Australis Capital (AUSA.C) announced that they have acquired controlling interest in an Ontario numbered company called ALPS involved in design and construction for horticulture facilities, according to a press release.
ALPS deals specifically with cannabis, but has also constructed horticulture facilities to grow mushrooms, fruits, vegetables, flowers and others. They provide support and expertise to clients from the time the business starts through to the success of the operation.
“We anticipate that this transaction, upon its completion, will be game changing and immediately accretive, and marks the first and crucial step in the transformation of AUSA to become the Company it was always meant to be: a profitable and rapidly growing MSO. We believe that through ALPS we will be able to secure a supply of reliable and high-quality input material to fuel our multi-state roll-out, while at the same time generating free cash flow to accelerate the growth of our business. This is what we promised AUSA shareholders, and this is what we are executing on,” said Duke Fu, interim CEO of AUSA.
Australis is up 33% on the news, and is now trading at $0.26.