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TORONTO, June 25, 2018 /CNW/ - 48North Cannabis Corp. ("48North" or the "Company") (TSXV:NRTH) proudly announces that its wholly-owned ACMPR licensed facility, DelShen Therapeutics Corp. ("DelShen"), has received an amendment from Health Canada to include the sale of dried cannabis, cannabis plants and seeds.
"What an incredible week for cannabis. We are thrilled to be part of a small group of licensed producers to have received a sales license, and as a result, are able to participate in the early-stage, legal recreational cannabis market in Canada," said Alison Gordon, Chief Executive Officer at 48North. "Near-term revenue from sales will support the brand and business, as we continue to focus on developing women-oriented products and brands in the consumer packaged goods (CPG) space, including cannabis-infused edibles, drinkables, cosmetics and skin care."
DelShen, 48North's wholly-owned facility in Northern Ontario received its cultivation license in February 2017 and has been growing unique genetics sourced from the Netherlands in preparation of achieving this milestone.
Ms. Gordon continued, "We will continue to leverage our cultivation facilities, along with our production and sales license, in support of partnerships both in and out of the cannabis space. It is our goal to have CPG licensed products available upon legalization of adult-use cannabis in accordance with the Cannabis Act."
48North is a TSXV Venture Exchange listed company whose wholly owned subsidiary, 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 ("ACMPR") 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 its 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.