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Auxly to invest C$55M in cannabis facility construction

Auxly Cannabis Group Inc. said it will contribute C$55 million toward the phase 1 construction of a cannabis cultivation facility in Cobourg, Ontario.

The Vancouver, British Columbia-based company is developing the facility with its joint venture partner, FV Pharma Inc., a unit of FSD Pharma Inc.

Under the agreement, Auxly will get a 49.9% stream of all cannabis and cannabis-derived products generated in the facility. The company expects the first phase of construction to be completed by the end of December.