Audacious Archives - Green Market Report

StaffAugust 3, 2022
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18min260

Australis Capital Inc. (CSE:AUSA) (OTCQB: AUSAF) also known as Audacious reported its unaudited results for its fiscal year ending March 31, 2022 on Tuesday. Australis said that revenues increased by over 1,200% to nearly $9.5 million. the company attributed the increase to a full year of ALPS revenue consolidated (51% of ALPS acquired on March 8, 2021), as well as growth in the ALPS business throughout the year, along with management fee income starting in Fiscal ’22 related to the Green Therapeutics business.

The company said its operating loss increased 38% to $19.4 million due to higher personnel and administrative costs related to the ALPS business, as well as investments in new product lines and initiatives related to expansion into other states.

CEO Terry Booth said, “We have been able to develop a number of unique assets, from our award-winning GT brands, through our unique LOOS, Mr. Natural and Wreck Relief product lines, as well as our early mover initiatives in Thailand (revenue generating) and New York State. With our recently granted provisional license in New Jersey, where we are progressing towards conversion into a full adult-use license, we believe we have assembled a portfolio of assets, the value of which is well in excess of what the market currently values us at. With our recently announced credit line and further capitalization initiatives underway, we believe AUDACIOUS is positioned exceptionally well to benefit from the strong anticipated growth on the U.S. East Coast, as well as internationally.”

Northeast Strategy


StaffApril 19, 2022
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5min50

Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) also known as Audacious was awarded a provisional Cultivation license, as well as a provisional manufacturing license in the state of New Jersey.

New Jersey has become the latest state to attract the attention of cannabis companies in the country. Adult-use sales will begin this Thursday, April 21 jump-starting a process that has continually stalled since voters agreed to legalize it in 2020. With a population near 9 million people, it is estimated that the total New Jersey market could reach $2 billion. So far, the state has awarded 37 conditional cultivation licenses and 70 conditional manufacturing licenses, in addition to allowing 6 of the incumbent 12 medical use operators to participate. Audacious said that the limited number of licenses awarded and the limited availability of municipalities that have opted in will give them a significant early mover advantage.

AUDACIOUS‘ new team, just one year ago, committed to being laser-focused on the U.S. East coast and this successful license application is another example of how we continue to execute rapidly on this strategy,” said CEO Terry Booth. “With projects underway in New YorkMassachusetts and now New Jersey, our footprint is rapidly expanding in what we believe will be some of the most significant and profitable markets in the U.S. We have more up our sleeve in the states mentioned, and we look forward to informing the market as we continue on our rapid growth trajectory.”

The company said in a statement that it has up to 150 days to secure a location in one of the municipalities that opted in for adult use, enabling it to apply to convert the licenses from provisional to fully granted. Audacious said it has already identified a number of locations it intends to apply for permitting and is confident it will be able to meet all requirements. Under the regulations, the cultivation license allows for a facility with a maximum canopy area of 50,000 sq ft. The manufacturing license will enable the company to introduce its award-winning brands to the New Jersey market.

Achieve Facilities

Audacious said it plans to build one of its Achieve series of standardized facilities for the cultivation of premium products at low operating costs. “The 50,000 sqft maximum canopy size will permit a building with a total surface area of 100,000 sqft, or an Achieve 24 facility, which will include the manufacturing facility for which the company has obtained a provisional license as well. The Achieve 24is an all-inclusive indoor facility using supplemental sunlight along with the industry’s most efficient cannabis-proven LED lighting. It features a mother room, clone room, veg room, and flower rooms capable of producing 24,000+ pounds of dry flower a year.”

“The Achieve 24 takes growing to another level while saving on energy costs. The facility is designed with efficiency in mind through a sophisticated nutrient delivery system combined with a high level of automation. The facility is scalable, able to reach an impressive 100,000 pounds of dry flower a year. This facility features an automated benching system for the highest possible efficiency in logistics, benefitting transplant and harvesting greatly. Multiple SKUs can easily be manufactured in ample space for dedicated manufacturing suites – all at GMP quality and safety while being inclusive of the most efficient people and materials movement possible.”


