TORONTO, May 17, 2019 /CNW/ - 48North Cannabis Corp. ("48North" or the "Company") (TSXV:NRTH) is poised to produce over 40,000 kilograms of outdoor-grown organic cannabis this year, at what is expected to be the lowest-cost per gram in Canada.
Earlier today, 48North received its outdoor cultivation license from Health Canada for its 100-acre (3.7 million square feet) organic farm ("Good Farm"), located in Brant County, Ontario. Good Farm will become one of the largest-ever licensed cannabis operations in the world.
Health Canada's licensing of Good Farm will allow 48North to harvest in excess of 45,000 kilograms of dried cannabis in 2019 across it three Canadian facilities. In turn, 48North is well-positioned to become a global leader in the production of low-cost, high-quality, next-generation products in the lead-up to Canada's legalization of next-generation products later this year.
48North has also recently signed three supply agreements for cannabis from its Good Farm, including:
- a historic outdoor cannabis agreement with the SQDC (the exclusive distributor of cannabis in Quebec) for 1,200 kg of dried cannabis;
- a supply agreement to provide 2,460 kilograms of dried cannabis to AGLC, the wholesaler of Alberta, which leads the country in both cannabis stores and per capita cannabis sales; and
- an agreement with Humble + Fume for 6,000 kg of dried cannabis and trim.
"Receiving the outdoor cultivation license from Health Canada for our Good Farm is an absolute game changer for 48North and the cannabis industry. Overnight, the company expands its annual expected capacity from 5,000 kg to over 45,000 kg. As a result, I am confident that 48North will deliver on its promise to produce, high-quality, low-cost, organic cannabis for the next-generation of cannabis products, and the dried flower market," said Jeannette VanderMarel co-CEO of 48North.
"48North is now better positioned than ever to deliver on its commitment to deliver high-quality cannabis products to the Canadian and international cannabis markets. 48North knows that consumer packaged goods brands looking to get into the cannabis space need a low-cost, consistent, and organic cannabis inputs, 48North's Good Farm, without question, fulfills this need," added Alison Gordon co-CEO of 48North.
Good Farm has a number of strategic advantages, including: ultra-low-cost cannabis, environment-friendly and energy-efficient production, in addition the farm provides a source of relief to the national shortage of recreational cannabis.
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, expected to produce over 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 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. 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).
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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. 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.
For further information: Alison Gordon, co-Chief Executive Officer, ([email protected]); Jeannette VanderMarel, co-Chief Executive Officer, ([email protected]); Connor Whitworth, Director of Corporate Affairs, ([email protected]), 416-639-5891