TORONTO, Sept. 25, 2018 /CNW/ - 48North Cannabis Corp.
("48North" or the "Company") (TSXV:NRTH), a leading
licensed cannabis producer focused on the women's health and
wellness market, today announced a licensing agreement with Mother
& Clone, Inc. ("Mother & Clone"), a Colorado-based company producing proprietary
cannabis sublingual nanosprays (a form of measured microdosing).
This agreement follows the Company's announcement that it received
a supplemental license from Health Canada for the extraction and
production of cannabis oil. Canadian production and sale of Mother
& Clone products are expected to commence after the Company
receives its Health Canada license amendment permitting the sale of
cannabis oil.
"It is fitting that our first official partnership and portfolio
addition is with Mother & Clone, a woman-led and focused
cannabis company with a unique product offering," said Alison Gordon, Chief Executive Officer at
48North. "This deal includes product distribution, brand
familiarity and intellectual property ownership over all Mother
& Clone products and will give us a competitive lead in
bringing next generation wellness products to the Canadian and
international markets."
"Partnering with 48North aligns with Mother & Clone's brand
positioning, corporate values and shared focus on women's lifestyle
and wellness through cannabis in the adult recreational space,"
said Leslie Siu, Chief Executive
Office of Mother & Clone. "We are a company with a long-view,
global strategy and together with the 48North team we will be
creating an indelible stamp on the Canadian cannabis industry."
Under the terms of the licensing agreement signed September 4, 2018, 48North will license Mother
& Clone's intellectual property and manufacturing techniques
for domestic consumption in Canada, and for global export from
Canada. 48North will be the
exclusive Canadian licensed producer of all present and future
Mother & Clone products. Mother & Clone will earn a
licensing fee of ten per cent gross profit on all Canadian and
international sales. This agreement will combine existing research
and development of this proprietary, strain-specific nano-particle
delivery system, and will be produced from the unique cultivars
being grown at 48North's DelShen facility.
These products will be produced and marketed in accordance with
applicable Canadian laws and regulations for the adult recreational
cannabis market.
About 48North
48North Cannabis Corp.
("48North") is a TSX Venture Exchange listed company whose
wholly-owned subsidiary DelShen Therapeutics Corp.
("DelShen"), is a licensed producer of medical cannabis in
Canada. 48North grows unique
genetics sourced from MariPharm B.V., a Netherlands-based phytopharmaceutical company
with over 25 years of experience in the research and cultivation of
cannabis for medical purposes. Its genetics are grown to exacting
standards, ensuring patients can count on receiving the
highest-quality cannabis products.
DelShen is regulated by the Access to Cannabis for Medical
Purposes Regulations and the facility is located on
800-acres of owned land near Kirkland
Lake, Ontario. DelShen's license to produce cannabis
was granted on February 28, 2017, its
cannabis sales license was granted on June
25, 2018, and its extraction license to produce cannabis
oils was granted on September 13,
2018, and pertain to the facility, a state-of-the-art,
closed-box, 40,000-square-foot building.
About Mother & Clone
Mother &
Clone's strain-specific sublingual products are uniquely
formulated for rapid absorption under the tongue, with effects that
are felt within minutes. Sublinguals are an alternative ingestible
form of cannabis, delivering a full dose of cannabis directly to
the bloodstream, providing a more predictable, controllable and
repeatable experience. Mother & Clone is based out of
Colorado with plans for out of
state expansion.
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 belief or
assumptions as to the outcome and timing of such future events.
Actual future results may differ materially. The business of the
Company is subject to a number of material risks and uncertainties.
Please refer to the Filing Statement and other SEDAR filings for
further details. Various assumptions or factors are typically
applied in drawing conclusions or making the forecasts or
projections set out in forward-looking information. Those
assumptions and factors are based on information currently
available to the parties. The material factors and assumptions
include the Company being able to obtain the necessary corporate,
regulatory and other third parties approvals, and licensing and
other risks associated with regulated ACMPR entities. 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.