Australis Capital Inc (CSE:AUSA, OTCQB:AUSAF), the cannabis company doing business as Audacious, gave shareholders an update on its commercial operations in Thailand.
CEO Terry Booth told investors that the firm’s operations in Thailand are accelerating thanks to multiple sales and distribution arrangements, clinic expansion, vertical integration and access to further commercial partners and stakeholders.
“(We) are building a rapidly growing, profitable foundation for our operations in Asia as cannabis regulations evolve in the region,” Booth said in a statement.
READ: Australis Capital says AUDACIOUS opens its first medical cannabis clinic in Thailand
Audacious has a partnership with Golden Triangle Holdings (GTH), a spinoff of Thailand’s NR Instant Produce PCL with a market cap close to $400 million.
“Through our material control of GTH, we will be able to consolidate revenues, which we believe will grow rapidly to become a material contributor to our top and bottom lines,” Booth added.
"Our collaboration with Tom and the GTH team is exceptionally positive, and through their deep connections in the region to business and political decision makers, we believe we have what it takes for AUDACIOUS and GTH to become a dominant operator in the region and beyond."
Audacious plans to market CBD isolate to major producers and distributors, as well as branded goods, to be sold through retail channels Herbidus clinics and Hemp House franchises. It also hopes to enter into distribution agreements with key strategic partners like 7-Eleven, Loxley Public Company Ltd, King Power International Group, Dentitse Oral Care and Smoothe Company Ltd, which are all active in Thailand’s retail space.
“Through our access to the Audacious brain trust and their operational excellence, we are now in a position rapidly to expand our cultivation and other operations to help meet growing demand for our products and services,” GTH co-founder Tom Kruesopon said.
Thailand visit solidifies partnerships
Audacious sent a team to Thailand to visit its counterparts in the country, it told shareholders. During the trip, the group finalized the composition of the GTH board, appointing Audacious COO Duke Fu and chairman Hanoz Kapadia, as well as director of international regulatory affairs Maximilian Weinberg to control three of GTH’s five board seats.
With its 25% stake, Audacious said it now exerts material control over GTH and will be able to consolidate all revenues generated through GTH.
Audacious also met with the Right Honorable Anutin Charnvirakul, Minster of Public Health, to discuss the current state and future development of the medical cannabis industry in Thailand, as well as GTH's plans and objectives.
The team also finalized an agreement with Khon Kaen University to access land for hemp cultivation and the university’s research laboratory to manufacture CBD isolate. The group completed a first trial harvest, with the next crop to be planted in early April.
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