Australis Capital Inc (CSE:AUSA, OTCQB:AUSAF) - dba Audacious - has announced that it is broadening its footprint in the US cannabis space with a new adult-use license in the state of New Jersey.
The Las Vegas-based multistate operator said it was awarded provisional cultivation and manufacturing licenses in the US state.
New Jersey recently announced it will begin adult-use cannabis sales on April 21.
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With a population of almost 9 million people, the New Jersey cannabis industry could approach a total valuation of nearly US$2 billion, according to estimates. State regulators have awarded 37 conditional cultivation licenses and 70 conditional manufacturing licenses, which Audacious said provides it with a “significant” early mover advantage.
"Audacious' new team, just one year ago, committed to being laser focused on the US east coast and this successful license application is another example of how we continue to execute rapidly on this strategy,” CEO Terry Booth said in a statement.
“With projects underway in New York, Massachusetts 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 US.”
Under the regulations, Audacious has up to 150 days to secure a location in one of the municipalities that opted in for adult use, enabling the company to apply to convert the licenses from provisional to fully granted. The firm 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.
The cultivation license allows for a facility with a maximum canopy area of 50,000 square feet, while the manufacturing license will enable Audacious to introduce its award-winning brands to the New Jersey market.
Audacious said it plans to build one of its Achieve series of standardized facilities to cultivate premium product at low operating costs.
The 50,000 square foot maximum canopy size will permit a building with a total surface area of 100,000 square feet, or an Achieve 24 facility, which will include the manufacturing facility, Audacious said. The Achieve 24 is an all-inclusive indoor facility using supplemental sunlight along with cannabis-proven LED lighting and featuring a mother room, clone room, veg room, and flower rooms capable of producing more than 24,000 pounds of dry flower a year.
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