AUDACIOUS announced it has entered into a letter of intent (LOI) with First Americans, LLC of the Saint Regis Mohawk Tribe in upper New York state for the joint development and operation of a cannabis operation on tribal land. The agreement will create a partnership to operate cultivation, processing and manufacturing facilities, as well as two retail dispensaries, on tribal land. The region in which the operation will be established will serve a population of approximately 300,000 people. The first dispensary will be located immediately opposite the Akwesasne Mohawk Casino and Resort and its approximately 2.4 million annual visitors. The New York state cannabis market is estimated to reach $3 billion per annum1 within the first few years of launch of legal adult use sales, according to data analyst firm Headset. With a population of approximately 20 million people, the state is close in size to Florida, where medical sales alone already account for $1 billion2 in sales and almost twice the size of Illinois, which posted adult use sales in excess of $1.2 billion through November 20213. With limited legacy market infrastructure, New York state represents a huge opportunity for new market entrants, such as AUDACIOUS, with the experience and skill set to execute on high-quality operations. The partnership will develop an AUDACIOUS "Achieve12" cultivation facility (producing more than 10,000 pounds of dried flower per year), including processing and manufacturing of derivatives. Utilizing the resources of its recent acquisition of ALPS, a global Sustainable Controlled Environment Agriculture consultant, the AUDACIOUS team will provide a customized design along with multiple services that allow operators to maximize yield and quality while minimizing inputs and resources. Combined with AUDACIOUS' manufacturing, retail and marketing expertise, the operation will produce high-quality products that resonate with broad consumer demographics. The First Americans team has deep retail experience, currently running multiple stores, including convenience, liquor and others. The partnership with First Americans, LLC aligns with the AUDACIOUS commitment to support New York's cannabis social and economic equity plan, including encouraging applications from and awarding the majority of licenses to those communities disproportionately impacted by cannabis prohibition, as well as to individuals/groups that promote racial, ethnic, and gender diversity. This is the approach AUDACIOUS takes in each of the states it operates and is one that fully bonds the AUDACIOUS relationship with First Americans and the Saint Regis Mohawk Tribe.