Pre-Sales Commenced - Material Revenues Anticipated

Legacy Derivative Expert Anthony DeMeo to Oversee Processing and Manufacturing

EDMONTON, AB / ACCESSWIRE / October 18, 2022 / Edmonton, Alberta - Australis Capital Inc. (CSE:AUSA)(OTCQB:AUSAF) ("AUSA") ("AUDACIOUS" or the "Company") is pleased to announce that the Company, together with its partner Hempire, has successfully completed its first harvest of adult use cannabis in New York State.

Following the successful harvest, the Company has shipped its flower for processing and manufacturing into vapes and edibles. This process will be overseen by Anthony DeMeo, one of the original trailblazers in the cannabis industry with an exemplary reputation for the quality of his extract products. Mr. DeMeo currently also holds the position of co-chair of Commercial Extraction and Manufacturing at Oaksterdam University, a recognized leader in cannabis education.

Terry Booth, CEO, commented, "We are very pleased with the rapid execution of our New York project with Hempire. This harvest sets us up to establish our brand with dispensary owners and generate revenues from adult use cannabis sales in New York state. We will continue to expand our project and are exploring options for winter cultivation to further boost our growth. With our manufacturing managed by Anthony, who is highly regarded in the medical and legacy cannabis space, consumers can look forward to a highly positive user experience of the AUDACIOUS products."

AUDACIOUS' Bob Luciano, aka Mr. Natural, who was present at the harvest, commented, "These were good looking plants with beautiful trichome expression, especially considering they were grown outdoors. This will provide great raw material for a magician such as Anthony to process into high quality derivative products. I look forward to being able to consume these AUDACIOUS products once fully available in New York State."

First Sales

The Company is in negotiations with dispensary license candidates to secure pre-sales of its product. The Office of Cannabis Management and Cannabis Control Board recently reiterated that the first adult-use marijuana sales will happen before 2023. Governor Kathy Hochul is also on record stating that the timeline remains on track, with about 20 dispensaries coming online per month after the initial launch¹.

Anthony DeMeo

Anthony, founding member of Green Therapeutics LLC, based in Las Vegas, Nevada is a 5 year licensed cannabis operations veteran. He works with multiple businesses to develop robust operating procedures, and secure licensing. He has been awarded medical and retail cannabis licenses in multiple states (Production, Cultivation, Distribution, and Dispensary), and created a formula for a successful cannabis manufacturing operation which has resulted in some coveted awards at the cannabis cup. He comes with ample experience from a very highly regulated medical industry and has extensive experience in laboratory science, quality control procedures, developing optimal process flow, and writing standard operating procedures.

Anthony has worked with the majority of the cannabis extraction methods, including various solvents, ice water, and mechanical separation. He also has developed and optimized post processing techniques to produce high quality concentrates, distillate, and isolate. New technologies are introduced every year, Anthony's analytical skills are rare and of great benefit to AUDACIOUS with a hands-on approach in determining viability for commercial operations.

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.

Terry Booth, CEO
ir@audacious.net

For further investor information, please contact:

Marc Lakmaaker
T: +1.647.289.6640
marc@audacious.net
ir@audacious.net

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. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward looking statements in this news release include, but are not limited to, the Company's continued ability to satisfy the information guidelines set out in NP 12-203, the duration of the MCTO and the completion and anticipated timing of the Company making the Annual Filings and Interim Filings.

The forward-looking statements contained in this news release are based on certain key expectations and assumptions made by the Company, including, without limitation, information based on the current state of the Annual Filings and Interim Filings; the Company's belief that its external auditor will complete its audit and release its audit opinion in a timely manner that will allow the Company to file the Annual Filings; that the unaudited financial statements prepared by management of the Company will not differ materially from audited financial statements once available; and the ability of the Company's management to execute its business strategy, objectives and plans. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks and uncertainties arising from any delay in filing the Annual Filings and Interim Filings; the Company's ability to satisfy the requirements of NP 12-203; the revocation of the MCTO and replacement with a cease trade order; general business, economic, competitive, political and social uncertainties; the impact of the COVID-19 pandemic on the Company's operations and other factors, many of which are beyond the control of the Company.

The forward-looking statements contained in this news release represent the Company's expectations as of the date hereof and are subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Australis Capital Inc.