StaffMarch 2, 2022
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5min80

Long after the market closed on Tuesday, Australis Capital Inc. also knowns as Audacious (CSE: AUSA) (OTC: AUSAF)  announced that it had filed its financials and management discussion and analysis for the three-month period ending December 31, 2021, its fiscal third quarter of fiscal 2022 (the year ending March 31, 2022). Audacious reported that it had total revenues of $2.37 million, an increase of 2,623% year-over-year from $90,378 in the third fiscal quarter of 2021 and even grew 4% sequentially.

The net losses were trimmed to $4.7 million in the quarter versus last year’s $19.2 million for the same time period. A 16% reduction in operating loss was recorded $(4.3) million as compared to $(5.1) million for the prior year, with growth in margins offsetting increased operating costs.

“The third quarter saw us expand internationally through our partnership with Green Triangle Health (“GTH”), where we have already started generating revenues,” said CEO Terry Booth. “Our partner is exceptionally well-connected, which is translating into commercial arrangements with major regional and international distributors. In the U.S., we continue to make good headway too, with an important partnership with First Americans of the Saint Regis Mohawk Tribe, which sees us move into New York well ahead of statewide commencement of adult-use sales, providing us with a significant early mover advantage. Our partnership with PBR has seen us launch our Wreck Relief brand, which is now starting to generate online sales, and our Provisions and LOOS brands continue to do very well in California, in part through our partnership with EAZE, the world’s largest legal cannabis delivery company.”

During the quarter under review, the company said it recorded its first billings in California, offset by lower kiosk income as the Cocoon business is wound down. Furthermore, as the company exits its investment in Body and Mind, no further consulting fees were generated from this relationship.

Jon Paul, CFO of AUDACIOUS, added, “The third quarter was an important pivot for us, as we spent heavily towards future growth opportunities while moving further from our past. We successfully launched the AUDACIOUS brand at our highly trafficked booth at MJBizCon and the Roll-Up Launch Event featuring Machine Gun Kelly. We had our first sales in California while also investing heavily in key raw materials to expand our capacity for future quarters. We began funding our relationship with PBR and built inventory in Wreck Relief for the Q4 release. Even with loss of revenue from past fintech and consulting lines, we still grew sales over Q2 and have multiple opportunities for even faster sales growth in the quarters ahead.”

Looking Ahead

Audacious said that in the coming months it will continue to execute on its strategy with further growth in its current markets and anticipates entering new jurisdictions, including New YorkNew Jersey, and others, as well as further expansion of its product line portfolio. “Additionally, the company will be pursuing multiple initiatives to increase production volume, further driving growth. The company is following rigorous financial discipline and anticipates reducing certain operating expenses in the coming months. Additionally, following conversations with the regulators in Nevada, the company is confident the license transfers relating to the GT acquisition will be completed shortly, following which the Company can consolidate the GT results, further boosting growth.”


StaffJanuary 12, 2022
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3min130

Australis Capital Inc. (OTC: AUASF) also known as Audacious has entered into a definitive agreement with Golden Triangle Health (GTH) on a strategic partnership that marks the company’s first foray into the Asian market. GTH is a majority-owned subsidiary of Thai public company NRF instant PCL with a market capitalization of C$440 million. To start, Audacious will be sending CBD hemp seeds to Asia. The hemp seeds will be cultivated and used for food products as well as CBD isolate extraction. Ultimately, the partners said they plan to supply major CPG companies with B2B white label and branded products.

