Auxly Cannabis Group Inc. (CVE: XLY) stock price is seeing another growth. At the time of writing, the XLY price is seeing 1.82% gains, with the promise of greater increase. The stock value has been highly volatile in the past 12 months, starting with the major drop from $1.75 in May 2018 to $0.75 in August 2018. The decline was followed by another surge that reached its height in early September, and then another drop which came by the end of the month.
An even larger and sharper surge followed in October, as well as yet another fall, which continued steadily until late December. In 2019, the price was trying to breach the resistance level at $1, although unsuccessfully, and by mid-February, it was down at $0.75. Finally, in late March, the price once again tried to breach the $1 roadblock, which was followed by a correction. Now, the price is once again seeing gains, with the investors hoping that this time will finally allow it to grow past $1.
Who is Auxly Cannabis Group?
Auxly is a Canadian company dedicated to developing and providing financing solutions to cannabis license applicants. The company operates on an international level, and during its years of activity, it evolved into a platform that spans through the entire value chain of the cannabis industry.
Their business model has adapted perfectly for the cannabis industry, and it allows the firm significant operational flexibility. Further, the company was able to reach economic resiliency, as well as improved product margin dynamics. The company employs visionaries and early adopters, and it is dedicated to helping its partners grow and prosper, with the same being true for its own shareholders.
Auxly’s goal is to create a world-class platform by forming strategic partnerships with various members of the industry, including the best cultivators, product innovators, developers, researchers, and marketers. Some of its partners include Robinsons Cannabis, Delta-9 Cannabis, CannTx, Lotus Ventures Inc, Green Relief, Sunens, and others.
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Why did Auxly stock price drop?
As mentioned, XLY price was performing excellently until mid-October 2018, which is when the company entered a strategic partnership with FSD Pharma. Soon, however, the company realized that FSD Pharma’s performance is not up to Auxly’s standard, which is when the firm requested that FSD resolves its issues. After failing to do so, Auxly has decided to terminate the partnership. However, the company’s stock has been losing its value during this entire time, leading it further and further down.
Auxly made other moves during late 2018, including cultivation and retail expansion into Newfoundland and Labrador, as well as the acquisition of Inverell S.A. After terminating the joint venture with FSD Pharma, the company bolstered its own management team and continued helping its partners with growing their businesses.
The prime example of this was the announcement of the receipt of cultivation and processing licenses for Robinsons Cannabis facility.
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As mentioned, its price did make several attempts at a growth in 2019, all of which were rejected so far. However, now that the company’s business is once again improving, and FSD Pharma situation is resolved, it is likely that Auxly’s future partnerships and projects will allow its price to grow further up. With that in mind, many are viewing the company’s stock low price as an opportunity to invest, as Auxly will definitely find a way to help its investors profit. We will be updating on Auxly when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Auxly.
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Disclosure: we hold no position in Auxly either long or short and we have not been compensated for this article.