Australis Capital Inc. (CSE:AUSA) (OTCQB: AUSAF) also known as Audacious reported its unaudited results for its fiscal year ending March 31, 2022 on Tuesday. Australis said that revenues increased by over 1,200% to nearly $9.5 million. the company attributed the increase to a full year of ALPS revenue consolidated (51% of ALPS acquired on March 8, 2021), as well as growth in the ALPS business throughout the year, along with management fee income starting in Fiscal ’22 related to the Green Therapeutics business.
The company said its operating loss increased 38% to $19.4 million due to higher personnel and administrative costs related to the ALPS business, as well as investments in new product lines and initiatives related to expansion into other states.
CEO Terry Booth said, “We have been able to develop a number of unique assets, from our award-winning GT brands, through our unique LOOS, Mr. Natural and Wreck Relief product lines, as well as our early mover initiatives in Thailand (revenue generating) and New York State. With our recently granted provisional license in New Jersey, where we are progressing towards conversion into a full adult-use license, we believe we have assembled a portfolio of assets, the value of which is well in excess of what the market currently values us at. With our recently announced credit line and further capitalization initiatives underway, we believe AUDACIOUS is positioned exceptionally well to benefit from the strong anticipated growth on the U.S. East Coast, as well as internationally.”
Audacious is preparing to zero in on the emerging northeast adult-use cannabis marketplace. The company has received a provisional license in New Jersey for the cultivation, processing, and manufacturing of cannabis products. The company said it is progressing towards meeting the requirements for conversion into a full adult use license.
In New York, Australis announced a partnership with Hempire, which received an adult use cultivation license. Hempire received its license through the NYS hemp program for cultivation, manufacturing, and distribution into the adult-use market in New York State. Australis said that land has been secured and the first outdoor planting will happen shortly.
The company said that through its partnership with First Americans LLC of the Saint Regis Mohawk tribe, it was able to begin the work for operations on the territory. The company’s planned dispensary is currently being constructed (immediately opposite the casino resort with 2.4MM visitors annually), while groundwork for cultivation has commenced.
The company also announced it is working with Bertha Lewis and The Black Institute on its social equity initiatives in New York.
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