“We continue to execute and deliver growth, as will be materially shown by this agreement,” said Booth. “Through the distribution channels that GTH and their parent company bring, we anticipate being able to rapidly expand in this very promising market with a broad portfolio of products. The market in Thailand is anticipated to take off in the coming year, while other countries in the region are considering various degrees of legalization as well. Through our early mover advantage and our partner’s deep connections, AUDACIOUS is positioned very well to pursue rapid expansion in this region with enormous potential.”

Thailand became the first East Asian nation to legalize medical marijuana in 2018. Its law permits and regulates the use of medical marijuana. A new law took effect on December 9, 2021 that allows residential households to grow cannabis with no restrictions of how many plants each household can grow.

Tom Kruesopon, a co-founder of GTH, added, “The partnership with AUDACIOUS further strengthens our operational capabilities in the cannabis space, adding very valuable equity to our brand positioning. We have many opportunities and are leveraging our network of international distribution contacts to execute rapidly and build the leader in the Asia-Pacific cannabis market.”

Max Weinberg, Director of International Regulatory Affairs for AUDACIOUS, said, “We are proud of being the first North American firm to ship seeds for CBD production to Asia, marking a milestone that kicks off our revenue generating initiatives in the region. We anticipate engaging in more such transactions in the near future.”


Debra BorchardtDecember 8, 2021
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14min281

This interview was conducted with Terry Booth, CEO of Audacious in October and has been edited for clarity.

Terry Booth is one of the OG’s of legal cannabis as a founder of Aurora Cannabis in 2006. His next chapter begins at Audacious Brands, which was renamed from Australis. However, his initial entry into the company wasn’t a smooth one. Green Market Report had a chance to sit down with Mr. Booth and discuss his plans for Audacious.

Green Market Report Executive Editor Debra Borchardt: The last two years at Australis Capital or Audacious (CSE: AUSA) (OTC: AUSAF) have been a little rocky with the dissident battle.

Terry Booth:                       I didn’t join the dissident battle right away. In fact, I was offered a position there as a chief strategy officer. I said no. When I joined the dissident battle, it was game on. We beat him handily. 60 million votes to 10, or shares, rather. And back in August, when we knew we were going to win, we started plotting and pivoting us back to the cannabis space where it was meant to be. We want to excite, ignite and delight the shareholders. So we want their chins held high. That’s what we’re doing. I joined in March as CEO.

Green Market Report:                                    Or rejoined.

Terry Booth:                       Sort of rejoin. You’re right. I was originally the CEO of the company. And we got rid of the board, got rid of the management team, brought in new blood onto the board, a lot of smart people. Leah Bailey, Jon Paul, both Harvard educated. Cannabis business people. Jon’s the CFO. Leah is our Chief Business Development Officer and then Dr. Duke Fu, who is the COO. He came onto our board through an acquisition. He was actually interim CEO while I was negotiating for my position as CEO.

So those four people got to work including me and we’re executing our deals. We were in one state then, and now we’re in five. We’re working in many. The east coast is important to us with New Jersey and New York and Pennsylvania. If you think about that, that’s 80 million people. Super excited about this US endeavor. It’s a lot different than Canada. We call it 50 different countries here. You have got to know your way around the regulatory landscape. That’s my background. So I’m pretty confident in it and even at Aurora, we knew a lot about what was happening in America because they had backing rights into Australis if it ever becomes legalized.

So that’s a story of how it was founded and here we are. Now we’re in Nevada, California, Missouri, Oklahoma, Massachusetts, Washington – and that’s just with cannabis. We’ve also got Thomas Larssen ALPS projects who not only built greenhouses for weed but also builds greenhouses for sustainable vegetables.

