TORONTO, May 17, 2019 /CNW/ - 48North Cannabis Corp.
("48North" or the "Company") (TSXV:NRTH) is poised to produce over
40,000 kilograms of outdoor-grown organic cannabis this year, at
what is expected to be the lowest-cost per gram in Canada.
Earlier today, 48North received its outdoor cultivation license
from Health Canada for its 100-acre (3.7 million square feet)
organic farm ("Good Farm"), located in Brant County, Ontario. Good Farm will become one of the
largest-ever licensed cannabis operations in the world.
Health Canada's licensing of
Good Farm will allow 48North to harvest in excess of 45,000
kilograms of dried cannabis in 2019 across it three Canadian
facilities. In turn, 48North is well-positioned to become a
global leader in the production of low-cost, high-quality,
next-generation products in the lead-up to Canada's legalization of next-generation
products later this year.
48North has also recently signed three supply agreements for
cannabis from its Good Farm, including:
- a historic outdoor cannabis agreement with the SQDC (the
exclusive distributor of cannabis in Quebec) for 1,200 kg of dried cannabis;
- a supply agreement to provide 2,460 kilograms of dried cannabis
to AGLC, the wholesaler of Alberta, which leads the country in both
cannabis stores and per capita cannabis sales; and
- an agreement with Humble + Fume for 6,000 kg of dried cannabis
and trim.
"Receiving the outdoor cultivation license from Health Canada
for our Good Farm is an absolute game changer for 48North and the
cannabis industry. Overnight, the company expands its annual
expected capacity from 5,000 kg to over 45,000 kg. As a result, I
am confident that 48North will deliver on its promise to produce,
high-quality, low-cost, organic cannabis for the next-generation of
cannabis products, and the dried flower market," said Jeannette VanderMarel co-CEO of 48North.
"48North is now better positioned than ever to deliver on its
commitment to deliver high-quality cannabis products to the
Canadian and international cannabis markets. 48North knows that
consumer packaged goods brands looking to get into the cannabis
space need a low-cost, consistent, and organic cannabis inputs,
48North's Good Farm, without question, fulfills this need," added
Alison Gordon co-CEO of 48North.
Good Farm has a number of strategic advantages, including:
ultra-low-cost cannabis, environment-friendly and energy-efficient
production, in addition the farm provides a source of relief to the
national shortage of recreational cannabis.
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 Good Farm, a 100-acre organic
cannabis farm, expected to produce over 40,000 kg of organic,
sun-grown cannabis securing a significant first-mover advantage in
the production of low-cost, next-generation, extract-based cannabis
products. In addition, 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. 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.
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.