TORONTO, April 08, 2020 (GLOBE NEWSWIRE) — Auxly Cannabis Group Inc. (TSX.V – XLY) (“Auxly” or the “Company”), a leading consumer packaged goods company in the derivative cannabis market, is pleased to announce that its wholly owned subsidiary Dosecann LD Inc. (“Dosecann”) has entered into an agreement with Natures Crops International (“Natures Crops”), a vertically integrated grower and manufacturer of plant-based specialty oils, pursuant to which the Company will purchase the exclusive global rights to Ahiflower® oil for use in Auxly’s diverse portfolio of cannabis products. This multi-year deal will provide Auxly with a proprietary ingredient for use in its current portfolio of cannabis products and the development of next generation cannabis health products that Auxly will commercialize when legally permitted.
“Auxly is committed to bringing innovative and differentiated cannabis products to consumers and this agreement provides our incredible team of scientists with a vegan, complete and balanced omega-rich proprietary ingredient with which to develop exciting products specifically targeted for the wellness consumer segment,” said Hugo Alves, Chief Executive Officer, Auxly.
Ahiflower starts as a non-GMO oilseed crop grown exclusively in the United Kingdom by Natures Crops. After harvesting the Ahiflower seeds, they are cold pressed to produce a crude oil that is exported to Canada where it is further refined into Ahiflower oil at the Natures Crops facility in Kensington, PEI. Ahiflower is a sustainable and traceable vegan polyunsaturated omega 3-6-9 oil, providing an ecologically-sound alternative to fish oils – each acre of Ahiflower produces as much omega-rich oil as 320,000 anchovies. Ahiflower oil contains more combined omegas than other natural plant or seed oils and contains a combination of the elements found in fish, evening primrose, olive, and flax seed oils. “Consumers seeking the utmost in excellence, freshness and traceability in Canadian, science-backed cannabis solutions will find Dosecann’s products compelling,” said Greg Cumberford, VP Science & Regulatory, Natures Crops.
Bob Chapman, Chief Science Officer at Dosecann, added: “Ahiflower oil provides a rich spectrum of naturally occurring omega 3-6-9 fatty acids to complement our cannabinoids, and we look forward to collaborating with the talented team at Natures Crops on research and development for novel cannabis-based solutions to meet consumers’ wellness needs.”
Ahiflower oil is a proprietary, licensed ingredient. In Canada, Ahiflower oil is a registered natural health product and non-GMO certified. It has been approved as a novel food in the European Union and has cleared FDA review status without objection in the United States.
ON BEHALF OF THE BOARD
“Hugo Alves“ CEO
About Natures Crops International
A manufacturer of specialty oils for dietary supplements, nutraceuticals, food, and personal care products, Natures Crops produces oils from the highest quality crops, produced by growers who follow strict management protocols for sustainability and identity preservation. Natures Crops ensures the crops produced are grown, processed, packaged, and delivered in a safe, sustainable, traceable, and cost-competitive manner. The company has operations in Prince Edward Island, Canada and the United Kingdom, with headquarters in North Carolina. Natures Crops is a member of the Council for Responsible Nutrition (CRN). For more information please write to firstname.lastname@example.org
About Dosecann LD Inc.
Dosecann, a wholly owned subsidiary of Auxly, is a Canadian developer and manufacturer of innovative cannabis products for the wellness-focused consumer. Dosecann is committed to providing Canadians with quality products designed for everyday use, backed by science and advanced research. Dosecann’s 52,000 square foot, GMP-compliant facility located in Charlottetown, Prince Edward Island, houses extraction, research and development, product formulation, analytical testing and commercial manufacturing for Auxly’s branded cannabis products. Built on the pillars of quality, safety and efficacy, Dosecann is cannabis – down to a science™.
About Auxly Cannabis Group Inc. (TSX.V: XLY) (OTCQX: CBWTF)
Auxly is an international cannabis company dedicated to bringing innovative, effective, and high-quality cannabis products to the medical, wellness and adult-use markets. Auxly’s experienced team of industry first-movers and enterprising visionaries has 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.
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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: Dosecann’s execution of its product development and commercialization strategy; the proposed use of Ahiflower™ oil in Dosecann’s current and proposed products; consumer preferences; political change, future legislative and regulatory developments involving cannabis, cannabis products and cannabis health products; the timing and outcomes of regulatory decisions; and competition and other risks affecting Auxly and Dosecann 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: Dosecann is able to obtain and maintain the necessary regulatory authorizations to conduct business, Dosecann is able to obtain and maintain all necessary governmental and regulatory permits and approvals for the operation of its facility and the development of its current and proposed products, and whether such permits and approvals can obtained in a timely manner, whether future Dosecann products will be accepted by consumers, the success of Dosecann’s research strategies and the applicability of the discoveries made therein, and general economic, financial market, regulatory and political conditions in which Auxly and Dosecann operate will remain the same. Additional risk factors are disclosed in the revised annual information form of Auxly for the financial year ended December 31, 2017 dated May 24, 2018.
New factors emerge from time to time, and it is not possible for management to predict all of those factors or to assess in advance the impact of each such factor on Auxly’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. 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 industry sources, the accuracy of which has not been verified by Auxly. The purpose of forward-looking information is to provide the reader with a description of management’s expectations, and such forward-looking information may not be appropriate for any other purpose. Readers should not place undue reliance on forward-looking information contained in this release.
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.
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Original Source and Content: https://www.globenewswire.com/news-release/2020/04/08/2013515/0/en/Auxly-Acquires-Exclusive-Global-Rights-to-Omega-Rich-Ahiflower-Seed-Oil-for-Use-in-Cannabis-Products.html