TORONTO, July 12, 2019 /CNW/ - 48North Cannabis Corp.
("48North" or "the Company") (TSXV: NRTH) is pleased to announce
that it is has completed the planting of its first outdoor cannabis
crop at its Good:Farm, Canada's
largest outdoor organic cannabis cultivation facility (3.7 million
sq. ft. of cultivation space) in Brant County, Ont.
48North has successfully planted more than 250,000 cannabis
seeds at Good:Farm. At the farm, 48North has planted 10 unique
cultivars proven to be successfully grown outdoors; both high-THC
and high-CBD strains were selected for planting. The Company
expects two harvests annually at the Good:Farm. The first harvest
is planned for late-August and will be exclusively the Company's
auto-flowering strains; the second harvest, of photoperiod plants
is planned for mid-October.
Good:Farm, Canada's first and
largest outdoor organic cannabis facility, has the potential
capacity to yield more than 40,000 kg of dried cannabis, at what
48North expects to be the lowest cost per gram in the country.
"Planting nearly 100 acres of organic cannabis outdoors was a
significant accomplishment for the organization, relying on both
established agricultural practices and innovative cannabis
production techniques. Our team of expert farmers and growers
ensured this ground-breaking task was a success," said Jeannette VanderMarel, co-CEO of 48North.
48North has signed supply agreements for cannabis from its
Good:Farm and other licensed production facilities, including:
- An historic outdoor cannabis agreement with the Société
Québécoise du cannabis for 1,200 kg of dried cannabis;
- A supply agreement with the Alberta Gaming, Liquor and Cannabis
agency for 2,460 kg of dried cannabis; and
- A supply agreement with the Ontario Cannabis Store for 1,200 kg
of dried cannabis.
To bring Canadians along on this journey, 48North is hosting a
bi-weekly web series on Good:Farm. "See the Good" focuses on the
challenges, opportunities and lessons learned on the path cannabis
takes from seed to sale.
Good:Farm has a number of strategic advantages, including
ultra-low-cost cannabis as well as environment-friendly and
energy-efficient production. In addition, the farm's production
will help address the current 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 that is expected to
produce more than 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. 48North
cultivates unique genetics at its wholly owned subsidiary, DelShen
Therapeutics Corp. ("DelShen") and processes cannabis and
manufactures next-generation cannabis products at Good &
Green Corp. ("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.