Australis Capital Inc (dba Audacious) Sees Revenue Increase to C$2.4 Million in Q3 Thanks to International Expansion and New Commercial Agreements

The Las Vegas-based cannabis company reported revenue of C$2.37 million in the three months ending December 31, 2021, up 2,400% year-over-year from $90,400.

Australis Capital Inc (CSE:AUSA, OTCQB:AUSAF) (dba Audacious) said its Q3 2022 revenue grew exponentially thanks to its international expansion efforts and new commercial agreements with distributors .

The Las Vegas-based cannabis company reported revenue of C$2.37 million in the three months ending December 31, 2021, up 2,400% year-over-year from $90,400.

During the quarter, Audacious recorded its first billings in California, which were offset by lower newsstand revenue due to the closure of the Cocoon business.

READ: Audacious is accelerating its multi-market entry strategy, it says in company update

The third quarter also saw the company expand internationally through its partnership with Green Triangle Health, which Audacious CEO Terry Booth said has already started to generate revenue.

“Our partner is exceptionally well-connected, which translates into commercial agreements with major regional and international distributors,” Booth told investors in a statement.

In the United States, the company moved to New York through a partnership with the First Americans of the Mohawk Tribe of Saint Regis, which Booth called a “significant advantage for the forerunners” before sales began at statewide.

“Our partnership with PBR allowed us to launch our Wreck Relief brand, which is now beginning to drive online sales, and our Provisions and LOOS brands continue to do very well in California, in part due to our partnership with EAZE, the largest legal cannabis in the world. delivery company,” Booth added.

The company also reduced its net loss to $4.32 million from the same period last year, when it reported a loss of $5.06 million.

Gross margins also increased by 49% in the following quarter, according to the company.

Looking to the coming months, Audacious said it plans to enter new jurisdictions, including New York and New Jersey, as well as further expand its product line portfolio.

Additionally, the company said it will pursue several initiatives to increase production volume.

Audacious said it follows “rigorous financial discipline” and plans to reduce some operating expenses in the coming months.

“In addition, following conversations with Nevada regulators, the company is confident that license transfers related to the GT acquisition will soon be completed, after which the company can consolidate GT’s results, further driving growth. “, said the company.

The company ended the period with C$657,000 in cash.

Contact Angela at angela@proactiveinvestors.com

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