Auxly Cannabis Group Inc (OTCMKTS:CBWT) And Imperial Brands Strike $123 Million Partnership That Will Focus On R&D And Investment

Auxly Cannabis Group Inc (OTCMKTS:CBWT) And Imperial Brands Strike $123 Million Partnership That Will Focus On R&D And Investment

Auxly Cannabis Group
announced towards the end of July that it kicked off an
investment and R&D relationship with Imperial Brands after signing a $123
Million partnership.

The international cannabis firm announced on July 25 that
Imperial Brands will inject $123 million into Auxly in the form of convertible
debentures. The capital injection will be part of an R&D and Investment
agreement between the two firms. The deal will also allow Imperial Brands to
license its vaping technology to Auxly. The transaction will also grant Auxly access
to Imperial Brand’s vapor business.

“This investment from Imperial Brands will enhance Auxly’s ability to continue to deliver on our business plans and accelerate our growth initiatives to expand our portfolio of branded derivative products,” stated Auxly President Hugo Alves.

Alves also noted that the partnership between the two firms
comes at an opportune time when Auxly is preparing to introduce its robust
cannabis portfolio to the fast-growing cannabis market in Canada. He also noted
that the partnership will focus on expanding research and development
activities on vaping technologies.

Auxly believes that Imperial Brands is the ideal partner for
the charge into the Canadian market because it has a strong portfolio of assets
that align with Auxly’s growth initiatives. It also has significant market
expertise and resources that will help Auxly to adapt to different market
dynamics. The company is currently shifting its focus to the fast-paced vapor
market through its innovative technologies.

Hugo Alves appointed
as Auxly CEO

Auxly announced on August 12 that it has appointed Hugo
Alves as its new Chief Executive Officer. Alves will take over the helm from Chuck
Rifici who stepped down from the CEO position but will continue to be part of
the company as the chairman of the Board of Directors.

Auxly revealed that Hugo will take over the leadership
position from August 27 this year. Mr. Rifici has been the company’s CEO since
it was founded. He believes that Hugo is the right person to lead the company
to the next level of growth as it works towards becoming a global leader in the
cannabis industry.

Published at Tue, 13 Aug 2019 12:04:59 +0000

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