Australis Capital Inc (CSE:AUSA, OTCQB:AUSAF) - dba AUDACIOUS - has announced that the company and its partner, First Americans LLC, have started construction of its New York cultivation, manufacturing and retail project located on the Saint Regis Mohawk territory.
The Las Vegas-based cannabis company said the project will begin with a low-cost, customized growing system utilizing top class auto-flower genetics but an Achieve12 facility will eventually be constructed to expedite stocking products on shelves.
"Early market entry into New York has been a core element of our strategy and we are 100% executing on this,” AUDACIOUS CEO Terry Booth said in a statement. “With first products hitting the market around October, we are well ahead of the general market, which is still waiting for the full regulations on how adult use will be introduced throughout the entire state.”
READ: Australis Capital says AUDACIOUS launches first Mr. Natural product in Nevada
AUDACIOUS said the cultivation system employed by the partnership will benefit from technology measures to mitigate the effects of inclement weather, while at the same time, benefiting from full sun and utilizing the latest in crop management techniques.
“All materials have been ordered, the irrigation is expected to be delivered shortly and growing activities are anticipated to commence late June/early July 2022 with first harvest commencing in September,” it said.
The company will also process the harvested material into derivative products such as its award-winning brands Tsunami and Provisions on site.
Additionally, construction of the company’s first dispensary on the Saint Regis Mohawk territory has commenced and is expected to be completed in time to carry the first products from the outdoor facility, AUDACIOUS said.
The dispensary will be located immediately adjacent to the Akwesasne Mohawk Casino Resort, which attracts close to 2.4 million visitors annually, it noted.
“This partnership with First Americans shows how AUDACIOUS is a preferred partner who is able to translate its operational excellence into capex light entry for new, high growth markets,” CEO Booth said.
“We look forward to working with Rick Hamelin, president of First Americans, and his team to claim our position among the market leaders in New York state,” he added.
AUDACIOUS also announced that it has issued 151,100 common shares as part of its ongoing senior executive compensation plan.
Contact the author at jon.hopkins@proactiveinvestors.com