Australis Capital Inc (OTC: AUSAF) (CSE: AUSA) announced a merger Wednesday of AUSA, Folium Equity Holding LLC and Folium Merger Sub, LLC a new Colorado subsidiary of AUSA.
AUSA will acquire all outstanding Folium membership units that it does not already own.
Folium and Merger Sub will merge, and Folium will become a wholly owned subsidiary of AUSA, with AUSA being rebranded as Folium Biosciences.
"Folium's core [tenets] of quality, science, scale and innovation — coupled with its broad customer base, long runway of product innovation, operating history, minimal debt structure and opportunities to further grow the business organically and through M&A — makes this an exciting and unique opportunity for AUSA stakeholders," AUSA CEO Scott Dowty said in a statement.
Folium is a vertically integrated producer, manufacturer and distributor of hemp-derived non-psychoactive cannabinoids in North America.
The company is unique in that its growth has been organic and funded through sales, and it has a track record of consistent profitability, CEO and co-founder Kashif Shan said in a statement.
"Now, with access to the public markets and the strategic addition of key seasoned management personnel experienced in operating a public company, we are positioned to navigate to the next level of success in concert with the existing leadership team here at Folium."