Home Cannabis Auxly Cannabis Group Enters Agreement with Curative Cannabis

Auxly Cannabis Group Enters Agreement with Curative Cannabis

Deal

Today, Auxly Cannabis Group (CBWTF) announced that it entered an agreement with Curative Cannabis for the acquisition of 46% of Curative’s common shares in exchange for the issuance of 5,056,026 common shares of Auxly as consideration shares. Auxly will enter a long-term agreement with Curative for the purchase and sale of cannabis products. As per the agreement, Auxly will also fund Curative’s construction and development expenses for a cannabis cultivation facility in Chatham-Kent, Ontario.

The cannabis cultivation facility has been proposed to have a capacity of 30,000 square feet and is expected to harvest around 2,900 kilograms of cannabis per year. Curative Cannabis has plans to develop ultra-premium cannabis for recreational consumers. For more details on the transaction, please read the press release.

Auxly

Stock performance

Today, Auxly Cannabis stock was trading at $0.66, ~1.03% below its closing price yesterday at $0.67, which is a ~0.46% decline compared to its prior closing price of $0.67 on January 22, 2019. Yesterday, the stock closed at $0.66, ~52% higher than its 52-week low of $0.44 on December 24, 2018, and ~65% below its 52-week high of $1.92 on January 29, 2018.

Today, Auxly Cannabis and its peers Tilray (TLRY) and Aurora Cannabis (ACB) are trading at $73.23 and $6.35, respectively, which is a ~2.27% and ~2.58% rise over yesterday’s closing price.

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Today, the ETFMG Alternative Harvest ETF (MJ), which tracks global cannabis companies, is up 0.91% over yesterday’s close of $30.65. Auxly Cannabis Group, Aurora Cannabis (ACB), and Tilray (TLRY) make up about ~3.60%, ~7.28%, and ~8.55% of MJ’s total portfolio holding.

In January 2019, of the two analysts tracking Auxly Cannabis, one of them recommended a “strong buy,” while another analyst recommended a “buy” rating.

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