ATS Share Price History
12 Mar, 2021
Australis Capital Inc. (OTCQB: AUSAF) agreed to buy cannabis company Green Therapeutics LLC in a deal worth between CA$8 million ($6.4 million) and CA$10 million. The purchase would give the Las Vegas-based company ownership of Green Therapeutics portfolio, which includes GT Flowers, TsunamiTM and ProvisionsTM. The Deal Details The deal also settles a legal dispute between the two companies, which both parties agreed to do later this month in tandem with the initial closing. Australis will pay holders of Green Therapeutics membership interest between CA$8 million and $100 million for 100% of the interest of the entire company including a subsidiary. Out of the total amount, CA$7.5 million will be paid via the issuance of units of the company’s subsidiary, GT Acquisition, with a price of CA$0.20 per buyer unit. Each buyer unit will enable the holder to obtain one common share of the company. Some CA$500,000 as indemnity holdback will be payable 18 months after the initial closing, while up to $2 million will be payable in two parts — on the first and second anniversary of initial closing (and only if Green Therapeutics co-founder Dr. Duke Fu is still employed at the company on those dates). Once the transaction is finalized it would be immediately accretive to Australis results. Via this purchase, Australis will obtain: 8,000 square foot cultivation and manufacturing facility; Management and brand licensing agreement with an Oklahoma-based entity owned by Fu; Brand licensing agreement with an entity in Missouri owned in part by Fu The right to obtain an interest in the Oklahoma entity once the law allows it. "Entering this definitive agreement to acquire GT marks another kept promise to our shareholders," Australis CEO Terry Booth said. "With its award-winning brands, excellent operational team and assets across three states currently, combined with the leverage ALPS brings to secure novel streaming agreements, we are positioned exceptionally well to execute on our expansion strategy and develop AUSA into a top-tier MSO.” See more from BenzingaClick here for options trades from BenzingaPower REIT Buys Another Property In Colorado For Cannabis OperationsVerano Raises CA0M Selling Warrants Co-Led By Beacon Securities, Canaccord Genuity© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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