I was able to resolve my issue after some trial and error.
My fstab config needed updating AND my bin folder needed to be executable. I tried defaults 0 2, but without nofail my system failed to boot and it took some time to mount the drive to another system to update the fstab.
Final fstab settings:
defaults,noatime,nofail 0 2
Full fstab file and output of ls -l /mnt/storj/storj_data:
