AUDACIOUS (OTCMKTS: AUSAF) has announced a Letter of Intent (LOI) with First Americans, LLC, to develop and operate a cannabis business on tribal land. The agreement will allow the parties to collaborate on cultivating, processing, distributing, and selling cannabis on tribal land.
According to AUDACIOUS CEO Terry Booth, this is the company’s first venture into New York’s cannabis market. The region allows the company to offer its products to 29 million new consumers.
AUDACIOUS will venture early into the New York market
Booth adds that AUDACIOUS is excited to work with First Americans in one of the state’s high-traffic areas. Adult use of cannabis in New York will kick off in 18 months. This early move into the market will enable the company to establish itself as an industry leader.
Analysts expect that the cannabis market in New York will reach a value of $3 billion per year a few years after adult-use launches. The state has little legacy market infrastructure, therefore, presenting an opportunity for industry newcomers like AUDACIOUS, who can produce quality products.
The first dispensary will be across Akwesasne Mohawk Casino and Resort, with approximately 2.4 million guests annually. Moreover, the region will serve about 300,00 people.
AUDACIOUS’ Chief Business Development Officer, Leah Bailey, states that the company hopes to attract canna-tourism with the casino across from its dispensary. Furthermore, the venture will contribute to the economic development of the region.
The Achieve12 cultivation facility will produce over 10,000 pounds of dried flowers yearly. In addition, AUDACIOUS will use ALPS, a Sustainable Controlled Environment Agriculture consultant it recently acquired, to minimize input and maximize yield. First Americans also have a lot of experience in retail as they run multiple liquor and convenience stores.
The move shows the company’s commitment to its social equity plan
The partnerships allow AUDACIOUS to fulfill its commitment to the cannabis social and economic equity plan in New York. The program includes encouraging applications for licenses from communities that have been disproportionately affected by cannabis prohibition. AUDACIOUS takes this approach in every state it enters.
The President of First Americans, Rick Hamelin, believes that partnering with AUDACIOUS will enable them to compete in the market as the company has vast experience in the cannabis industry.
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