Final Milestone Met; Clears Way for Submission to State for Conversion of Provisional License to Final License
MILLVILLE, NJ / ACCESSWIRE / August 8, 2022 / Australis Capital Inc. (CSE:AUSA) (OTCQB:AUSAF) ("AUSA", "AUDACIOUS", or the "Company"), today announced that further to its press release of July 20, 2022, the Company's wholly owned subsidiary AUDACIOUS NJ, LLC has now received approval from the municipality of Millville for its planned cannabis facility.
Next steps
With the Millville municipal Resolution of Support, the Company will now submit the required documentation to the state of New Jersey for the conversion of its conditional license into a final license, enabling the Company to sell adult use cannabis.
Per its earlier release, the Company intends to construct an ALPS Achieve Series facility. The Achieve series was launched in 2021 by ALPS, the Company's majority owned subsidiary. ALPS is a leader in controlled environment agriculture, facility design, construction management, commissioning and post start-up monitoring services with its patented APIS system.
The leased facility is over 100,000 square feet. It is capable of producing 24,000+ pounds of dry flower per year. The Achieve series takes growing to the next level with high-quality cannabis at low operating cost being the main goal. This will be accomplished through the incorporation of the industry's most efficient equipment throughout the entire cultivation process, including state of the art LED lighting, automated benching, sophisticated nutrient delivery system and world class environmental controls. Multiple cannabis SKUs can be produced comfortably as the facility includes ample space for post-harvest manufacturing. Cultivation and manufacturing systems will be GMP compliant and will address state and municipal safety and environmental requirements.
Management commentary
Leah Bailey, CBDO, commented, "With municipal approval received, we are now turning our attention to completing the final licensing process with the state. We are grateful to the City of Millville, who have been great to work with., We look forward to bringing this exciting project and many new jobs to Millville and eventually bringing our award-winning brands to the people of New Jersey."
Terry Booth, CEO, added, "Meeting yet another milestone towards our New Jersey project shows how well we are executing. Increasingly we are recognized for our operational excellence, from cultivation design through to product development, and consequently we have been able to secure important licenses and partnerships. Once our full license is granted, we will have added yet more value to the Company in a state that has incredible potential. Combined with our other East Coast projects, we are one of few, if not the only MSO with adult use operations in New Jersey and New York. This makes us exceptionally well positioned to capitalize on the multi-billion-dollar opportunity created by a population close to 30 million people."
About AUDACIOUS
AUDACIOUS is a next-generation MSO growing the cannabis industry of tomorrow from the ground up, led by industry pioneer Terry Booth and an accomplished management team with proven industry track records. With operations that range from providing industry-leading sustainable cultivation design and optimization to retail storefronts, growing flower in-house, and manufacturing award-winning brands, AUDACIOUS has products and solutions for everyone. Quickly expanding through innovative partnerships and collaborations, AUDACIOUS is forging the inclusive cannabis community of tomorrow, today. Learn more about AUDACIOUS here.
AUDACIOUS common shares trade on the CSE under the symbol "AUSA" and on the OTCQB under the symbol "AUSAF."
Terry Booth, CEO
[email protected]
For further investor information, please contact:
Marc Lakmaaker
T: +1.647.289.6640
[email protected]
[email protected]
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.
FORWARD-LOOKING STATEMENTS:
Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute "forward-looking information" within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this news release. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE: Australis Capital, Inc.