Australis Capital Inc (CSE:AUSA, OTCQB:AUSAF), doing business as Audacious, said it has completed the acquisition of Lo͞oS, a cannabinoid-infused shot beverage company, based in Santa Cruz, California.
The Las Vegas-based company said it can now go ahead and significantly ramp up production and marketing initiatives with retail and delivery partners across California to meet growing demand.
"Lo͞oS is another example of how brands with strong value propositions will attract a growing audience,” Audacious CEO Terry Booth said in a statement. “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," he added.
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Lo͞oS products are based on a unique nano-emulsion technology platform for rapid onset, 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: 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. After entering the market in the 2-oz. drink category, Lo͞oS plans to release a number of other products across several key categories.
"Our footprint keeps growing and so do our sales,” said Anthony Bendana, co-founder of Lo͞oS and director of sales at Audacious. “Being such a new brand, it's exciting to see us already become the second best-selling beverage through Eaze on any day that we run promotions,"
As part of the consideration for the transaction, Audacious said it issued a total of 4,687,500 common shares.
“We have big plans for Lo͞oS and intend launching the brand in other jurisdictions we are operational in,” Booth concluded. “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. The future for Lo͞oS is bright and we look forward to reporting on our continued successes as we bring this product line to new markets."
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 the author at stephen.gunnion@proactiveinvestors.com