Audacious was awarded a provisional Cultivation license, as well as a provisional Manufacturing license in the state of New Jersey.
With a population close to 9 million people, New Jersey officially announced on Thursday that adult-use marijuana sales will start on April 21. Residents in the Garden State voted to legalize recreational cannabis in 2020. Market insiders estimate the total New Jersey opportunity to approach U.S.$2 billion. To date, 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.
Terry Booth, CEO, commented, "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. We have more up our sleave in the states mentioned, and we look forward to informing the market as we continue on our rapid growth trajectory."
Under the regulations, the Company has up to 150 days to secure a location in one of the municipalities that opted in for adult use, enabling the Company to apply to convert the licenses from provisional to fully granted. The Company 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.
The Company intends to build one of its Achieve series of standardised facilities for the cultivation of premium product 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 24 is 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.
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