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TORONTO, June 28, 2018 /CNW/ - 48North Cannabis Corp. ("48North" or the "Company") (TSXV:NRTH) announces that following Health Canada's decision to allow licensed cannabis producers to grow cannabis outdoors, the Company is actively investigating the cultivation of sun grown cannabis on its 800-acres in Kirkland Lake, ON facility.
"48North applauds the federal government's decision to allow for commercial outdoor cultivation," said Alison Gordon, Chief Executive Officer at 48North. "Our wholly-owned cultivation facility includes 800-acres of land formerly used as a tree nursery and is well-suited for outdoor production of cannabis. Outdoor cultivation is a more environmentally sustainable way to cultivate cannabis that requires less electricity and has a reduced carbon footprint. By growing cannabis outdoors, we expect that we will be able to significantly reduce our cost of production by eliminating costs associated with indoor commercial growing."
Ms. Gordon continued, "We will continue to grow high-grade cannabis at our state-of-the-art indoor growing facility and plan to use outdoor crops as a lower-cost source of cannabis for our women's health and wellness products."
48North expects to begin the licensing process for sun grown cannabis once the new regulations come into effect.
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 with an additional 200,000 square feet of production space planned within the current security perimeter.
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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. The business of the Company is subject to a number of material risks and uncertainties. Please refer to the Filing Statement and other 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 parties approvals, and licensing and other risks associated with regulated ACMPR entities. 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.
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]