TORONTO, Dec. 12, 2019 /CNW/ - 48North Cannabis Corp.
("48North" or the "Company") (TSXV:NRTH) is pleased to announce
that third-party laboratory testing has confirmed its first outdoor
harvest yielded high-quality, high-THC and CBD cannabis.
Recently, the Company announced that it completed its first
outdoor harvest at Good:Farm and hit its production cost targets,
placing 48North among the lowest-cost producers of legal cannabis
in Canada. This year's harvest
positions the Company to deliver on its supply agreements with
provincial wholesalers in Alberta,
Ontario and Quebec and extraction supply for humble +
fume.
Today's announcement of cannabinoid testing results reinforce
48North's strong position heading into 2020. The analysis – which
was completed by A&L Canada Laboratories Inc. – reported the
following results:
- The THC content of the four cannabinoid rich strains that
48North successfully harvested at Good:Farm ranges from 11% to 19%
with a weighted average of 14%. These strains (Nepal Lights,
Mountain Kush, Lemon Haze, and Green Crack) are expected to be used
to fulfill 48North's dried flower commitments to provincial
wholesalers.
- The THC content of the cannabinoid rich biomass produced at
Good:Farm has more variation in the cannabis levels, and ranges
from 2% to 15% with a weighted average of 12% (with 69% of the
biomass showing THC levels of 14%). This biomass will be used to
supply humble+fume to develop the suite of next-generation products
such as vapes and topicals.
48North has received notification that provincial wholesalers
will be selling the Company's next-generation cannabis products
beginning in early 2020, including the Avitas vape, the Apothecanna
topical line, and Mother + Clone sublingual products. Further,
48North believes its vape SKUs in partnership with humble +
fume will represent approximately 10 per cent of overall vape
market listings in Ontario, a
market that is is projected to be as large as $600 million by 2021.
"We are very proud to confirm that we have successfully
delivered high-quality cannabis at a low per-gram cost in our first
year of outdoor production. While disappointed, that we harvested
less cannabis than projected in our first year at Good:Farm,
today's results are clear evidence of 48North's industry leadership
in the cultivation and production of outdoor-grown cannabis. We
look forward to incorporating the lessons learnt this year at
Good:Farm and applying them to ensure the 2020 harvest season is a
success." said Alison Gordon, CEO of
48North.
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 which produces 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); Quill, a
leader in the manufacturing of beautifully designed,
lifestyle-focused and sleek vape products (quill.me) and Sackville
& Co, a leading U.S.-based cannabis brand focused on
design-forward cannabis accessories and CBD products
(sackvilleandco.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) 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.