TORONTO, May 15, 2019 /CNW/ - 48North Cannabis Corp.
("48North" or the "Company") (TSXV:NRTH) announced today that it
has signed a supply agreement with Alberta Gaming, Liquor &
Cannabis ("AGLC"), Alberta's wholesaler of recreational
cannabis. 48North's supply agreement with AGLC was signed on
May 15, 2019, and pertains to
calendar year 2019.
Under the supply agreement, 48North will supply AGLC with 2,460
kilograms of dried cannabis from its outdoor farm in Brant County,
Ont., ("Good Farm") and other cannabis products such as pre-rolls
from its indoor facilities in Brantford,
Ont., ("Good House") and Kirkland
Lake, Ont. ("DelShen Therapeutics").
Pending Health Canada approval, Good Farm is expected to produce
an estimated 40,000 kilograms of organic, sun-grown cannabis, from
more than 3.7 million sq. ft. of outdoor cultivation space. In
early May, the Company received its Confirmation of
Readiness from Health Canada for its Good Farm application and
is well-prepared to harvest cannabis outdoors in 2019.
"48North is looking forward to delivering high-quality,
sun-grown, sustainable and organic cannabis to the Alberta cannabis market. Through today's
historic agreement, the first to supply outdoor grown cannabis to
Alberta, 48North has taken another
meaningful step to respond to market demand and provide a reliable
and environmentally sustainable source of production for
Alberta," said Jeannette VanderMarel, co-CEO of 48North.
This supply agreement marks the Company's second supply
agreement with a provincial distributor for outdoor-grown cannabis.
48North signed an agreement with the Société québécoise du cannabis
(SQDC) for 1,200 kilograms of dried cannabis from its Good Farm in
February 2019.
Together with its two licensed indoor facilities, 48North's
proposed organic outdoor cannabis farm further cements the
Company's position as an industry leader with respect to the
development and distribution of next-generation cannabis
products.
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, subject to Health Canada approval, 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).
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
license 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 parties 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.