TORONTO, Aug. 7, 2019 /CNW/ - 48North Cannabis Corp.
("48North" or the "Company") (TSXV:NRTH) is pleased to announce
that it has made a strategic investment of $1.25 million in Friendly Stranger Holdings
Corp., a cannabis accessories retailer in Ontario that has been operating for 25 years
and aims to add legal cannabis to its offerings after receiving a
licence.
48North's investment is intended to facilitate Friendly
Stranger's aggressive expansion plans and specific intention to
enter the legal retail cannabis market. As Canada's most iconic cannabis culture shop,
widely revered for its friendly and knowledgeable service, 48North
is confident that Friendly Stranger will continue to dominate the
retail cannabis market.
In addition to the strategic investment, Friendly Stranger and
48North have entered into a preferred partnership initiative that
guarantees 48North a presence in all existing and future Friendly
Stranger retail locations, a commitment to stock 48North products
without listing fees, co-branding opportunities, and a number of
other strategic collaborative
initiatives.
"We are very excited to announce 48North's strategic investment
in the Friendly Stranger. With a focus on high-quality, sun-grown
cannabis from Good:Farm, future-focused next-generation cannabis
products, and premium-grown cannabis from its northern facility,
delshen, 48North looks forward to having its products available for
future Friendly Stranger customers. 48North's partnership with
Friendly Stranger takes 48North one step closer to becoming
Canada's most loved, trusted and
valued cannabis brand," said Alison
Gordon, co-CEO of 48North.
"We are excited to announce 48North as an investor and preferred
partner in Friendly Stranger Holdings Corp (FSHC)," said
James Jesty, President, FSHC. "We
have been leaders in the cannabis industry for over 25 years and
have always focused on sustainability, activism, and
stigma-busting. Our mutual commitment to these values makes this a
natural partnership. With 48North's strategic investment, we have
the additional capital to execute the first phase of our aggressive
growth strategy and scale and evolve the business into the top
retail cannabis store in the province. We look forward to the
partnership."
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
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 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).
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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 beliefs or assumptions as to the outcome
and timing of such future events. Actual future results may differ
materially. Please refer to the Company's SEDAR filings for further
details concerning the risks associated with the Company's
business. 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.