TORONTO, July 9, 2019 /CNW/ - 48North Cannabis Corp. ("48North" or "the Company") (TSXV: NRTH) announced that it is converting its Good:House, 48North's licenced indoor facility located in Brantford, Ontario, from a cultivation-focused facility into a full-time propagation, processing and packaging facility.
In preparation for the Good:Farm's first outdoor harvest in August and second harvest in October, 48North has begun the process of converting its Brantford facility, located 10 minutes away from the Good:Farm, into the processing, manufacturing, packaging and distribution hub for the Company's outdoor cultivation site.
Good:Farm, Canada's first and largest outdoor organic cannabis farm, is expected to yield more than 40,000 kg of dried cannabis, at what 48North expects to be the lowest cost per gram in the country.
In partnership with humble+fume, 48North is currently building out a state-of-the-art cannabis extraction facility able to process more than 30,000 kg of cannabis mass annually. As a result, Good:House will soon be equipped to conduct C02 extraction, producing full-spectrum oil, distillates and isolates, all critical ingredients in the development of next-generation, value-added cannabis products, available for retail sale by 48North in December 2019.
"48North is steadfast in its commitment to outdoor-grown cannabis; as a Company we know that low-cost, environmentally friendly cultivation, for both next-generation products and the dried-flower market, is the way of the future. As a result, and to successfully deliver on this commitment, 48North has evolved its cultivation facility in Brantford to a full-time propagation, processing and packaging facility," said Jeannette VanderMarel, co-CEO of 48North.
Currently, 48North will be using this extraction lab to execute on its previously announced licensing agreements with Mother & Clone and Avitas in the manufacturing of their 100-per-cent natural, additive-free, single-strain, ultra-refined and purified products, such as vape pens and sublingual sprays.
48North's Good:House, currently 46,000 sq. ft. located on five acres, is expandable to 350,000 sq. ft., on two-levels.
Looking ahead, 48North plans on building out its processing and manufacturing capabilities at Good:House as it continues to announce additional business verticals and next-generation products, either through licensing agreements or acquisition.
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 kilograms 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 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).
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) accepts 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 Corp.
For further information: Connor Whitworth, Director of Corporate Affairs, (416) 639 5891 ext. 316, [email protected]