Green Market Report:                           Would you say there’s a specific brand identity for the brands that you have. You’ve got Provisions…

Terry Booth:                       This company really is a brand play. It’s a brand company. We’re not going to have a big CapEx model. We’re not going to build massive facilities anymore for ourselves, but we’re building for others, and we’ll negotiate to get some of that canopy for ourselves and get our own cultivars into those facilities and our own brands. The way you do that is sort of tricky because we’re piggybacking on top of other people’s licenses. So we’re actually skipping the licensing process. If legal says that we’re allowed to do what we do, so far so good. In Nevada, California, and Massachusetts, it’s exactly what we’re doing. We also fix facilities. We went into Arizona, a massive one, I don’t want name the name, they’re in trouble. They were having systemic problems with their growth, and we’ve been in there for months now and it’s really turned around. We’re just getting our crop consultants in, engineering and design, nutrient delivery systems…

Green Market Report:                           Walk me through that. In that example, there’s someone that’s struggling and you guys go in. Fix and then produce your brands from that location?

Terry Booth:                       If they choose to. It’s the second step in the process. So Thomas Larssen, he’s the president of ALPS, Aurora Larssen Projects is where that name was born. He’s been in the grow industry for over 30 years. Took over from his father in the Netherlands and in Denmark. So he knows what he is doing with respect to growing. He’s hired a team of engineers and crop consultants and cannabis people that can go into facilities and say, “Hey, this is not good. Right? You need more lighting here, your nutrient delivery system shouldn’t be top-fed it should be table fed. You’re wasting space there, but those lights are wrong. Your environmental conditions are wrong. Your humidity’s too high, or it’s too low.” All those types of things end up with what? Good cannabis and higher yields, higher THC content, if that’s what you so choose.

So we have a deal with a company in Colorado called Three Rivers, and they do plant tissue culture and micropropagation. So we can move clean genetics state to state without it being illegal. If they’re in… It’s called agar, like a Petri dish of goo. That makes plants… and we offer that service to our people that we’re building for. So we’re not just an engineering firm that comes in and says, this is what you got to build. It’s right from the seed to when it’s shipped and packaged. We’re not the sale, ALPS isn’t, but we do have that at AUDACIOUS with Green Therapeutics. And the brands you were asking about, we have five now very strong brands, I believe.

We are now licensed in Cali with the deal we did with Herb and Eaze.  A lot of the money that we’re raising right now is going to getting products and getting those things going. But again, we’re not going to build these massive structures unless it’s for somebody else and we’ll get a canopy in those structures.

Our first entry into the CBD space is with the Professional Bull Riders Association and it’s the first major sports organization that has signed a CBD deal. I don’t think we were close when I was with Aurora. These sports franchises are going to come on board, but the PBR is cool. Right now, it’s just a topical, and eventually, we’ll get into the edibles of CBD. And as you know, in America, they did an amazing thing by taking that off of the controlled drugs and substances risk, CBD.

Green Market Report:                           Then you guys just recently bought the beverage company LOOS.

Terry Booth:                       LOOS, yeah. That’s the only way I think you should be selling beverages with cannabis because it’s expensive when you put it in 10-ounce cans and you have to keep it refrigerated, and you have all the-

Green Market Report:                           I’ve heard about the interior of the can, the metal that you have to worry about coating.

Terry Booth:                       Yeah. That happened to one of the bigger companies where the THC wore away the metal. In Canada, we’d only be able to put a 10 mg in that shot. In California we can put a 100 mg in it. So it’s a powerful shot. So the LOOS deal. Young guys, smart. Anthony and Ben and their sales team. They were as much hired for getting that product on the shelves, as it were for building our sales force in Cali. Important. Then we did the Herb deal and that’s a San Jose dispensary. But the cool thing about the Herb deal was it included Eaze, and Eaze is the largest delivery company in Cali and the best.

They connected through Herb through an investment so they could do Northern California delivery. So the pieces of the puzzle are all falling into place in Cali. It’s the state you can’t not be in, but it is hard to navigate profitability. So you need to be in all the verticals and need to know what the hell you’re doing.

