News Release


TORONTO, Ontario, March 25, 2024 – Auxly Cannabis Group Inc. (TSX: XLY) (OTCQB: CBWTF) (“Auxly” or the “Company”) a leading consumer packaged goods company in the cannabis products market, today released its financial results for the fourth quarter and full year ended December 31, 2023. These filings and additional information regarding Auxly are available for review on SEDAR at All amounts are Canadian dollars except common shares (“Shares”) and per Share amounts.
2023 Highlights and Subsequent Events

  1. Achieved record net revenues of $101.1 million in 2023, an increase of 7% compared to 2022;
  2. Fourth quarter net revenues of $26.9 million, a $2.2 million increase YoY;
  3. Achieved positive adjusted EBITDA1 of $1.5 million and positive cash flow from operations of $8.2 million in 2023, including generating $7.8 million in cash from operating activities in Q4 2023;
  4. Industry leading margins amongst peers in the adult-use recreational market with Gross Margin on Finished Cannabis Inventory Sold1 of 34% in 2023 and securing 40% in Q4 2023;
  5. SG&A declined by over 17% compared to the previous year, while the Company continued to enhance and expand its product portfolio;
  6. Exited 2023 as the 5th largest LP in Canada by share of market based on total recreational retail sales, securing 5% of the total market2;
  7. Maintained leadership in national vape sales, securing the #3 LP position in Canada and holding the top four all-in-one SKU positions in Ontario3, with continued recognition and awards for its quality hardware and unique, first-to-market formats;
  8. Successfully expanded its product portfolio in the pre-roll and dried flower categories throughout the year, as the Company continued to win over consumers with its superior strains, innovative formats and product quality, with its Wedding Pie 10×0.35g pre-rolls becoming the #1 best-selling non-infused pre-roll SKU nationally2;
  9. Subsequent to year end, the Company strengthened its financial position by entering into an agreement to amend and extend the maturity date of Auxly Leamington’s credit facility to December 31, 2025;
  10. Subsequent to year end, substantially improved the Company’s balance sheet and financial position by securing the support of its strategic partner Imperial Brands plc (“Imperial”) through Imperial’s election to convert of $123.4 million of its debt, including accrued interest, outstanding under the 4% unsecured convertible debenture of the Company due September 25, 2026 held by Imperial (the “Imperial Debenture”) in exchange for 241,316,117 Shares of Auxly, increasing its holdings to 19.8% of Auxly.

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