Transaction Marks Company’s Transition to Being a Cannabis Industry Operator
Accretive Transaction Adds High-Margin Revenues and Award-Winning Brands
Foundational Asset in AUSA’s Multi-State Footprint Expansion
LAS VEGAS, March 24, 2021 /PRNewswire/ – Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) (“AUSA” or the “Company”) today announced that, further to the Company’s press releases of January 5, 2021, and March 12, 2021, it has completed the first stage of the transaction to acquire Green Therapeutics LLC (“GT”).
The transaction is being completed in two parts, the first, which has now closed, being the acquisition of a subsidiary of GT (the “Subsidiary”) containing a number of unregulated assets including the GT brands and certain ancillary agreements including brand licensing and management agreements. Subsequently, subject to regulatory approval, the Company will complete the acquisition of GT itself (the “Subsequent Closing”). In conjunction with the completion of the acquisition of the Subsidiary (the “Initial Closing”), the parties have settled a previously announced legal dispute.
Completion of the transaction marks the Company’s entry into the U.S. cannabis space as an operator, transitioning away from its previously identity as an investor. Management believes that by being an active industry participant, executing on its novel expansion strategy, AUSA will be able to significantly accelerate growth, become a highly competitive leader in the sector and deliver outsized shareholder value, in line with the promise made to shareholders by the new leadership team.
GT is an award-winning, Nevada-based cannabis company with a strong brand portfolio of high-end dried flower and designer/luxury derivative products. The team’s extensive cannabis cultivation skill and operational medical experience ensures high quality products, safety and a consistent user experience. GT currently operates three brands:
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