Australis Capital Inc (CSE:AUSA, OTCQB:AUSAF), doing business as Audacious, announced that the company has entered into a definitive agreement with Golden Triangle Health (GTH) on a strategic partnership that marks its first foray into the Asian market.
GTH is a majority-owned subsidiary of Thai public company NRF instant PCL with a market capitalization of C$440 million, the company said.
"Through the distribution channels that GTH and their parent company bring, we anticipate being able to rapidly expand in this very promising market with a broad portfolio of products,” Audacious CEO Terry Booth said in a statement.
He added: “The market in Thailand is anticipated to take off in the coming year, while other countries in the region are considering various degrees of legalization as well.”
READ: Audacious to partner with First Americans of the Saint Regis Mohawk Tribe to develop cannabis operation in New York State
The Las Vegas-based company said that ultimately, the partners intend to supply major consumer packaged goods (CPG) companies with B2B white label and branded products. In the meantime, the two companies are working towards completing the transaction and setting in motion a broader commercial program to expand throughout Asia and beyond.
"The partnership with Audacious further strengthens our operational capabilities in the cannabis space, adding very valuable equity to our brand positioning,” Tom Kruesopon, a co-founder of GTH said. “We have many opportunities and are leveraging our network of international distribution contacts to execute rapidly and build the leader in the Asia-Pacific cannabis market."
Audacious has sold the first shipment of CBD hemp seeds to GTH, which helps it expand its product portfolio. The hemp seeds will be cultivated and used for food products as well as CBD isolate extraction, the company said.
Max Weinberg, director of international regulatory affairs for Audacious, stated, "We are proud of being the first North American firm to ship seeds for CBD production to Asia, marking a milestone that kicks off our revenue-generating initiatives in the region.”
Audacious is an emerging global multiple system operator (MSO) company, securing access to low-cost but high-quality cannabis. This will enable the company to fuel the expansion of its footprint across the United States and abroad.
Contact Ritika at ritika@proactiveinvestors.com