Auxly Cannabis Group Inc. (OTCMKTS: CBWTF) announced the second quarter’s financial results and six months ending June 30, 2021.
Auxly’s Q2 revenue increased $6.9 million
Total revenues for the quarter were $20.9 million, up from $6.9 million in the same period in 2020, comprising Cannabis 2.0 Product sales (75%) and Cannabis 1.0 Product sales (25%). Net revenues increased $14.0 million in Q2 2021 compared to Q2 2020 and $11.7 million over the first quarter of 2021.
Year-to-date net revenues were $30.0 million, increasing $14.1 million from the same period a year ago, attributed to Q2 2021 growth. Because the company does not operate in the Quebec market, about 85% of cannabis sales in Q2 2021 came from Alberta, Ontario, and British Columbia.
Net income attributable to Auxly shareholders was $8.7 million or $0.01 per diluted and basic share. For the six months, net loss attributable to company shareholders was $1.8 million or $0.00 per diluted and basic share.
CEO Hugo Alves said, “We are thrilled to report a record quarter for Auxly where we saw significant growth in our net revenue, adjusted EBITDA and our share of the recreational cannabis market. We continued to hold the #1 spot in Cannabis 2.0 Product sales nationally, through our leadership in the vapour segment and consumer-driven innovations in new product categories such as concentrates. Our strong momentum in retail sales and the increasing prevalence of our brands within the segments that they compete, are the result of our focused strategy and the investments.”
Auxly 2021 outlook
In 2021, the company plans to build on its position as an industry leader in Cannabis 2.0 Products and continue expanding the pre-roll, dried flower, capsule, and oil product lines. In addition, as part of its ambition to become a global leader in branded cannabis products that deliver on the promise of safety, quality, and efficacy, the company will continuously assess opportunities to introduce new and interesting products to customers.