Cannabis CPG Co. Cuts Losses, Boosts Gross Profit, Achieves Record Revenue In 2023 Amid Industry Headwinds
Auxly Cannabis Group Inc. (TSX:XLY) (OTCQB:CBWTF) reported its financial results Monday for the fourth quarter and full year ended Dec. 31, 2023.
The Toronto-based company said it has achieved record net revenues of CA$101.1 million ($74.3 million) in 2023, representing an increase of 7% compared to 2022.
Hugo Alves, the company’s CEO called 2023 a “pivotal year for Auxly.”
“We focused and optimized our business, resulting in meaningful cost savings and industry-leading margins, all done while delivering quality products and meeting the ongoing demands of our consumers,” Alves continued.
The consumer-packaged goods company alongside its cannabis industry peers has experienced a seismic shift in both regulation and consumer perception.
The fusion of CPG and cannabis has often been discussed at Benzinga cannabis events and there will be more on this important topic at the upcoming Benzinga Cannabis Capital Conference in Florida on April 16-17, 2024.
Alves says that Auxly is “positioned to succeed in the current cannabis environment.”
“In 2024, …