Auxly Cannabis Group (TSXV:XLY) offered shareholders an update on the company’s operations in Uruguay through its partner Inverell.
As quoted in the press release:
Pursuant to the definitive agreement (the “Agreement”) dated April 10, 2018, the Company will acquire 80 [percent] of the outstanding common shares of Inverell in exchange for aggregate consideration of US$15 [million]. Part of the consideration is subject to Inverell achieving certain milestones related to the registration of certain cannabis genetics and the successful export of [cannabidiol] CBD products. The transaction remains subject to regulatory approval in Uruguay which the Company expects to receive imminently.
2018/2019 Cultivation Plan
Inverell has finalized its 2018/2019 cultivation plan where it will plant 150 hectares, composed of over 1,500,000 hemp plants, starting in mid-October 2018. Inverell’s land parcel contains key pieces of infrastructure needed for the mass cultivation of hemp plants, including a large fresh water lake that feeds into an existing irrigation system infrastructure. Inverell expects that the first harvest, once completed in April 2019, will yield approximately 75,000 kilograms of biomass to be used as feedstock for its extraction facility described below.