Australis Capital Inc (CSE:AUSA) (OTC:AUSAF) has released a corporate update, revealing that its revenue for the fiscal year ended March 31, 2021, is expected to have doubled year-over-year, as well as highlighting a batch of other recent news developments.
A big reason for that, according to Australis’s CFO on Jon Paul, is the company’s 51% stake in commercial crops facility management firm 2750176 Ontario Inc (ALPS), even though the deal was closed less than a month before the fiscal year ended.
“Despite ALPS only contributing approximately 3 weeks to our year-end, AUSA’s revenues are anticipated to more than double for the entire fiscal year ended March 31, 2021,” Paul said in the update. “With an array of current projects in progress and an expanding pipeline of new projects anticipated to be signed, the impact of ALPS on the first quarter of our fiscal 2022 will be even greater.”
“Meanwhile,” the CFO added, “we expect the sale of a land asset held through our other acquisition, Green Therapeutics, to close shortly, which will add approximately C$2.5 million in cash to our working capital position. With the anticipated growth at ALPS and GT, as well as other liquid assets held, AUSA is in robust shape financially for its current level of operations.”
Following the legalization of recreational adult-use cannabis in New York, Australis also revealed that it is in discussions with a number of potential partners to enter a market expected to capture $1.2 billion in sales by 2023 and $4.2 billion by 2027.
“We intend to play a leading role in the eastern US market, which will take a variety of forms,” Australis CEO Terry Booth said. “We initiated discussions and negotiations with potential partners over 8 months