TORONTO, Oct. 10, 2019 /CNW/ - Today, 48North Cannabis Corp. ("48North" or the "Company") (TSXV:NRTH) announced that is has acquired Sackville & Co. Merchandising Ltd. ("Sackville & Co.") a leading U.S.-based cannabis brand focused on design-forward cannabis accessories.
48North, a vertically-integrated licensed producer of cannabis focused on low-cost cultivation, brand and next-generation products, remains focused on adding beloved, trusted, and design-forward concepts to its growing repertoire of cannabis brands.
Drawing inspiration from art, design, music, fashion and contemporary culture, Sackville & Co. products use high-end materials like brushed gold finishes, marble, and ceramics to create chic looking grinders, rolling papers, rolling trays, bongs and other highly-coveted accessories. Catering to design-forward consumers, Sackville & Co. has redefined the smoking experience for the modern female consumer, encouraging women to celebrate their relationship with cannabis––whether at a dinner party, concert or alone in the bathtub––and to feel stylish and inspired while doing it.
Sackville & Co. founders Hayley Dineen and Lana Van Brunt bonded over their shared frustration of not being able to find design-forward cannabis products to fit their personal style. With years of experience in luxury product development, experiential marketing and business development for companies ranging from October's Very Own ("OVO") to Vivienne Westwood to VICE, Hayley and Lana have since successfully led Sackville & Co. and are pleased to be joining 48North full-time.
"48North is laser-focused on reinforcing its position as the preferred consumer cannabis brand in Canada and introducing itself to the emerging U.S marketplace. Building on the momentum of the Company's acquisition of Quill and significant supply of CBD from Iverson Family Farms, adding Sackville & Co. to the 48North family takes the Company one step closer to achieving this goal," said Alison Gordon, CEO of 48North.
"With such a like-minded vision on the future of cannabis, the decision to join with 48North was an easy one. Sackville & Co. has sought to create new and inspiring experiences in the cannabis space through design, art, fashion and music communities. As a result of the acquisition, we will now be able to expand our product offering, distribution channels, and ultimately scale our business," said Lana Van Brunt, co-founder of Sackville & Co.
The total consideration payable on closing of the Acquisition by 48North was approximately USD$789,735 consisting of the following: (i) USD$150,000 paid in cash; and (ii) USD$639,375 paid in common shares of 48North ("Common Shares") at a price of $0.80 per Common Share. In addition, 48North will pay a conditional earn-out in Common Shares based on the operating performance of Sackville for a 12-month period following closing in an amount up to an aggregate of USD$2,868,125.
Sackville & Co. is not itself engaged in the cultivation, distribution or possession of cannabis in the United States.
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 that is expected to produce more than 40,000 kg of 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) and Quill, a leader in the manufacturing of beautifully designed, lifestyle-focused and sleek vape products (quill.me).
ABOUT SACKVILLE & CO.
Sackville & Co. Founders Hayley Dineen and Lana Van Brunt bonded over their shared frustration of not being able to find design-forward cannabis products to fit their personal style. They felt it was time to not have to hide evidence of their smoking habits or feel a stigma around it anymore and decided to create a line of beautiful accessories that could be flaunted. With years of experience in luxury product development, experiential marketing and business development for companies ranging from October's Very Own to Vivienne Westwood to VICE, the two fierce entrepreneurs launched Sackville & Co in 2017, a cannabis brand that women like them would feel proud to be a part of. For more information on Sackville visit https://sackvilleandco.com/ or contact [email protected].
ABOUT THE FOUNDERS
Sackville & Co. Co-Founder Hayley Dineen consults on product design and production for international fashion & lifestyle brands. She also advised Canada's largest publicly traded cannabis company, Aurora, on their in-house accessories and merchandise. Previously, Hayley worked with a number of high-end fashion brands in partnership with the United Nations Ethical Fashion Initiative, connecting luxury fashion design with artisan production in collaboration with Stella McCartney, Adidas, Sass + Bide, and Vivienne Westwood. She also was the design director for streetwear brand October's Very Own, which saw her work on projects including partnerships with Canada Goose, Woolrich and Jordan.
Sackville Co-Founder Lana Van Brunt has spent her entire career capturing the zeitgeist, building brands and telling stories for cutting edge media companies, like VICE. Lana joined the VICE Toronto team and quickly moved into the role of Director of Experiential Marketing and Head Talent Buyer. Throughout her VICE tenure she continued to expand her expertise taking on an additional role simultaneously as Director of Business Operations. While in this role she supported the growth of the Canadian office from 30 to 250 people across 3 provinces. In 2018 she moved to NYC to oversee Business Operations of 11 VICE Media entities across 9 countries. Keeping up with the rapidly changing media landscape, Lana recently took on a consulting role with ATTN: Media where she's spearheading the development and launch of their Experiential Marketing division and Brand Partnerships.
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 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.