Auxly Cannabis Group’s record 2023 sales helped substantially improve its net loss, but an auditor flagged a “significant doubt” over the company’s ability to continue as a “going concern.”
In a note to shareholders attached to Auxly’s annual financial statement, accounting company Ernst & Young said the company had total cash and cash equivalents of 15.6 million Canadian dollars ($12 million) and negative working capital of CA$41 million as of Dec. 31, 2023.
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That and other matters “indicate that a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern,” Ernst & Young said.
A similar warning appeared in Auxly’s 2022 annual financial statement.
In the financial year ended Dec. 31, 2023, Auxly’s net loss
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