TORONTO, March 11, 2019 /CNW/ - 48North Cannabis
Corp. ("48North" or the "Company") (TSXV:NRTH) is pleased to
announce that its wholly-owned subsidiary Good & Green, a
licensed cannabis producer under the Cannabis Act, received
its Standard Processing License ("Processing License") from Health
Canada on March 8, 2019.
This is 48North's second Processing License from Health Canada;
the Company's first Processing License was granted for its Delshen
Therapeutics facility in Kirkland Lake,
On. This additional license solidifies 48North's ability to
launch next-generation cannabis products for retail sale in fall
2019.
Pending Health Canada approval, 48North will be one of the first
Licensed Producers in Canada to
have an outdoor cannabis farm ("The Good Farm") expected to produce
over 40,000 KG of dried cannabis, from over 3.7 million sq. ft. of
cultivation space, at a low-cost. 48North plans on using the
majority of this significant production volume for extracted,
value-added products.
The Processing License at Good & Green, located 10-minutes
away from The Good Farm, successfully guarantees 48North's ability
to extract and process its sun-grown organic cannabis for
next-generation cannabis products.
"Good & Green's Processing License further expedites
48North's ability to produce and develop next-generation cannabis
products earmarked for sale in fall 2019. Coming on the heels of
48North's previously announced licensed agreements with U.S.-based
brands like Mother & Clone and Avitas, the Company is now
fully-licensed to bring next-generation, market-leading cannabis
products to Canadian consumers in time for the next phase of
legalization," said Jeannette
VanderMarel, co-CEO of 48North.
About 48North
48North Cannabis Corp. (TSXV: NRTH) is a vertically
integrated cannabis company focused on the health and wellness
market through cultivation and extraction, as well as the creation
of innovative, authentic brands for next-generation cannabis
products. 48North is developing formulations and manufacturing
capabilities for its own proprietary products, as well as
positioning itself to contract manufacture similar products for
third parties. 48North operates two indoor-licensed cannabis
production sites in Ontario with
more than 86,000 square feet of production capacity. 48North
cultivates unique genetics at its wholly owned subsidiaries,
DelShen Therapeutics Corp. ("DelShen") and 2599760 Ontario Corp.
dba Good & Green, both Licensed Producers under the Cannabis
Act. In addition, 48North expects to operate a 100-acre organic
farm providing 48North with organic, sun-grown cannabis securing a
significant first-mover advantage in the production of low-cost,
next-generation, extract-based cannabis products. 48North has a
growing portfolio of brands that include Latitude, a women's
cannabis platform (explorelatitude.com), Mother & Clone, a
rapid-acting sublingual cannabis nanospray (momandclone.com) and
Avitas, a single strain vaporizer cartridge (avitasgrown.com).
DISCLAIMER & READER ADVISORY
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release. Certain statements contained in this
press release constitute forward-looking information. These
statements relate to future events or future performance. The use
of any of the words "could," "intend," "expect,"
"believe," "will," "projected," "estimated" and similar expressions
and statements relating to matters that are not historical facts
are intended to identify forward-looking information and are based
on the parties' current belief or assumptions as to the outcome and
timing of such future events. Actual future results may differ
materially. Forward-looking statements in this news release include
statements relating to the business plan and future operations of
the Company, including its application with Health Canada for a
cultivation licence for its 100-acre outdoor grow property. Such
statements are subject to risks and uncertainties that may cause
actual results, performance or developments to differ materially
from those contained in the forward-looking statements, including
the possibility that the business plan described herein will not be
completed, that 48North may not derive the expected benefits from
such business plans, or that applicable regulatory approvals will
be obtained to carry out the activities contemplated herein. The
business of the Company is subject to a number of material risks
and uncertainties. Please refer to the Company's SEDAR filings for
further details. Various assumptions or factors are typically
applied in drawing conclusions or making the forecasts or
projections set out in forward-looking information. Those
assumptions and factors are based on information currently
available to the parties. The material factors and assumptions
include the Company being able to obtain the necessary corporate,
regulatory and other third-party approvals, and licensing and other
risks associated with the Cannabis Act. The forward-looking
information contained in this release is made as of the date hereof
and the parties are not obligated to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information contained
herein.
SOURCE 48North Cannabis Co.