TORONTO, June 10, 2019 /CNW/ - 48North Cannabis Corp.
("48North" or the "Company") (TSXV:NRTH) announced today that it
has signed a supply agreement with the Ontario Cannabis Store
("OCS"), Ontario's sole wholesaler
and online retailer for recreational cannabis.
Under the supply agreement, 48North will supply the OCS with
1,200 kilograms of dried cannabis from its outdoor farm in Brant
County, Ont., ("Good Farm") and other cannabis products such as
pre-rolls from its indoor facilities in Brantford, Ont., ("Good House") and
Kirkland Lake, Ont. ("DelShen
Therapeutics").
48North's Good Farm is expected to produce an estimated 40,000
kilograms of organic, sun-grown cannabis from more than 3.7 million
square feet of outdoor cultivation space. At Good Farm, 48North
expects to harvest cannabis at what is expected to be one of the
lowest cost per gram in the country.
This supply agreement marks the Company's third outdoor supply
agreement with a provincial wholesaler for outdoor-grown cannabis.
Previously, 48North signed agreements with the Société québécoise
du cannabis (SQDC) for 1,200 kilograms of dried cannabis, and
Alberta Gaming, Liquor & Cannabis (AGLC) for 2,460 kilograms of
dried cannabis. To that end, 48North has committed nearly 5,000
kilograms of dried cannabis from its Good Farm in 2019 to the
Canadian recreational cannabis flower market.
"48North is looking forward to delivering high-quality,
sun-grown, low-cost and organic cannabis to some of the largest
cannabis markets in the country. Through a series of historic
supply agreements, 48North has solidified its place as part of the
solution in addressing the significant supply shortages facing the
Canadian recreational cannabis market," said Alison Gordon, co-CEO of 48North.
48North's supply agreement with the OCS was signed on June
7, 2019, and pertains to calendar year 2019.
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 that is expected to produce more than 40,000
kilograms 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) accepts 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 Corp.