TORONTO, Aug. 7, 2019 /CNW/ - 48North Cannabis Corp. ("48North" or the "Company") (TSXV:NRTH) is pleased to announce that it has made a strategic investment of $1.25 million in Friendly Stranger Holdings Corp., a cannabis accessories retailer in Ontario that has been operating for 25 years and aims to add legal cannabis to its offerings after receiving a licence.
48North's investment is intended to facilitate Friendly Stranger's aggressive expansion plans and specific intention to enter the legal retail cannabis market. As Canada's most iconic cannabis culture shop, widely revered for its friendly and knowledgeable service, 48North is confident that Friendly Stranger will continue to dominate the retail cannabis market.
In addition to the strategic investment, Friendly Stranger and 48North have entered into a preferred partnership initiative that guarantees 48North a presence in all existing and future Friendly Stranger retail locations, a commitment to stock 48North products without listing fees, co-branding opportunities, and a number of other strategic collaborative initiatives.
"We are very excited to announce 48North's strategic investment in the Friendly Stranger. With a focus on high-quality, sun-grown cannabis from Good:Farm, future-focused next-generation cannabis products, and premium-grown cannabis from its northern facility, delshen, 48North looks forward to having its products available for future Friendly Stranger customers. 48North's partnership with Friendly Stranger takes 48North one step closer to becoming Canada's most loved, trusted and valued cannabis brand," said Alison Gordon, co-CEO of 48North.
"We are excited to announce 48North as an investor and preferred partner in Friendly Stranger Holdings Corp (FSHC)," said James Jesty, President, FSHC. "We have been leaders in the cannabis industry for over 25 years and have always focused on sustainability, activism, and stigma-busting. Our mutual commitment to these values makes this a natural partnership. With 48North's strategic investment, we have the additional capital to execute the first phase of our aggressive growth strategy and scale and evolve the business into the top retail cannabis store in the province. We look forward to the partnership."
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 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 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).
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SOURCE 48North Cannabis Corp.