Hugo Alves, CEO of Auxly, commented: “2023 was a pivotal year for Auxly. Thanks to a tremendous team effort, we achieved our profitability targets despite overall industry and macro-economic headwinds. For the first time in our corporate history, we achieved full year adjusted EBITDA profitability; broke one hundred million dollars in net revenue; and generated positive cash flow from operations. We focused and optimized our business, resulting in meaningful cost savings and industry-leading margins, all done while delivering quality products and meeting the ongoing demands of our consumers. We also successfully strengthened our balance sheet and improved the financial position of the Company, including, most recently, by securing the continued support of our secured lending syndicate through the extension of our Auxly Leamington credit facility and through the support of our strategic partner Imperial, who has elected to convert $123.4 million of debt owed under the Imperial Debenture, which will increase its ownership in Auxly to 19.8%. We are positioned to succeed in the current cannabis environment and to continue growing and thriving as the market matures. In 2024, we will remain focused on sustainable, profitable growth and passionately committed to our consumers.”
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