TORONTO, Sept. 17, 2018 /CNW/ - 48North Cannabis Corp. ("48North" or the "Company") (TSXV:NRTH), is pleased to announce that on September 13, 2018 the Company's wholly-owned subsidiary DelShen Therapeutics Corp. ("DelShen"), received a supplemental license from Health Canada for the extraction and production of cannabis oils. This license amendment marks another important milestone achieved towards the Company's goal of becoming the leading cannabis health and wellness company for the female market.
"We continue to deliver on our business strategy moving towards the production of next generation cannabis-infused products that we believe will be the preferred manner of cannabis consumption for many Canadians in the upcoming legal adult recreation market," said Alison Gordon, Chief Executive Officer at 48North. "Now that we are equipped with the license to produce cannabis oils, we expect to be well prepared to sell our oil in the adult recreational market upon approval by Health Canada."
48North will produce its cannabis oils using ethanol extraction to meet the regulator's strict guidelines and to efficiently and economically scale the production of cannabis-infused products in time for the next phase of legalization, expected in October 2019. Once the Company has produced and inventoried saleable batches of oil, Health Canada will be invited to conduct a final inspection to secure an amendment permitting the sale of cannabis oils.
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, and pertains to the facility, a state-of-the-art, closed-box, 40,000-square-foot building.
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SOURCE 48North Cannabis Co.
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]