Australis Capital Inc (CSE:AUSA, OTCQB:AUSAF) (AUSA), doing business as Audacious, said it has met key milestones towards obtaining a full adult-use cannabis license in the state of New Jersey.
To graduate from a provisional to a full adult-use state license, the company said it needed to secure an appropriate building and land, as well as municipal approval for the establishment of a cannabis business on the designated premises.
AUSA said it had entered into an agreement to lease a 105,000-square-foot cannabis grow facility in the municipality of Millville, New Jersey.
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The company intends to construct an Achieve Series facility, which is an all-inclusive indoor facility with the industry’s most efficient cannabis-proven LED lighting. The planned facility features a mother room, clone room, veg room, and flower rooms capable of producing 43,000-plus pounds of dry flower per year.
The company has also completed the submission of its application to the City of Millville for municipal approval for the establishment of a cannabis operation at the leased premises.
AUSA CEO Terry Booth said the company was confident that by meeting these milestones, it had added significant value.
“While industry valuations have come down considerably in the past months, recent transactions have valued New Jersey licenses well above AUSA's current market cap,” Booth said.
Audacious is a next-generation multi-state operator growing the cannabis industry of tomorrow from the ground up.
Contact the author Emily Jarvie at emily.jarvie@proactiveinvestors.com
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