Dixie Brands’ board loses two Auxly marijuana executives

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Two top executives at the Canadian-based Auxly Cannabis Group resigned from the board of Dixie Brands, a Denver-based maker of cannabis-infused products.

Hugo Alves, the president of Auxly, and Michael Lickver, senior vice president of strategy for the Vancouver, British Columbia-based cannabis company, announced their resignations Monday.

No reason for their departures was given in a Dixie Brands news release.

“While we are departing the Dixie Board of Directors, we remain strong believers in the Dixie team and strategy,” Alves said in a statement.

He added that Auxly plans to continue to “build our commercial relationship with them within the Canadian marketplace.”

On Friday, United Kingdom-based tobacco giant Imperial Brands announced it would pay 123 million Canadian dollars ($93.4 million) for a 19.9% stake in Auxly.

Auxly trades under the ticker symbol CBWTF on the over-the-counter markets and as XLY on the TSX Venture Exchange. Dixie trades as DIXI.U on the Canadian Securities Exchange.

Dixie Brands CEO Chuck Smith, in a statement, praised the two Auxly executives for their “strategic counsel through a period of rapid growth” at the infused product company.