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Auxly Files Early Warning Report

TORONTO, Sept. 18, 2020 (GLOBE NEWSWIRE) -- Auxly Cannabis Group Inc. (TSX.V - XLY) ("Auxly" or the "Company") announces pursuant to the requirements of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues and applicable Canadian securities legislation that on September 17, 2020, the Company completed a disposition of 6,000,000 common shares and $400,000 worth of convertible debentures of Inner Spirit Holdings Ltd. ("Inner Spirit") for gross proceeds of $845,400, which reduces Auxly's security holding percentage in Inner Spirit from 12.9% to 9.8%. The disposition was completed through the Canadian Securities Exchange where Inner Spirit's common shares and convertible debentures are listed for trading. Since Auxly's security holding percentage of Inner Spirit is now below 10%, following the filing of the early warning report in connection with the disposition, Auxly will no longer file early warning or insider reports in respect of Auxly's ownership of Inner Spirit's securities, except as may be required by applicable law. Following the disposition, Auxly continues to have ownership and control of 19,941,177 common shares, 3,000,000 warrants, and 600,000 options to purchase common shares of Inner Spirit.

The disposition of the Inner Spirit securities was undertaken by Auxly as part of its strategy to monetize non-core assets to fund capital and operational expenditures for its core assets. While Auxly has no current plans or intentions relating to Inner Spirit securities, depending on various factors including, without limitation, Inner Spirit's financial position, the price levels of the common shares of Inner Spirit, conditions in the securities markets, general economic and industry conditions, Inner Spirit's business or financial condition, and other factors and conditions deemed appropriate, Auxly may acquire or dispose of additional securities of Inner Spirit in the future but has no current plans or future intentions to do so.

"We remain incredibly supportive of Inner Spirit and are committed to our continued relationship as they lead the market in opening retail cannabis stores across the country," said Hugo Alves, CEO of Auxly.

An early warning report pursuant to the requirements of applicable securities laws has been filed by Auxly and is posted to Inner Spirit's SEDAR profile at www.sedar.com, and is available on request at the number and email address below. Inner Spirit's head office is located at #102, 5740 2nd Street SW, Calgary, Alberta, T2H 1Y6 and Auxly's head office address is located at 777 Richmond St. W Unit 002 Toronto, ON, M6J 0C2.

"Hugo Alves" CEO

About Auxly Cannabis Group Inc. (TSX.V: XLY)

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 have secured a diversified supply of raw cannabis, strong clinical, scientific and operating capabilities and leading 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/.

Investor Relations:

For investor enquiries please contact our Investor Relations Team:
Email: IR@auxly.com
Phone: 1.833.695.2414

Media Enquiries (only):

For media enquiries or to set up an interview please contact:
Email: press@auxly.com

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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