TORONTO, Jan. 24, 2019 /CNW/ - 48North Cannabis Corp. ("48North" or the "Company") (TSXV:NRTH) is pleased to announce that it has submitted its site evidence package to Health Canada in connection with its license application, submitted in October 2018, for the Company's 100-acre outdoor farm in Brant County, Ontario.
The farm site evidence package is a Health Canada pre-licensing requirement. It provides Health Canada with comprehensive evidence confirming that 48North has successfully built-out the security provisions on its farm, as outlined in its license application, including but not limited to security fencing, cameras, and intrusion and access control. 48North has proactively taken this step to reaffirm its commitment and preparedness to begin cultivating outdoor-grown organic cannabis in June 2019.
The farm site evidence package was produced and developed under the direct supervision of David Hyde, President of 3|Sixty Secure Corp. (CSE: SAFE), the leading Canadian security and licensing consulting firm in the regulated cannabis sector in Canada and abroad.
"48North is excited to be leading the way on outdoor cultivation and are committed to developing a best in class licensed farm," said Jeannette VanderMarel, co-CEO of 48North. "48North's outdoor farm provides a substantial source of production which can meaningfully assist in solving the current supply shortage facing the regulated cannabis industry. We look forward to continuing to work with Health Canada on the licensing process and are keen to begin cultivating outdoors in June 2019."
In addition to 48North's 5,000 kg of indoor grown production in Kirkland Lake and Brantford, Ontario, 48North expects to cultivate 40,000 kg of dried organic cannabis, from over 3.7 million sq. ft. of outdoor cultivation space. This capacity puts 48North in line with some of the largest producers of cannabis in the country.
Together with its two licensed indoor facilities, 48North's organic outdoor cannabis farm further cements the Company's position as an industry-leader with respect to the development and distribution of next-generation cannabis products.
Note about Outdoor Production
Pending Health Canada's approval, in 2019 48North expects to cultivate and process 40,000 kg of dried cannabis from its 100-acre outdoor farm. The operational costs of the farm are fully-funded and are projected to be significantly less than the production costs of current licensed indoor or licenced greenhouse cultivation facilities.
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 positioning itself to contract manufacture similar products for third parties. 48North operates two indoor-licensed cannabis production sites in Ontario with over 86,000 square feet of production capacity. 48North cultivates unique genetics at its wholly-owned subsidiaries, DelShen Therapeutics Corp. ("DelShen") 2599760 Ontario Corp. dba Good & Green ("Good & Green"), both Licensed Producers under the Cannabis Act. In addition, 48North operates a 100-acre organic farm providing 48North with organic, sun-grown cannabis and a significant first-mover advantage in the production of low-cost, next-generation, extract-based cannabis products. 48North has a growing portfolio of brands that include Latitude, a women's cannabis platform (explorelatitude.com) and Mother & Clone, a rapid-acting sublingual cannabis nanospray (momandclone.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) 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 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 expected benefits of the Acquisition. 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 Acquisition will not be completed, or that 48North may not derive the expected benefits from the Acquisition described in this news release. Additionally, this release contains forward-looking information relating to the Financing, including the timing and ability of the Company to obtain an outdoor cultivation license through Health Canada, close the Financing, if at all, the gross proceeds of the Financing, and the timing and ability of the Company to obtain all necessary approvals, including shareholder approval of the creation of the Preferred Shares. 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 parties 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 Co.