TORONTO, Aug. 13, 2019 /CNW/ - 48North Cannabis Corp. ("48North" or the "Company") (TSXV:NRTH) is pleased to announce that it has appointed Charles Vennat as Chief Corporate Officer, effective immediately.
Charles, an accomplished entrepreneur with extensive experience working in highly-regulated sectors, most recently as President of Bastos of Canada Ltd., a manufacturer of tobacco products, is joining the Company to drive the corporation's business plan and strategic vision.
"Charles has a proven track record in translating business strategy into actionable goals for strategic growth and performance. At Bastos, he led the strategic turnaround of the firm, developed key client relationships, expended into new markets, and led the negotiations leading the eventual sale of Bastos to private interests in 2018," said Alison Gordon, co-CEO of 48North.
"Without question, Charles' operational and business acumen in highly-regulated sectors, such as tobacco and food, will be of critical importance to 48North's aggressive growth and expansion plans," continued Jeannette VanderMarel, co-CEO of 48North.
"48North is at a critical moment in its growth trajectory; it has disruptive production, a world-class brand, an industry-leading team, and a strategic business-plan designed for the long-term. I look forward to leading 48North in the operationalization of its business plan and setting the course for the long-term," said Charles Vennat, Chief Corporate Officer of 48North.
48North has granted an aggregate of 700,000 stock options (each an "Option") to certain directors, officers, and employees of the Company. The Options vest through the passage of time or the achievement of specific goals. The specific goals for the Options vary based upon the duties and responsibility of the recipient. Each Option is exercisable into one common share ("Share") of the Company at a price of $0.87 per Share for a period of three years from the date of grant. All of the Options have been granted pursuant to the Company's Stock Option Plan which has been previously approved by the Company's shareholders and the TSX Venture Exchange. The Company also confirmed Kirsten Gauthier as Chief Marketing Officer.
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 2599760 Ontario Corp. dba Good & Green ("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); 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 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.