Further Innovation and Execution at ALPS and GT
Clearview Capital Consult Appointed for IR
LAS VEGAS, Feb. 9, 2021 /PRNewswire/ – Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) (“AUSA” or the “Company”) today announced that the Company is progressing well towards completion of the previously announced proposed acquisitions of ALPS and Green Therapeutics LLC (“GT”).
The Company is working towards the completion of the acquisition of a 51% interest in ALPS and the acquisition of 100% 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 GT transaction is also advancing, and definitive agreements are being drafted to meet applicable U.S. state regulatory requirements. ALPS and AUSA have agreed to extend the completion of the definitive agreements to February 22, 2021. It is anticipated by the Company that the ALPS transaction will close first, with the close of the GT closing following shortly thereafter.
GT continues to turn out exceptional, high-end products. Three of the Company’s Cultivars, sold under the GT Flowers brand, have tested for high potency with exceptional terpene profiles:
- London Poundcake tested at 35% THC with 18.9 mg/g terpenes;
- Sliver Hawks Haze tested at 30% THC with 23.4 mg/g terpenes, and
- Phatt Fruity tested at 29.8% THC with 21.1 mg/g terpenes.
The high quality of these products, due to GT’s science-based approach to cultivation, is reflected in GT products consistently selling out in the Nevada adult usage space in which GT has achieved a 52% penetration rate.
Additionally, GT is in the process of operationalizing assets in Missouri and Oklahoma. In Missouri, GT has completed work on a processing and manufacturing facility in which GT principal and AUSA Interim CEO, Dr. Duke Fu, holds a 25% ownership stake, and is in the process of securing distribution for GT’s brands. It is anticipated that AUSA will obtain this ownership interest at a future time once permitted by applicable Missouri State licensing authorities. GT remains on target to commence production at its facility in Oklahoma in the second half of calendar 2021.
Dr. Fu, Interim CEO of AUSA, commented, “Being able to consistently produce connoisseur cultivars that deliver exceptional potency and superb terpene profiles is an achievement that we are rightly proud of. We believe that the combined Team with AUSA, and through them with ALPS, will enable us to execute on the scale-up of our brands. This combination will provide consumers and patients across the U.S. with access to our unique product portfolio. We look forward to GT becoming an official member of the AUSA family and jointly building an innovative, capital efficient MSO with national and global reach.”
The acquisition of GT is contingent on approval by the State of Nevada’s Cannabis Control Board and subsequent local approval by Clark County Department of Business Licensing.
ALPS – Continued Execution and Innovation
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.
Thomas Larssen, President of ALPS, stated: “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…