source in Q1 2023.
Product Focus: The company continued to shift its focus to dried flower, pre-rolls, and vapes, now representing 55% of sales, up from 39% a year ago.
Operational Efficiency: Investments in automation and new pre-roll machinery are expected to boost throughput and support further market share gains.
