TORONTO, Sept. 14, 2020 /CNW/ - 48North Cannabis
Corp. ("48North" or the "Company") (TSXV: NRTH) is pleased to
announce that Health Canada has granted the Company the required
license for its state-of-the-art drying facility at Good:Farm,
providing the Company with the capability to dry the planted crop
at Good:Farm.
Working towards its second annual harvest, this decision builds
on a series of operational and licensing improvements that will
help the Company commercialize the Good:Farm, one of Canada's first and largest outdoor cannabis
operations.
"Without question, 48North is a pioneer in the outdoor
cultivation of cannabis in Canada.
This first mover advantage positions the Company to build on
lessons learned last year and make necessary corrections so that we
can leverage Good:Farm as a source of low-cost, high-quality
cannabis," said Charles Vennat, CEO
of 48North.
"Last year's harvest demonstrated that 48North's Good:Farm would
be an effective source for next-generation cannabis products that
are now on the market. However, inadequate drying space reduced the
harvest volume we were able to bring to the market last year.
Today's announcement shows that we have corrected that problem and
are better positioned to meet the high demand for our
products."
With the industry no longer facing an undersupply of cannabis,
quality and cost are becoming critical differentiators for 48North,
which expects to cultivate cannabis at a similar cost than last
year's benchmark of $0.25/gram. In
addition to 48North's best-selling suite of cannabis products, this
year's crop will be leveraged to drive 48North's cannabis
contracting manufacturing business.
Leveraging the harvest from 2019, 48North continues to launch
next-generation cannabis products utilizing distillate extracted
from last year's crop. For example, 48North's best-selling
Apothecanna and Trail Mix brands are powered by last year's farm
cannabis. In turn, this year the Company is prioritizing a process
that the Company expects will result in full-spectrum oils,
baggable flower, pre roll biomass and further distillate.
About 48North
48North Cannabis Corp. (TSXV: NRTH) is a vertically integrated
cannabis company focused on manufacturing high-quality products,
building progressive and thought-provoking brands, and low-cost
cultivation. 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 which produces organically 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 Good & Green Corp. ("Good & Green"),
both Licensed Producers under the Cannabis Act.
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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.
Public health crises, including the ongoing novel coronavirus
(COVID-19) pandemic, could have significant economic and
geopolitical impacts that may adversely affect the Company's
business, financial condition and/or results of operations.
SOURCE 48North Cannabis Corp.