We’re in M&A mode. And JV mode, we want to make sure that we’re 51%, at least. We’re doing deals with social equity groups. That’s what we did in Massachusetts. So we’re okay at taking 49% on that. A good example of that is these guys from Belle Fleur and Rapper Weed, amazing guys. They originally approached us for cash, because they thought we’re still a capital company. And we said, “Nah, we don’t do that anymore. But what are you up to?” Well, we have the social equity license. They have the largest that you can get in Massachusetts. So 110,000 square feet of canopy, which it includes for retail. It includes manufacturing. And their social equity licenses in mass also include delivery where no one else can get delivery except for SEs.

So they phoned us and, no we don’t give it cash, but what are you up to? Well, we’re building a facility. These guys used to manage a million square feet under in Cali and they… No we don’t need any help. But for two and a half hours of speaking with Thomas Larssen and, and Joel Fuzat, I was on the call for about an hour, they were convinced. They need us. They want us. So we signed a contract and we’re now building that facility. Shovels were in the ground two months ago. So that’s exciting in Massachusetts. Our diversity and inclusion program that AUDACIOUS have, I think it’s better than anybody else’s, not to be a little bit audacious, but we have an independent committee advising management. An independent board, rather. Various cultures and LBGTQ people, people color, and whatnot. And they’re making a difference with not only advising what management should be doing, but looking at the states where things are not being done like they should be done on social equity.

Green Market Report:            It’s all talk and not a lot of substance.

Terry Booth:                       That’s not what this is about. On the social equity side of things, you need to educate. So we’re working with colleges, we’re working with SUNY, we’re working with the university in Canada to put together the courses that will let social equity and people be educated so they can own their own damn businesses.

That should be the goal. Right. So anyway, that’s a big part of what we’re up to. We’ve got lobbies hired in New York and New Jersey. If you think about New York, New Jersey, Pennsylvania, adult usage, that’s huge.  So the opportunity on the build side is very large with ALPS and the opportunity on the license side is getting better and better. That’s cool. So it’s fun. I love the business of cannabis. I love business period.

 

 


StaffNovember 23, 2021
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4min110

Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) also known as Audacious, has delivered its financials and management discussion and analysis for its fiscal second quarter of fiscal 2022 (the year ending March 31, 2022), the period ending September 30, 2021. Australis reported total revenues increased 2,068% year over year to $2.3 million and increased 31% from $1.73 million in the first fiscal quarter of 2021.

The company reported a net loss of $(4.32) million, or $(0.02) per share, compared to a net loss of $(5.82) million, or $(0.03) per share, in the second quarter of 2021, and a net loss of $(9.67) million, or $(0.04) per share in the first quarter of 2022. The prior year’s net loss was higher due to settlement costs and the net loss for the first fiscal quarter of 2022 was higher due to a decline in investment values.

“On a pro forma basis, we continue to record stellar growth with revenues increasing 2,700% year-over-year, and further strengthened our gross margins through the successful integration of our ALPS subsidiary,” said CEO Terry Booth. “Our financial results are a direct result of the strength of our unique and differentiated business model, which centers on partnering with leading cannabis brands and building our portfolio of integrated cannabis operations to strategically expand our US and global footprint. Our ability to form synergies across cannabis operations under the leadership of an experience C-suite, supported by a team of seasoned cannabis and CPG executives, crop consultants, engineers and genetics experts, continues to drive our success and we are well-positioned to explore opportunities that will further our position as a leading multi-state operator. We remain focused on our capital-light business model and following a proven path to success by scaling our operations and streamlining costs while entering new high-growth cannabis markets.”

Looking Ahead

The company said its working capital as of September 30, 2021, was $7.40 million as compared to $16.42 million as of March 31, 2021. Australis believes it will have sufficient cash and resources to fund its business objectives for the next twelve months.

Australis also said that it expects to have continued strong growth and is forecasting third-quarter revenues north of $3 million. “In the months ahead, AUDACIOUS will continue to execute on its strategy with further growth in its current markets and anticipates entering into new jurisdictions, including New York StateNew Jersey, and others, as well as further expansion of its product line portfolio. Additionally, the company will be pursuing multiple initiatives to increase production volume, further driving growth.”


