ngx-cookieconsent initialize$ not working

Question

I am using ngx-cookieconsent and it is working as expected except for the initialize$ callback function.

this.initializeSubscription = this.cookieConsentService.initialize$.subscribe(
      (event: NgcInitializeEvent) => {
        console.log('cookie config ',this.cookieConsentService.getConfig());
      });

Although the cookie consent popup is displayed, it seems that initialize is never called. There are no errors but the log never prints to the console while other logging is printed.

Here is my config (although I don't think it is related)

const cookieConfig:NgcCookieConsentConfig = {
  enabled: true,
  cookie: {
    domain: environment.domain
  },
  "palette": {
    "popup": {
      "background": "#237afc"
    },
    "button": {
      "background": "#fff",
      "text": "#237afc"
    }
  },
  theme: 'block',
  type: 'info'
};

What am I missing here?