VANCOUVER, British Columbia, Aug. 12, 2019 (GLOBE NEWSWIRE) — Auxly Cannabis Group Inc. (TSX.V – XLY) (“Auxly” or the “Company“) today announced that its Board of Directors has named Hugo Alves, President, to succeed Chuck Rifici as CEO, effective August 27, 2019. Mr. Rifici will continue to serve as Chairman of Auxly’s Board of Directors.
“It’s been an honour to serve as Auxly’s CEO for the last two years,” stated Mr. Rifici. “And I am pleased to announce Hugo’s promotion to guide Auxly through its next chapter, as we move toward commercialization of our branded derivative products. As a leading lawyer and regulatory expert in the cannabis space and one of the co-founders of Auxly, Hugo has demonstrated an unrivaled depth of industry knowledge and an ability to build and grow the business. With Hugo at the helm, Auxly, together with our subsidiaries and partners, is poised to deliver the next stage of growth as we progress towards our vision of becoming a global cannabis leader.”
Mr. Rifici was named Chairman and CEO of Auxly on May 5, 2017. Since its inception and under Mr. Rifici’s leadership, Auxly has celebrated numerous achievements, including:
- securing access to over 100,000 kgs of annual diversified cultivation supply in Canada, including the Company’s joint venture project Sunens Farms Inc., a 1.4 million square foot, fully automated, purpose-built greenhouse currently under construction in Leamington, Ontario;
- the acquisition of Dosecann Inc., Auxly’s in-house analytical testing, extraction, research and development, product development and manufacturing facility;
- the acquisition of KGK Science Inc., a wholly-owned contract research, regulatory advisory and clinical testing organization;
- establishing a leading position in Uruguay through the Company’s 80% ownership of Inverell S.A.;
- the development of Auxly’s in-house brand portfolio, including Dosecann, Kolab, Robinsons and Foray; and
- successfully raising approximately $423 million, including the recently announced $123 million investment and research and development partnership with Imperial Brands PLC, expected to close in the third quarter of this year.
Genevieve Young, Independent Director, commented: “On behalf of the entire Board, I’d like to thank Chuck for his remarkable leadership of Auxly. Today’s announcement is part of a deliberate, thoughtful and careful succession planning process. This is the right time for a leadership transition, as Canada moves toward the next phase of cannabis legalization and Auxly prepares for the launch of its product portfolio. Hugo’s regulatory first approach, performance to date, depth of experience and track record for success is very impressive. The Board is confident that Hugo has the right capabilities, appropriate outlook and perspective to drive continued execution as Auxly’s CEO.”
Commenting on his appointment, Hugo Alves stated: “I am honored and privileged to be the next CEO of Auxly, and I am grateful for the confidence that both Chuck and the Board of Directors have placed in me. Working with Chuck to build Auxly to what it has become today has been an incredible personal and professional journey which I am very much looking forward to continuing in my new role as CEO. Chuck has always been a great friend and tremendous ambassador for Auxly and I am delighted that I get to continue working with him and that Auxly and its shareholders get the benefit of his continued contributions as Chairman. This is a dynamic time for our business and I look forward to bringing our branded cannabis products to Canadian consumers later this year.”
About Hugo Alves
Hugo is the Co-Founder and President of Auxly Cannabis Group, where he has overall responsibility for driving the Company’s strategic vision. A cannabis industry pioneer, Hugo has played a key role in shaping the regulated cannabis industry in Canada, including acting as counsel and advisor to many of the industry’s leading companies (including Tweed; Bedrocan; Canopy; Aurora; Supreme; Harvest One; Beleave; Origin House; Ample Organics; Trellis; Lift & Co), brands (including Tokyo Smoke; Leafs by Snoop; Feather), industry associations (Cannabis Counsel of Canada), patient access groups (including Canadians for Fair Access to Medical Marijuana; CanvasRx; Canadian Cannabis Clinics) and cannabis focused events and conferences (including Lift Conference; O’Cannabiz; Canadian Cannabis Business Conference). He is also the co-founder of Hope for Health, the world’s first registered charity focused on providing access to medical cannabis and the advancement of knowledge relating to medical cannabis. Hugo is an adjunct professor at the University of Western Ontario Law School, where he co-created and teaches Cannabis Law and Practice, the first cannabis-focused course ever offered at a Canadian law school.
Prior to founding Auxly, Hugo was a senior corporate and commercial Partner at Bennett Jones LLP, where he built the firm’s cannabis practice group and advised Canadian and foreign clients in connection with private mergers and acquisitions, public and private financings, public procurements, outsourcing transactions, joint ventures and strategic alliances. Hugo obtained his BA from Carleton University, where he won the Senate Medal for Outstanding Academic Achievement and obtained his Doctor of Law from the University of Toronto.
ON BEHALF OF THE BOARD
“Chuck Rifici” Chairman
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 product research and development infrastructure in order to create trusted products and brands in an expanding global market.
Learn more at www.auxly.com and stay up to date at Twitter: @AuxlyGroup; Instagram: @auxlygroup; Facebook: @auxlygroup; LinkedIn: company/auxlygroup/.
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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: the Company’s ability to successfully expand domestic and international operations and obtain new investment opportunities. There can be no assurance that the Company will realize the anticipated benefits from the Company’s business model.
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, the Company 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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