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Auxly Cannabis to invest C$16.3M in Delta 9 Cannabis cultivation facility

Auxly Cannabis Group Inc. has agreed to invest C$16.3 million to fund an expansion of Delta 9 Cannabis Inc.'s cultivation facility in Winnipeg, Manitoba.

Under the deal, Auxly subscribed to 5,909,090 Delta 9 common shares priced at C$2.75 apiece. In exchange for the investment, the medical marijuana company granted Auxly the right to buy a fixed amount of dried cannabis and cannabis trim from its facility within a 10-year period.

Delta 9 will use the funds for general working capital.

Vancouver, British Columbia-based Auxly Cannabis provides financial support to companies in the cannabis industry.