TORONTO, March 6, 2019 /CNW/ - 48North Cannabis Corp.
("48North" or the "Company") (TSXV:NRTH) is pleased to
announce today that it has signed an exclusive licensing agreement
with U.S.-based Arbor Pacific Inc. to bring its premium brand
Avitas to Canadian consumers.
Avitas, available in over 500 stores in Washington, Oregon and Colorado is one of the best-selling single
strain vaporizer cartridges in the United
States and completes 48North's vaporizer strategy. Avitas
develops 100% additive free, single strain, ultra-refined and
purified, vaporizer cartridges. Single strain vaporizer cartridges
represent the fastest-growing, next-generation cannabis product
category in the United States,
48North looks forward to bringing Avitas' market-leading
vaporizers, technology and brand to Canada.
48North is focused on delivering next-generation cannabis
products to Canadian consumers in fall 2019; the agreement with
Arbor Pacific, on the heels of its previously announced agreement
with Mother & Clone, well positions the Company to deliver on
this commitment.
"Without question, partnering with respected, well-established
and well-recognized U.S.-brands like Avitas will be critical to
48North's success in the development of next-generation cannabis
products for the adult-use recreational cannabis market," said
Alison Gordon, co-CEO of
48North.
"Pending Health Canada approval, 48North's 100-acre outdoor
cannabis farm ("The Good Farm") in Brant County, Ont., will be
critical to 48North's vape strategy. The Good Farm is expected to
provide 48North with 40,000 kilograms of dried cannabis at a
low-cost margin. Low-cost, high-quality cannabis will be critical
in the development of next-generation cannabis products like vape
cartridges."
"Great partnerships are built on shared values. 48North's
consistent focus on strong corporate values and producing premium
cannabis products from sustainably and responsibly grown cannabis
make this partnership a natural fit. 48North's organically
sun-grown cannabis from The Good Farm will be the best extraction
material available in the market. We are excited to bring our
experience in extraction technology and techniques to produce
exceptional products for adult-use consumers in Canada
and beyond," said Adam Smith, CEO
and Co-Founder of Arbor Pacific Inc.
Under the terms of the licensing agreement signed March 6, 2019, 48North will license Avitas'
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 Avitas products.
These products will be produced and marketed in accordance with
applicable Canadian laws and regulations for the adult-use
recreational cannabis market.
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 two indoor-licensed cannabis
production sites in Ontario with more than 86,000
square feet of production capacity. 48North cultivates unique
genetics at its wholly owned subsidiaries, DelShen Therapeutics
Corp. ("DelShen") and 2599760 Ontario Corp. dba Good & Green
("Good & Green"), both Licensed Producers under the Cannabis
Act. In addition, 48North expects to operate a 100-acre organic
farm providing 48North with organic, sun-grown cannabis securing a
significant first-mover advantage in the production of low-cost,
next-generation, extract-based cannabis products. 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) and
Avitas, a single strain vaporizer cartridge (avitasgrown.com)
About Arbor Pacific
Arbor Pacific develops and licenses cannabis brands,
intellectual property and physical assets to cannabis operators in
the United States and
Canada. Currently Arbor Pacific brands are manufactured in
Washington, Oregon and Colorado, with expansion to Nevada and California on the near term horizon.
Arbor Pacific's suite of branded products include the best selling
vaporizer product lines under the Avitas and Hellavated brand names
as well as premium cultivated flower and other manufactured
products. Arbor Pacific also manufactures and distributes the
Avitas Botanical and Avitas Wellness CBD product lines which is
current available direct to consumers via ShopAvitas.com and in
select retail stores nationwide.
About Avitas
Avitas is 100% additive free, natural cannabis extracts.
Avitas starts with only select small batch, naturally grown,
pesticide free cannabis, then utilizes proprietary extraction
techniques and purification processes to gently capture and
concentrate the essence of each strain. Avitas' craft
approach to extraction creates a premium full-spectrum extract that
captures cannabinoid and terpene profile of each strain, allowing
the natural nuance of each strain to come through in the finished
product; A difference that you can taste as well as experience.
Avitas products are currently available in Washington, Oregon and Colorado.
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. Forward-looking statements in this news release include
statements relating to the business plan and future operations of
the Company, including its application with Health Canada for a
cultivation licence for its 100-acre outdoor grow property. Such
statements are subject to risks and uncertainties that may cause
actual results, performance or developments to differ materially
from those contained in the forward-looking statements, including
the possibility that the business plan described herein will not be
completed, that 48North may not derive the expected benefits from
such business plans, or that applicable regulatory approvals will
be obtained to carry out the activities contemplated herein. The
business of the Company is subject to a number of material risks
and uncertainties. Please refer to the Company's 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-party approvals, and licensing and other
risks associated with the Cannabis Act. 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 Co.