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It means "that may be so" or "that may be the case." It's more common in British English. Reference these lyrics to The Who song, "I Can See for Miles."

I saw you holding lots of other guys

and now you've got the nerve to say

That you still want me

Well, THAT'S AS MAY BE

Because all the while

I can see for miles and miles

Pete Towshend

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13y ago
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Q: What does that's as may be mean?
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