StaffSeptember 27, 2021
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4min50

Cannabis companies are continuing to make money moves in this capital hungry industry. This week is kicking off with two companies making announcements.

RWB

Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF)reported that it has completed a refinancing of an aggregate principal amount of $18.6 million debentures (plus accrued interest to September 1, 2021) previously issued to an arm’s-length investor . The Prior Debentures were replaced with a new debenture in the principal amount of $19.3million. The New Debenture is unsecured, bears interest at the rate of 10% per annum, which accrues and is payable on the maturity date of January 21, 2023. The New Debenture is payable in full on a change of control.

Audacious

Australis Capital Inc., operating as Audacious (CSE: AUSA) (OTC: AUSAF)  announced that it has retained DelMorgan & Co., an internationally recognized investment banking firm, to assist it with its $15 million capital raise.

Terry BoothAUSA CEO, said, “DelMorgan is a highly regarded name with broad access to institutional investors active in the cannabis industry, our target audience for this raise. The funds will largely go to initiatives that we believe will enable us further to accelerate growth. We have a number of potential transactions and partnerships on our radar screen. These funds will help to capitalize on these opportunities and take AUSA to the next level. We look forward to working with the DelMorgan team on this fund raise and potentially other initiatives.”

Industry Capital

According to Viridian Capital as of the week ending September 17, the total capital raised year-to-date in 2021 of $9.36B is now approximately $1.1B lower than the same period in 2019 (the previous peak year); however, U.S. capital raises are far more robust. “U.S. equity raises are up by $448M (12%), and U.S. debt raises are up by $748M (76%) compared to 2019. Canadian raises are off sharply, with equity raises down 49% and debt down 12%,” said Viridian.

On September 15, 2021, Glass House Brands Inc. (NEO: GLAS.A.U)(OTCQX: GLASF) closed its acquisition of a 5.5 million square foot greenhouse facility in Southern California. That deal was valued at $233 million or $158 million without earnouts. It was comprised of $93 million upfront cash, $65 million in stock (6.5 million shares valued at $10/ share), $75 million in earn-outs (based on performance for the 12 months commencing 30 months after CAPEX is completed at the facility). The upfront cash consideration was reduced from $118 million to $93 million, preserving an additional $25 million in funds for buildout.

On September 17, 2021, Halo Collective Inc.  (NEO: HALO)(OTCQB: HCANF) closed an at-the-market offering raising approximately $15.6M between May 4, 2021, and September 17, 2021.


StaffAugust 30, 2021
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4min40

Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) delivered its unaudited financial statements and management discussion and analysis for the first quarter of the fiscal year 2022 ending June 30, 2021. AUSA revenues rose 2,652% to $1.7 million over last year and was a sequential increase of 266%. The company said that the quarter included revenues from ALPS (acquired in March 2021) and management fees from GT. 

Australis recorded a net loss of $(9.5) million or $(0.04) per share. The company said the loss was driven primarily by a decrease during the first quarter in the price of Body and Mind (“BaM”) shares held. To date in Q2 FY 2022, BaM has rebounded back to the per-share price as of March 31, 2021.

Australis said that without the revaluation of the BaM shares, Adjusted EBITDA was comparable to a year ago. Adjusted EBITDA remained at a slight loss of $(0.01) per share or $(1.6 million), a sequential 15% improvement from $(1.8 million) in Q4 FY 2021. There were very few other impairment costs, as AUSA’s new management has completed most of the restructuring of various deals or disputes as of FY 2021.

“Continuing the strong performance recorded in Q4 of fiscal 2021, AUSA has transformed itself into a rapidly growing MSO in the U.S. cannabis space,” said CEO Terry Booth. “With revenues soaring by over 2,600% over last year, improving gross margin and adjusted EBITDA, we are showing the power of our execution on a unique strategy. This is just the beginning. We are exceptionally well positioned with operations in new jurisdictions coming online, new brands launched, and a number of very interesting transactions and partnerships progressing well towards signing. Going forward, shareholders can expect AUDACIOUS to continue transforming the business and execute towards becoming a unique and uniquely successful MSO.”

