TORONTO, July 9, 2019 /CNW/ - 48North Cannabis Corp.
("48North" or "the Company") (TSXV: NRTH) announced that it is
converting its Good:House, 48North's licenced indoor facility
located in Brantford, Ontario,
from a cultivation-focused facility into a full-time propagation,
processing and packaging facility.
In preparation for the Good:Farm's first outdoor harvest in
August and second harvest in October, 48North has begun the process
of converting its Brantford
facility, located 10 minutes away from the Good:Farm, into the
processing, manufacturing, packaging and distribution hub for the
Company's outdoor cultivation site.
Good:Farm, Canada's first and
largest outdoor organic cannabis farm, is expected to yield more
than 40,000 kg of dried cannabis, at what 48North expects to be the
lowest cost per gram in the country.
In partnership with humble+fume, 48North is currently building
out a state-of-the-art cannabis extraction facility able to process
more than 30,000 kg of cannabis mass annually. As a result,
Good:House will soon be equipped to conduct C02 extraction,
producing full-spectrum oil, distillates and isolates, all critical
ingredients in the development of next-generation, value-added
cannabis products, available for retail sale by 48North in
December 2019.
"48North is steadfast in its commitment to outdoor-grown
cannabis; as a Company we know that low-cost, environmentally
friendly cultivation, for both next-generation products and the
dried-flower market, is the way of the future. As a result, and to
successfully deliver on this commitment, 48North has evolved its
cultivation facility in Brantford
to a full-time propagation, processing and packaging facility,"
said Jeannette VanderMarel, co-CEO
of 48North.
Currently, 48North will be using this extraction lab to execute
on its previously announced licensing agreements with Mother &
Clone and Avitas in the manufacturing of their 100-per-cent
natural, additive-free, single-strain, ultra-refined and purified
products, such as vape pens and sublingual sprays.
48North's Good:House, currently 46,000 sq. ft. located on five
acres, is expandable to 350,000 sq. ft., on
two-levels.
Looking ahead, 48North plans on building out its processing and
manufacturing capabilities at Good:House as it continues to
announce additional business verticals and next-generation
products, either through licensing agreements or acquisition.
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. 48North
cultivates unique genetics at its wholly owned subsidiary, DelShen
Therapeutics Corp. ("DelShen") and processes cannabis and
manufactures next-generation cannabis products at 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.