Auxly Almost Doubles its Market Share, Bags #1 Spot in Cannabis Sales in Canada
Auxly Cannabis Group Inc. (TSX.V – XLY) (OTCQX: CBWTF), a top-rated cannabis company that develops, manufactures, and distributes cannabis, and serves both the medicinal and recreational cannabis market, has maintained its top position in the sales of Cannabis 2.0 range of products in 2021.
It has increased its market share to 15% from 14% in 2020. The company is maintaining its top spot because it is dominating the vapor segment of marijuana. The three vape brands of Auxly, namely Kolab Projects, Back Forty, and Foray, maintained their position as three among the 5 top-selling brands in the country, and this enabled the company to get 23% of the market share during the year 2021.
Besides this, Auxly Cannabis enjoyed a steady growth in its sales in every consecutive quarter of the year, thereby eventually ranking No.5 in total sales, among the licensed producers of the country, by the year-end in 2021.
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In the 4th quarter of the year, the company’s market share was 7.4% of the overall market, and it was a 3.4% growth from its share in the first quarter of 2021. The sale of pre-rolls and dried flower account for more than 75% of cannabis sales across the country and it was the company’s entry into these segments that resulted in significant growth of its market share.
As it moves into the year 2022, Auxley’s growth will be further aided by the new greenhouse cultivation facility it acquired in Leamington in Ontario.
About Auxly Cannabis Group Inc.
Auxly is one of the leading licensed producers of cannabis in Canada, with its headquarters in Toronto. It was founded in 1987 by Hugo Alves, who still continues to be the CEO of the company.
The company cultivates, manufactures, and distributes both medical and recreational cannabis products. It operates through different segments, of which the one known as Canadian Cannabis Operations takes care of its cultivating and selling of cannabis as well as cannabis 2.0 range of products which include topicals, vape pens, and edibles that are infused with cannabis.
Auxly continues to introduce innovative cannabis products into the market to enrich both the medicinal and adult-use segments of the market. The company trades on the Toronto Stock Exchange under the ticker symbol XLY.
CEO of Auxly, Hugo Alves spoke about the outstanding performance of the company in 2021, which it did by introducing innovative ideas and expanding into new markets. He thanked the employees of the company for putting in their efforts to solidify the company’s position among the top licensed producers, despite the difficulties caused by the pandemic.
He emphasized on how the company would maintain this growth rate by further optimizing the operations to ensure long-term growth and by building strong connections with the customers through the company’s branded products.
Also Read: Trulieve Announces Opening of New Medical Cannabis Dispensary in Port Richey, Florida
Other Operational Highlights of 2021
- Auxly launched 52 new products with differing SKUs, of which, 10 were innovations that were introduced to the market for the first time. One of the examples is the company’s Live Terpene Sticks.
- Achieved significant growth in the sales of pre-rolls and dried flower categories, by introducing new offerings like 40s of Back Forty, Canada’s best-known vape brand, and exclusive cannabis strains which were highly appreciated by the country’s consumers. One example is the Wedding Pie from Back Forty.
- Acquired a large cultivation facility for growing cannabis in Leamington in Ontario, as a result of its joint venture with Sunens Farms Inc. The venture also enabled the company to access a collection of over 150 strains of cannabis that would help in increasing its product range.
- Appointed Murray McGowan, who is the Chief Strategy and Development Officer at Imperial Brands, as a member of the company’s Board of Directors.
- Started trading on Toronto Stock Exchange (TSX) in April 2021. This has improved the company’s image among investors.
Auxly remains fully committed to improving the quality of its products to cater to the needs of Canada’s consumer community, to improve the quality of their lives.
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