Australis Capital Inc. (CSE:AUSA) (OTC:AUSAF), which operates as Audacious, reported Thursday that it has wrapped up its acquisition of Lo͞oS, a cannabinoid-infused shot beverage company, based in Santa Cruz, California.
The move follows the company’s foray into the Asian market via a deal with Thailand-based Golden Triangle Health, a subsidiary of NR Instant Produce PCL, a southeast Asian food manufacturer and distributor.
As part of the transaction, the Las Vegas-based company issued a total of 4.7 million common shares.
Why It Matters
The acquisition expands Audacious’s portfolio by adding Lo͞oS products that are based on a unique nano-emulsion technology platform for rapid onset, which are vegan, gluten-free, low sugar and low calorie.
The 2-oz. shots are infused with 100mg THC (5 mg per serving) and are available in three flavors, including Orange Crush Sativa, Green Dream Hybrid and Lavender Indica.
Each flavor features a unique terpene profile and has less than 3 mg. of sugar per bottle.
“I am very proud of how well the Lo͞oS brand resonates with the discerning Californian cannabis community, as reflected by our last production runs selling out in short order,” said Audacious CEO Terry Booth.
Booth said that they can now “go full throttle and significantly ramp up production and marketing initiatives with retail and delivery partners across California to meet growing demand.
“We have big plans for Lo͞oS and intend launching the brand in other jurisdictions we are operational in. Anthony and Ben, the co-founders, have done a great job in generating sales momentum, further strengthened by the incredible reach of the Eaze delivery platform,” Booth added.
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AUSAF Price Action
Audacious’ shares traded 4.06% higher at $0.1187 per share at the market close on Wednesday.
Photo: Courtesy of Australis Capital Inc