Divestment from two U.S.-based assets positions 48North for
renewed emphasis on high-quality Canadian products
TORONTO, May 22, 2020 /CNW/ - Today, 48North Cannabis
Corp. (TSXV:NRTH) ("48North" or the "Company"), announced two
divestments that simplify the Company's portfolio with the aim of
implementing 48North's previously outlined strategic decision to
focus on the Canadian cannabis market.
Specifically, 48North, through today's transactions will divest
Rare Industries, Inc. ("Quill"), a U.S. multi-state vape technology
brand and Sackville & Co. Merchandising Ltd. ("Sackville &
Co.") a U.S.-based cannabis brand focused on cannabis accessories,
to their previous ownership.
"Today's announcement is about taking a small step back in order
to take a big step forward," said Charles
Vennat, CEO, 48North. "In one of my first public statements
as 48North's Chief Executive Officer I committed to focusing on our
strengths: high-quality products, low-cost outdoor cultivation, and
a brand that resonates with Canadian consumers. Today's update is a
demonstration of that focus, positioning us to devote ourselves
exclusively to the Canadian adult-use market in 2020."
This announcement comes on the heels of several partnerships and
product launches in the Canadian market, including:
- The launch of Ontario's first
cannabis topical brand, Apothecanna (March 5);
- The launch of 48North's first vaporizer products,
Avitas, in Ontario retail
stores across the province (March
26);
- The signing of a supply agreement with PAX Labs (Canada) Inc. ("PAX Labs) to develop two brands
of 48North cannabis vape products to meet different design and
price needs (April 1);
- The launch of 48North's first accessible dried flower brand in
Quebec, Fleur du Jour
(April 22) and;
- The signing of a key supply agreement with Medical Cannabis
by Shoppers Drug Mart (May
7).
About 48North
48North Cannabis Corp. (TSXV: NRTH) is a vertically integrated
cannabis company focused on manufacturing high-quality products,
building progressive and thought-provoking brands, and low-cost
cultivation. 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 organically-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.
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reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information contained herein.
Public health crises, including the ongoing novel coronavirus
(COVID-19) pandemic, could have significant economic and
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SOURCE 48North Cannabis Corp.