() () said Monday its new board is ready to get to work on putting the cannabis company on a path to profitability.

The US-focused firm said the board is getting started on a number of strategy initiatives laid out by shareholders in its recent AGM, beginning with optimizing the value of its current asset portfolio that includes Cocoon, , Green Therapeutics LLC, Quality Green, Folium Biosciences, and land assets in Washington state.

Board members are also engaged in “high level” negotiations with other leading cannabis companies, the group said in a statement. The team added it believes that recent US federal and state developments will take the industry “to a new level” in the country.

READ: Australis Capital appoints cannabis industry veteran Sameer Kumar as independent director

Interim CEO Duke Fu thanked shareholders for their support throughout a turbulent few months for the company.

"We have been busy these past few weeks, and have already reengaged with our portfolio companies as part of our strategic review towards optimizing value,” Fu said in a statement.

“We have reduced our expense base, implemented strong governance practices, and have advanced negotiations with potential partners and investment targets. Shareholders can expect a reenergized and much more active and efficient AUSA, which will be reflected in more frequent communications as we execute on our strategy."

Australis said it has started a recruitment program to fill permanent CEO and CFO roles.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas