Australis is seeking a 51% interest in ALPS and the 100% acquisition of the outstanding membership interest in Green Therapeutics, which includes the discontinuation of all previous litigation with Green Therapeutics.
“As per the Company’s commitment to keep our shareholders fully informed and apprised, we are expecting to enter into definitive agreements with ALPS in short order,” the Nevada-based company said in a statement.
Australis said that it and ALPS have agreed to extend the completion of the definitive agreements to February 22, 2021.
Australis also noted that the GT transaction is advancing, and definitive agreements are being drafted to meet applicable regulatory requirements. Both Australis and ALPS expect the transaction to close first; Australis expects the GT closing to follow shortly thereafter.
The acquisition of GT is contingent on approval by the State of Nevada’s Cannabis Control Board and subsequent local approval by the Clark County Department of Business Licensing.
Australis noted that ALPS is engaged in a number of projects incorporating innovation and new intellectual property. One such project is with a Scandinavian grower of tomatoes and cucumbers. At this new facility, ALPS has developed an ultra-precise environment control system, significantly improving propagation success rates and therefore economic output. ALPS retains the rights to the intellectual property developed and will be able to use this technology in the cannabis sector.
“The project in Scandinavia, where we developed a new micro-precision climate control system is a great showcase of how our innovations have immediate commercial applications,” said Thomas Larssen, president of ALPS. “We are proud of this innovation and look forward to seeing