TORONTO, April 11, 2019 /CNW/ - 48North Cannabis Corp.
("48North" or the "Company") (TSXV:NRTH) is pleased to announce
that it has entered into a formal partnership with humble+fume.
Under the extraction partnership, humble+fume will build a
state-of-the-art cannabis extraction facility and packaging line
within 48North's fully-licensed cultivation and processing facility
("Good House") in Brantford,
Ontario. This announcement represents a key milestone in the
execution of the Company's extraction strategy. Upon completion of
the extraction facility, 48North will be able to process over
30,000 kg of cannabis mass annually. The extraction equipment and
packaging line will be a shared resource between humble+fume and
48North.
The build-out of the extraction facility and packaging line is
expected to be completed in summer 2019 and is being paid by
humble+fume.
As a result, 48North's Good House will be fully-equipped to both
manufacture and conduct C02 extraction, producing full-spectrum
oil, distillates and isolates, all critical ingredients in the
development of next-generation, value-added cannabis products,
which will be available for retail sale by 48North in October 2019.
48North will be using this equipment to execute on its
previously announced licensing agreements with Mother + Clone and
Avitas in the manufacturing of their 100% natural additive free,
single strain, ultra-refined and purified products.
In addition to the extraction agreement, 48North is also pleased
to announce that humble+fume has agreed to purchase 5,000 kg of
dried cannabis and 1,000 kg of trim, from its outdoor cultivation
site the Good Farm at fair-market value, pending Health Canada
approval.
Pending Health Canada approval, 48North will be one of the first
Licensed Producers in Canada to
have an outdoor cannabis farm ("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 expects to plant and
harvest cannabis outdoors at its Good Farm in 2019.
"48North plans on using a significant portion of its significant
outdoor production volume for extracted, value-added products. The
build-out of the extraction facility and packaging line at the Good
House, guarantees 48North's ability to extract and process its
sun-grown organic cannabis for next-generation cannabis products,"
said Alison Gordon co-CEO of
48North.
"humble+fume was the right partner for us. Not only are they
fully funding the build-out of 48North's extraction facility, but
in addition, they bring to the table a robust distribution network,
R&D expertise, and a management team with significant
experience in having designed and operated three large-scale
extraction facilities both in the United
States and in Canada."
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
("Good & Green"), both Licensed Producers under the Cannabis
Act. In addition, subject to Health Canada approval, 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.