Leading facility will manufacture and extract the next
generation of cannabis products from 48North, as well as contracted
partners.
TORONTO, Feb. 19, 2020 /CNW/ - 48North Cannabis Corp.
("48North" or the "Company") (TSXV:NRTH), formally announced the
creation of "Fume Labs", a strategic partnership between 48North
and Humble & Fume ("humble+fume").
Building on the success of the previously announced extraction
partnership and outdoor supply agreement between 48North and
humble+fume, the two companies will combine forces to supply the
legal cannabis vaporizer market in the most cost-effective and
efficient manner.
Fume Labs, the cannabis-focused manufacturing and extraction
entity birthed out of this strategic partnership will operate out
of 48North's fully-licensed processing and propagation facility
"Good:House", located in Brantford,
ON ("Facility").
Fume Labs will service this strategic partnership in several
mutually advantageous ways, including, but not limited to:
- the manufacturing of 48North's and humble+fume branded cannabis
products, specializing in the concentrate extraction and
refinement, formulation and filling, and packaging and distribution
of vaporizer products;
- the contract manufacturing of cannabis products for other
Licensed Producers and cannabis brands;
- Fume Labs will leverage humble+fume's extensive nationwide
sales and distribution network, and act as the sales agency for
products produced at the Facility; and
- Fume Labs will be a natural partner for 48North's Good:Farm,
one of Canada's lowest-cost
cannabis cultivation facilities located 10-minutes away from the
Facility. To that end, Fume Labs will purchase 48North cannabis
biomass, subject to certain conditions.
Both 48North and humble+fume will uniquely benefit from this
strategic partnership, these benefits include, but are not limited
to: industry-leading extraction expertise, a consistent input of
high-quality and low-cost cannabis biomass, access to nationwide
distribution and sales channels, and as a result will expect to see
significant operational cost savings.
48North and humble+fume are each responsible for 50 per cent of
the aggregrate shared expenses and each company will be entitled to
50 per cent of the net revenue from any vaporizer product finished
at the Facility. 48North will be the party responsible for
manufacturing, packaging, marketing, and promoting, and selling
products from Fume Labs under the authority of its cannabis
licenses.
In addition, 48North is pleased to announce that is has secured
product listings for vaporizer products in new Canadian markets,
including: British Colombia, Saskatchewan, Manitoba, and New
Brunswick. As a result, 48North products will become
available in 7 out of 10 Canadian provinces, representing over 95
per cent of the population.
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).
ABOUT HUMBLE+FUME
humble+fume is the leading distributor of cannabis accessories
in Canada. The Company offers a turnkey solution allowing the
end-to-end production and distribution of cannabis concentrate
products. humble+fume's customers include 85 percent of cannabis
retailers in Canada, multiple Licensed Producers, and key
government partners. The Company distributes accessories across all
10 Provinces and is a category leading supplier with the OCS, SQDC,
NSLC, BCLDB, NBLC, PEIC. Humble & Fume Inc. also has a rapidly
expanding presence in the United States, where it
operates multiple distribution facilities which provide national
sales capabilities. humble+fume offers the largest selection of
grinders, papers, pipes, and vaporizers, as well as storage,
cleaning and other accessories. Through Humble & Fume Inc's
comprehensive North American sales and distribution network and
over 20 years of operational experience and expertise, the Company
has aspirations to become the preeminent distributor of
cannabis-related products in North America.
DISCLAIMER & READER ADVISORY
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in 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
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.