TORONTO, Sept. 12, 2019 /CNW/ - 48North Cannabis Corp. ("48North" or the "Company") (TSXV:NRTH), is pleased to announce that it has secured 1,000,000,000 mg of high-quality active CBD oil from Iverson Family Farms Inc. ("Iverson") based in Willamette Valley, Oregon through an industrial hemp production contract.
Under the terms of the contract, Iverson will harvest industrial hemp on 33 acres of land in 2019 for 48North for the purposes of providing the Company with high-quality active CBD oil.
Announced on the heels of the Company's expansion into the United States, the Company intends on leveraging the high-quality active CBD oil to solidify and expand its U.S business operations.
The CBD oil will be used for three primary purposes:
- the launch of Quill's full-spectrum, hemp-based, CBD-specific, internationally distributed, all-in-one vaporizer pen;
- to launch other farm-bill compliant, federally legal, and centrally distributed CBD-based products across the United States; and
- future B2B sales.
Iverson was started by Ross and Dorothy Iverson in 1950. After Ross developed terminal liver cancer, his family used CBD to help manage his pain. This firsthand experience with CBD led them to begin growing high CBD hemp in 2016 and a year later the installation CO2 processing and manufacturing facility. Today, Iverson is one of the largest vertically-integrated CBD operations in the world. The 2019 grow season includes 600 acres with manufacturing contracts for many of the largest CBD companies, including Charlotte's Web (TSX: CWEB), a market leader in the production and distribution of innovative CBD wellness products.
"48North knows that strategic U.S expansion with a focus on federally legal CBD-derived products is critical to both the long- and short-term success of cannabis companies focused on brand and product for the recreational consumer market. The Company is laser-focused on securing robust distribution channels, further building and maintaining brand loyalty, and developing an innovative and diverse product offering for the increasingly competitive recreational cannabis market globally," said Alison Gordon, CEO of 48North.
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 Good & Green Corp. ("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); Avitas, a single-strain vaporizer cartridge (avitasgrown.com) and Quill, a leader in the manufacturing of beautifully designed, lifestyle-focused and sleek vape products (quill.me).
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.