TORONTO, Sept. 25, 2018 /CNW/ - 48North Cannabis Corp. ("48North" or the "Company") (TSXV:NRTH), a leading licensed cannabis producer focused on the women's health and wellness market, today announced a licensing agreement with Mother & Clone, Inc. ("Mother & Clone"), a Colorado-based company producing proprietary cannabis sublingual nanosprays (a form of measured microdosing). This agreement follows the Company's announcement that it received a supplemental license from Health Canada for the extraction and production of cannabis oil. Canadian production and sale of Mother & Clone products are expected to commence after the Company receives its Health Canada license amendment permitting the sale of cannabis oil.
"It is fitting that our first official partnership and portfolio addition is with Mother & Clone, a woman-led and focused cannabis company with a unique product offering," said Alison Gordon, Chief Executive Officer at 48North. "This deal includes product distribution, brand familiarity and intellectual property ownership over all Mother & Clone products and will give us a competitive lead in bringing next generation wellness products to the Canadian and international markets."
"Partnering with 48North aligns with Mother & Clone's brand positioning, corporate values and shared focus on women's lifestyle and wellness through cannabis in the adult recreational space," said Leslie Siu, Chief Executive Office of Mother & Clone. "We are a company with a long-view, global strategy and together with the 48North team we will be creating an indelible stamp on the Canadian cannabis industry."
Under the terms of the licensing agreement signed September 4, 2018, 48North will license Mother & Clone's 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 Mother & Clone products. Mother & Clone will earn a licensing fee of ten per cent gross profit on all Canadian and international sales. This agreement will combine existing research and development of this proprietary, strain-specific nano-particle delivery system, and will be produced from the unique cultivars being grown at 48North's DelShen facility.
These products will be produced and marketed in accordance with applicable Canadian laws and regulations for the adult recreational cannabis market.
48North Cannabis Corp. ("48North") is a TSX Venture Exchange listed company whose wholly-owned subsidiary DelShen Therapeutics Corp. ("DelShen"), is a licensed producer of medical cannabis in Canada. 48North grows unique genetics sourced from MariPharm B.V., a Netherlands-based phytopharmaceutical company with over 25 years of experience in the research and cultivation of cannabis for medical purposes. Its genetics are grown to exacting standards, ensuring patients can count on receiving the highest-quality cannabis products.
DelShen is regulated by the Access to Cannabis for Medical Purposes Regulations and the facility is located on 800-acres of owned land near Kirkland Lake, Ontario. DelShen's license to produce cannabis was granted on February 28, 2017, its cannabis sales license was granted on June 25, 2018, and its extraction license to produce cannabis oils was granted on September 13, 2018, and pertain to the facility, a state-of-the-art, closed-box, 40,000-square-foot building.
About Mother & Clone
Mother & Clone's strain-specific sublingual products are uniquely formulated for rapid absorption under the tongue, with effects that are felt within minutes. Sublinguals are an alternative ingestible form of cannabis, delivering a full dose of cannabis directly to the bloodstream, providing a more predictable, controllable and repeatable experience. Mother & Clone is based out of Colorado with plans for out of state expansion.
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SOURCE 48North Cannabis Corp.
For further information: Heidi Christensen Brown, 48North Investor Relations, (416) 848-1389, [email protected]; David Hackett, Chief Financial Officer, 48North, (416) 639-5891 ext 304, [email protected]