Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) also known as Audacious was awarded a provisional Cultivation license, as well as a provisional manufacturing license in the state of New Jersey.
New Jersey has become the latest state to attract the attention of cannabis companies in the country. Adult-use sales will begin this Thursday, April 21 jump-starting a process that has continually stalled since voters agreed to legalize it in 2020. With a population near 9 million people, it is estimated that the total New Jersey market could reach $2 billion. So far, the state has awarded 37 conditional cultivation licenses and 70 conditional manufacturing licenses, in addition to allowing 6 of the incumbent 12 medical use operators to participate. Audacious said that the limited number of licenses awarded and the limited availability of municipalities that have opted in will give them a significant early mover advantage.
The company said in a statement that it has up to 150 days to secure a location in one of the municipalities that opted in for adult use, enabling it to apply to convert the licenses from provisional to fully granted. Audacious 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. Under the regulations, the cultivation license allows for a facility with a maximum canopy area of 50,000 sq ft. The manufacturing license will enable the company 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 for the cultivation of premium products at low operating costs. “The 50,000 sqft maximum canopy size will permit a building with a total surface area of 100,000 sqft, or an Achieve 24 facility, which will include the manufacturing facility for which the company has obtained a provisional license as well. The Achieve 24is an all-inclusive indoor facility using supplemental sunlight along with the industry’s most efficient cannabis-proven LED lighting. It features a mother room, clone room, veg room, and flower rooms capable of producing 24,000+ pounds of dry flower a year.”
“The Achieve 24 takes growing to another level while saving on energy costs. The facility is designed with efficiency in mind through a sophisticated nutrient delivery system combined with a high level of automation. The facility is scalable, able to reach an impressive 100,000 pounds of dry flower a year. This facility features an automated benching system for the highest possible efficiency in logistics, benefitting transplant and harvesting greatly. Multiple SKUs can easily be manufactured in ample space for dedicated manufacturing suites – all at GMP quality and safety while being inclusive of the most efficient people and materials movement possible.”