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A few key notes from the MD&A - Maybe it can be of use to somebody.
In January 2019, we received our first shipments of cannabis from several partners with delivery and production expected to increase steadily throughout the year. (3)
We are also focused on additional opportunities in the LATAM region, Europe, and North America through strategic partnerships, joint ventures and supply arrangements including leveraging our existing relationships with Inverell, Aphria Inc. (“Aphria”), and ICC International Cannabis Corp. (3)
Kolab commenced sales of medical cannabis products in February 2019. (4)
On February 22, 2019, $8,895 was received to fully settle the Sundial promissory note. (6)
In the first quarter of 2019, the Company received approximately $4,280 back [from Dixie] due to mainly regulatory milestone events. (7)
Dosecann and Delta 9 are currently negotiating a supply agreement for the creation and supply of certain value-added cannabis products from Dosecann. (9)
On January 8, 2019, the Company and Green Relief Inc. (“Green Relief”) mutually terminated their interim agreement. As consideration for the termination, the Company received 496,689 common shares of Green Relief, representing approximately 0.5% of Green Relief on a nondiluted basis; and entered into a cannabis sales framework agreement pursuant to which the Company is entitled to purchase up to 3,000,000 grams of dried cannabis from Green Relief at a purchase price of $1.50 per gram (subject to CPI adjustment) over a three year period commencing no later than Q3 2019. (10)
On January 2, 2019, the Company commenced a confidential arbitration under the Vivo Agreements, which process is ongoing. (10)
As Auxly, prepares for cannabis sales beyond 2018, expenses have increased since Q2 2017 due to the build out of the business through acquisitions (employees, professional fees), additional employees in the corporate offices and share compensation expenses. (14)
Auxly anticipates that it has liquidity and capital resources to meet short term obligations, however, will require additional funding to complete all projects and meet all commitments contemplated in 2019. (18)
Auxly believes it will have sufficient capital for the next 12 months upon successful completion of contemplated financing activities. (18) |
