VANCOUVER, British Columbia, Sept. 05, 2019 (GLOBE NEWSWIRE) — Auxly Cannabis Group Inc. (TSX.V – XLY) (“Auxly” or the “Company”) today announced that its wholly-owned subsidiary, KGK Science Inc. (“KGK”), has been issued a Cannabis Research Licence by Health Canada under the Cannabis Regulations allowing KGK to possess and administer cannabis for purposes of a clinical trial. This licence is one of the first of its kind to be issued to a contract research organization (“CRO”) in Canada.
In its first cannabis-based clinical trial, KGK will be testing the pharmacokinetics of THC and CBD in healthy adults. Based on a protocol developed by KGK researchers, the trial will commence in October 2019 at KGK’s in-house clinic in London, Ontario, with results being later delivered to the third-party sponsor who has privately contracted KGK to conduct this trial on their behalf. With many more cannabis trials in its pipeline, KGK is well on its way to demonstrating its leadership in research and regulatory services to support cannabis and cannabis-derived products.
“This is a much-needed step forward for our business, our clients, and for the cannabis industry as a whole,” said Najla Guthrie, President and CEO of KGK. “Support from government and regulatory bodies is essential for cannabis product manufacturers to take a responsible, science-driven approach to substantiating the safety and efficacy of their products through clinical trials.”
Hugo Alves, CEO of Auxly, commented, “This licence is an important milestone for KGK, as it is the final regulatory requirement that must be met before clinical trial work can begin. As one of the only research licences of its kind to be issued to a CRO, it further solidifies KGK as a leader in cannabis research. We’re proud to have KGK as a part of the Auxly family and look forward to leveraging its research capabilities in developing Auxly’s innovative cannabis products at our Dosecann facility.”
For nearly two decades, KGK has served many of North America’s leading nutraceutical, natural health product and consumer packaged goods companies. KGK works with its clients in offering well-designed, customized solutions and substantiating claims for their products through randomized clinical trials. Equipped with state-of-the-art technologies, novel research techniques, and a seasoned team of thought leaders, KGK science remains at the forefront of its industry. For more information, please visit KGK’s website at: https://www.kgkscience.com/
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 anticipated benefits of the Company and KGK’s research and development initiatives; the timing of the proposed clinical trial; political change, future legislative and regulatory developments involving cannabis and cannabis products; and competition and other risks affecting the Company 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: the Company and/or KGK is able to maintain the necessary governmental and regulatory authorizations and permits to conduct business; the success of KGK’s research strategies; and general economic, financial market, regulatory and political conditions in which the Company and KGK operate will remain the same. Additional risk factors are disclosed in the revised annual information form of the Company 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 the Company’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 the Company. 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, 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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