TORONTO, Sept. 10, 2019 /CNW/ - Today, 48North
Cannabis Corp. ("48North" or the "Company") (TSXV: NRTH) announced
that its Board of Directors has accepted the resignation of
Jeannette VanderMarel as co-CEO,
effective immediately. Alison
Gordon, who currently shares the role of co-CEO, has agreed
to become the sole CEO of the company and work with 48North's
executive team and Board to ensure a seamless transition.
Additionally, Ms. VanderMarel has agreed to remain part of the
company as a Board Director.
"Jeannette VanderMarel has played
an instrumental role in growing our company over the past year,"
said Martin Cauchon, Board Chair.
"She has been a leader in bringing our Good:Farm to life and
positioning our company for sustainable success. On behalf of the
Board of Directors, I want to thank Jeannette and wish her the very
best."
Ms. VanderMarel was first appointed as co-CEO in December 2018 following 48North's acquisition of
Good & Green. Since that time, 48North has emerged as a
future-focused, innovative cannabis producer that has achieved a
series of important milestones in recent months, including:
- Creating Canada's first and
largest licensed outdoor organic cannabis farm, on track to supply
40,000 kilograms of cannabis this year;
- Entering supply agreements with provincial wholesalers in
Alberta, Ontario, and Quebec; and
- Establishing partnerships with industry leaders humble+fume and
Avitas to provide premium, next-generation products to the Canadian
marketplace.
Ms. VanderMarel expressed her optimism about the company and
specifically the success of Good:Farm. "My work with 48North, and
specifically my work with Good:Farm has been a highlight of my
career," said Ms. VanderMarel. "For personal reasons, I have made
the difficult decision to step aside as co-CEO but am incredibly
proud of the work we done together, seeing the farm through concept
to its current state of readiness. The future of cannabis is
outdoor and 48North investors, employees and consumers have every
reason to believe 48North will be at the forefront."
Today's change builds on a series of steps 48North has taken to
prepare for fall harvest season and the pending legalization of
cannabis edibles, extracts and topicals. This includes the recent
appointment of Charles Vennat as
Chief Corporate Officer and confirmation of Kirsten Gauthier as Chief Marketing Officer.
"On behalf of 48North's executive team and employees, I want to
thank Jeannette VanderMarel for her
incredible work with our company and industry more broadly," said
Alison Gordon, CEO. "Building on her
contributions, we are now working from a position of strength, with
the lowest-cost, highest-quality source of organic, sun-grown
cannabis in the country. With 250,000 seeds planted at Good Farm,
48North is truly ready for Canadians to see the Good."
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); Avitas, a
single-strain vaporizer cartridge (avitasgrown.com) and Quill, a
leader in the manufacturing of beautifully designed,
lifestyle-focused and sleek vape products (quill.me).
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 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.