Las Vegas, NV--Australis Capital Inc. ("AUDACIOUS") announced that it was granted a provisional cultivation license and a provisional manufacturing license in the state of New Jersey.
With close to 9 million people, New Jersey officially announced that adult-use marijuana sales would start on April 21. Residents in the Garden State voted to legalize recreational cannabis in 2020. To date, the state has awarded 37 conditional cultivation licenses and 70 conditional manufacturing licenses and allows 6 of the incumbent 12 medical use operators to participate. The limited number of permits granted and the limited availability of municipalities that have opted in provide AUDACIOUS with a significant early mover advantage. Market insiders estimate the total New Jersey opportunity to approach U.S. $2 billion.
Terry Booth, the CEO, commented in the press release, "AUDACIOUS' new team, just one year ago, committed to being laser-focused on the U.S. East coast and this successful license application is another example of how we continue to execute rapidly on this strategy. With projects underway in New York, Massachusetts, and now New Jersey, our footprint is rapidly expanding in what we believe will be some of the most significant and profitable markets in the U.S."
Under regulations, the company 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. The Company has already identified several locations it intends to apply for permitting and is confident it will be able to meet all requirements. Under 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.
Read more in the entire press release.