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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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.
For further information: Alison Gordon, Chief Executive Officer, (firstname.lastname@example.org); Connor Whitworth, Director of Corporate Affairs, (email@example.com)