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.
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.
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.