Australis Capital Inc (CSE:AUSA, OTCQB:AUSAF), doing business as Audacious, said it has now formally completed its submission to the New Jersey Cannabis Regulatory Commission (NJCRC) to convert its conditional licenses to Annual Adult Usage Cultivation and Manufacturing licenses.
Once received, the annual licenses allow Audacious to grow, manufacture, sell, purchase and distribute adult-use cannabis from its Millville facility in New Jersey.
In a statement, Audacious CEO Terry Booth said: "This is a major step forward for Audacious, made possible through the broad range of competencies we have in our company and a testament to the ability of our talented team to execute."
“We are very pleased with our progress in New Jersey and look forward to informing our shareholders as we progress towards serving the New Jersey consumer with an awesome suite of sublime cannabis products."
"A successful application will without a doubt be a transformative event in the company's history," Booth added.
READ: Australis Capital says conditional licenses can be converted to annual adult usage cultivation and manufacturing licenses in New Jersey
The company said the process towards obtaining the New Jersey license is complex, with the NJCRC application requirements including: Social Equity, Inclusion and Diversity Commitments, Municipal approvals, confirmation of location secured in Millville, Engineering and Design Specifications, Engineered Drawings, Standard Operating Procedures, Security Systems, Environmental Protection Protocols, Seed to Sale Tracking, etc.
Leah Bailey, chief business development officer at Audacious, stated: "This was a graduated process with many steps that we have successfully navigated and completed. The state will now review our final submission prior to granting the formal licenses. This positions us really well in a thriving market with close to 9 million people.
“We look forward to progressing with our project and commence construction of our Millville facility, so we can serve New Jersey consumers with our quality products."
Raymond Compari, city administrator and business development leader for the City of Millville, added: "The infusion of the cannabis industry in Millville is exciting. As one of the early pioneers to call Milleville home, Audacious sets the bar high.
“The city highly anticipates the Audacious project start-up, as well as the resulting employment, and looks forward to a long and productive relationship."
Audacious is a next-generation multi-state operator (MSO) growing the cannabis industry of tomorrow from the ground up.
Contact the author at jon.hopkins@proactiveinvestors.com