Expenses

In the first quarter SG&A expenses increased to $1.7 million. The company said that the increase from the prior year was due to the addition of ALPS personnel as well as higher legal, professional, and board of director fees. The operating loss was $3.4 million for the three months ended June 30, 2021, compared to $2.5 million for the three months ended June 30, 2020. Higher SG&A costs more than offset the increase in gross profit. However, the operating loss in Q1 FY 2022 was $0.3 million less than Q4 FY 2021 and $1.6 million less than Q3 FY 2021.

In June, Australis announced that it was changing its name to Audacious Brands.  The company’s ticker symbol will remain AUSA on the CSE and AUSAF on the OTC. The company said it will consolidate its brands under the new Audacious banner and intends to launch additional product lines under the new name.


StaffJuly 14, 2021
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5min170

Australis Capital Inc., operating as Audacious (CSE: AUSA) (OTC: AUSAF) is buying a cannabinoid-infused shot beverage company called LOOS. The company which is also known as Gary Maverick Inc. is based in Santa Cruz, California. The amount of the transaction was not disclosed.

The products are based on a unique nano-emulsion technology platform for rapid onset, are all-natural, vegan, gluten-free and low sugar, and low calorie. The company said in a statement that after entering the market in the 2oz drink category, Loos plans to release a number of other products across several key categories, including CBD infused shots.

“With LOOS we are adding a fresh and exciting brand and consumer segment with compelling products that offer a unique user experience,” said Leah S. Bailey, Chief Business Development Officer of Audacious. “Furthermore, with Ben and Anthony, we are adding two aggressive, highly successful, and commercially savvy people to our team, which will help us to build new distribution networks for all Audacious brands and product lines. The deal is structured to ensure full alignment with AUSA shareholder interests, and we anticipate the LOOS transaction to become accretive rapidly.”

CEO Terry Booth added, “Launching a logistics-light SKU into the beverage market, I have always believed, will make all the difference in accelerating sales in this category. Furthermore, this transaction also signals our intended entry into the CBD infused drinks market, which industry insiders anticipate may become one of the most important product categories in our industry. Acquiring LOOS and the team behind the brand gives us a head start and adds another product and revenue generating line to our portfolio. as well as sees Audacious increasing our presence in California.”

Loos’ management team brings over a decade of collective experience in cannabis with brands such as Plus Products, 710 Labs, Loudpack, and Flow Kana. Their first product, a 2oz drink (shot) infused with 100mg of THC, is available in three flavors: Orange Crush Sativa, Green Dream Hybrid, and Lavender Indica. Each flavor features a unique terpene profile and is infused with added nutraceuticals for increased functionality. Following completion of the transaction, the LOOS founders will join the Audacious Sales team reporting to Dr. Duke Fu, Chief Operation Officer and the Business Development team, reporting to Chief Business Development Officer (“CBDO”) Leah S. Bailey.

LOOS Founders Anthony Bendana and Ben Koppel stated jointly, “As two people who worked their way up from the bottom in this industry, we saw an opportunity to create a brand with quality, effective, and affordable products that specifically caters to the cannabis community we love. The CPG space is filled with brands focusing on new consumers and the canna-curious and we’re excited to join them on the shelves and counters to help the entire cannabis community get Loos. We believe this industry should aspire to the highest ideals of the cannabis pioneers that powered it into existence and want Loos to be an ambassador for the type of radical empathy, compassion, and community we could all use to help us stay loose. We are excited to join forces with Audacious whose philosophy and values closely match ours and whose rapidly expanding footprint will enable us to accelerate our growth into new territories on a global basis.”


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