TORONTO, Oct. 10, 2019 /CNW/ - Today, 48North Cannabis
Corp. ("48North" or the "Company") (TSXV:NRTH) announced that is
has acquired Sackville & Co. Merchandising Ltd. ("Sackville
& Co.") a leading U.S.-based cannabis brand focused on
design-forward cannabis accessories.
48North, a vertically-integrated licensed producer of cannabis
focused on low-cost cultivation, brand and next-generation
products, remains focused on adding beloved, trusted, and
design-forward concepts to its growing repertoire of cannabis
brands.
Drawing inspiration from art, design, music, fashion and
contemporary culture, Sackville & Co. products use high-end
materials like brushed gold finishes, marble, and ceramics to
create chic looking grinders, rolling papers, rolling trays, bongs
and other highly-coveted accessories. Catering to design-forward
consumers, Sackville & Co. has redefined the smoking experience
for the modern female consumer, encouraging women to celebrate
their relationship with cannabis––whether at a dinner party,
concert or alone in the bathtub––and to feel stylish and inspired
while doing it.
Sackville & Co. founders Hayley
Dineen and Lana Van Brunt
bonded over their shared frustration of not being able to find
design-forward cannabis products to fit their personal style. With
years of experience in luxury product development, experiential
marketing and business development for companies ranging from
October's Very Own ("OVO") to Vivienne
Westwood to VICE, Hayley and Lana have since successfully
led Sackville & Co. and are pleased to be joining 48North
full-time.
"48North is laser-focused on reinforcing its position as the
preferred consumer cannabis brand in Canada and introducing itself to the emerging
U.S marketplace. Building on the momentum of the Company's
acquisition of Quill and significant supply of CBD from Iverson
Family Farms, adding Sackville & Co. to the 48North family
takes the Company one step closer to achieving this goal," said
Alison Gordon, CEO of 48North.
"With such a like-minded vision on the future of cannabis, the
decision to join with 48North was an easy one. Sackville & Co.
has sought to create new and inspiring experiences in the cannabis
space through design, art, fashion and music communities. As a
result of the acquisition, we will now be able to expand our
product offering, distribution channels, and ultimately scale our
business," said Lana Van Brunt,
co-founder of Sackville & Co.
The total consideration payable on closing of the Acquisition by
48North was approximately USD$789,735
consisting of the following: (i) USD$150,000 paid in cash; and (ii) USD$639,375 paid in common shares of 48North
("Common Shares") at a price of $0.80
per Common Share. In addition, 48North will pay a conditional
earn-out in Common Shares based on the operating performance of
Sackville for a 12-month period
following closing in an amount up to an aggregate of USD$2,868,125.
Sackville & Co. is not itself engaged in the cultivation,
distribution or possession of cannabis in the United States.
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).
ABOUT SACKVILLE & CO.
Sackville & Co. Founders
Hayley Dineen and Lana Van Brunt bonded over their shared
frustration of not being able to find design-forward cannabis
products to fit their personal style. They felt it was time to not
have to hide evidence of their smoking habits or feel a stigma
around it anymore and decided to create a line of beautiful
accessories that could be flaunted. With years of experience in
luxury product development, experiential marketing and business
development for companies ranging from October's Very Own to
Vivienne Westwood to VICE, the two
fierce entrepreneurs launched Sackville & Co in 2017, a
cannabis brand that women like them would feel proud to be a part
of. For more information on Sackville visit
https://sackvilleandco.com/ or contact
press@weareprismatics.com.
ABOUT THE FOUNDERS
Sackville & Co. Co-Founder
Hayley Dineen consults on product
design and production for international fashion & lifestyle
brands. She also advised Canada's
largest publicly traded cannabis company, Aurora, on their in-house
accessories and merchandise. Previously, Hayley worked with a
number of high-end fashion brands in partnership with the United
Nations Ethical Fashion Initiative, connecting luxury fashion
design with artisan production in collaboration with Stella McCartney, Adidas, Sass + Bide, and
Vivienne Westwood. She also was the
design director for streetwear brand October's Very Own, which saw
her work on projects including partnerships with Canada Goose,
Woolrich and Jordan.
Sackville Co-Founder Lana Van
Brunt has spent her entire career capturing the zeitgeist,
building brands and telling stories for cutting edge media
companies, like VICE. Lana joined the VICE Toronto team and quickly
moved into the role of Director of Experiential Marketing and Head
Talent Buyer. Throughout her VICE tenure she continued to expand
her expertise taking on an additional role simultaneously as
Director of Business Operations. While in this role she supported
the growth of the Canadian office from 30 to 250 people across 3
provinces. In 2018 she moved to NYC to oversee Business Operations
of 11 VICE Media entities across 9 countries. Keeping up with the
rapidly changing media landscape, Lana recently took on a
consulting role with ATTN: Media where she's spearheading the
development and launch of their Experiential Marketing division and
Brand Partnerships.
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forward-looking information contained in this release is made as of
the date hereof and the parties are not obligated to update or
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reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information contained
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SOURCE 48North Cannabis Corp.