Cocoon Technology Achieves Development Milestone and Receives First Purchase Order From Thrive
LAS VEGAS, Feb. 26, 2020 /CNW/ - Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) ("AUSA" or the "Company") is pleased to announce Cocoon Technology, LLC ("Cocoon") is in the final phase of development and completing testing for the platform's deployment and initial launch with Thrive Cannabis Marketplace ("THRIVE"), Nevada's largest independently owned Cannabis Retailer, in April 2020. THRIVE has ordered 32 CocoonPodtm kiosks for their eight locations in Nevada, starting with the pilot location at 2755 W. Cheyenne Ave. #103, North Las Vegas, Nevada and will roll out to the other locations over the following six months. Cocoon expects to generate $1.4 million in annual recurring net revenue year one with net revenues exceeding $7.1 million over the four-year exclusive term with THRIVE.
"Our customers expect an elevated and streamlined experience when shopping at THRIVE," said Mitch Britten, CEO of THRIVE. "A self-service option provides customers an opportunity to experience the dispensary in an interactive and innovative way while streamlining operations. Customers are offered privacy, product education, recommendations, and loyalty offerings while completing their transaction at their leisure."
"We're excited to launch the Cocoon platform in Las Vegas," said Max Aceituno, SVP, Marketing & Product Development at AUSA. "As the world's most robust Platform-as-a-Service specifically designed for dispensaries, Cocoon enables customers to research products, place orders, and make payments directly through their desired point-of-interaction. THRIVE's high-traffic locations are the perfect environment for the initial launch of this platform and we're happy to collaborate with Mitch and team in crafting this unique feature set."
For more information on Cocoon or to schedule a demo, visit CocoonTechnology.com.
About Australis Capital Inc.
AUSA operates and builds transformative, differentiated cannabis companies predominantly in the United States, a highly-regulated, fragmented, and rapidly expanding industry. AUSA adheres to stringent evaluation and operating criteria focusing on high-quality opportunities while maintaining a steadfast commitment to governance and community. AUSA's Board and management team have material experience with, and knowledge of, the cannabis space in the U.S., extensive backgrounds in highly regulated industries and regulatory compliance. AUSA operating and portfolio assets include Rthm Technologies Inc., Body and Mind Inc., Quality Green Inc., Mr. Natural Inc., Green Therapeutics, LLC., and Cocoon Technology, LLC.
The Company's Common shares trade on the CSE under the symbol "AUSA" and on the OTCQX under the symbol "AUSAF".
For further information about AUSA, please visit the website at ausa-corp.com or contact the Company by e-mail at [email protected].
About THRIVE Cannabis Marketplace
The entire THRIVE Cannabis Marketplace team is focused on one thing?well grown, high-quality cannabis. Passionately dedicated to the well-being, safety and enjoyment of its customers, THRIVE cites education, choice and vitality as its guiding philosophical values. Staff helps customers learn the truth about cannabis and its beneficial properties so they are better equipped to choose which products will best serve their needs. THRIVE believes supporting bodies naturally represents the best way to THRIVE. Dedicated to the community, THRIVE and its affiliates have heavily donated to local organizations benefiting at-risk neighborhoods, veterans, patients suffering from AIDS and cancer, as well as organ donation organizations?initiatives chosen to improve Nevadans' quality of life and support access to cannabis for individuals who need it most. THRIVE Cannabis Marketplace currently operates four other locations: 1112 S. Commerce St., Las Vegas, Nevada 89102; 3500 W. Sahara Ave., Las Vegas, Nevada 89102; 2755 W. Cheyenne Ave. #103, North Las Vegas, Nevada 89032 and 7300 South Virginia Street, Reno, Nevada 89511. It has announced two additional locations in Las Vegas' Southern Highlands neighborhood and Carlin, Nevada, both opening in Second Quarter 2020. THRIVE will be announcing two additional stores it's bringing to the Southern Nevada market in the coming weeks. For more information about THRIVE, visit thrivenevada.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Scott Dowty"
________________________________
Scott Dowty
Chief Executive Officer
Forward-Looking Information Statement
This news release contains statements and information that, to the extent that they are not historical fact, constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company's management to predict all of such factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The Company does not undertake any obligation to update any forward-looking information to reflect information, events, results, circumstances or otherwise after the date hereof or to reflect the occurrence of unanticipated events, except as required by law including securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.
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SOURCE Australis Capital Inc.
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