48North Signs Canada’s First-Ever Letter of Intent for Outdoor Cannabis
TORONTO, Feb. 25, 2019 /CNW/ – 48North Cannabis Corp. (“48North” or the “Company”) (TSXV:NRTH) is pleased to announce that it has signed Canada’s first-ever letter of intent for outdoor grown cannabis with the Société québécoise du cannabis (SQDC), Quebec’s sole legal retailer of recreational cannabis.
Under this agreement, 48North will supply 1,200 kilograms of cannabis to the SQDC from its outdoor farm in Brant County, Ontario and 120 kilograms of indoor grown cannabis from its facilities in Brantford, Ontario and Kirkland Lake, Ontario. The 1,200 kilograms of cannabis will be delivered in Q4 2019.
48North is reported to be the first Canadian company to apply for an outdoor cultivation license from Health Canada. In January, the Company submitted its evidence package to Health Canada demonstrating its readiness and is eagerly awaiting approval for its cultivation license in time for the start of the 2019 growing season.
Outdoor, sun-grown cannabis will be essential to the future of the Canadian cannabis industry and 48North is excited to lead the way. Through today’s letter of intent, 48North is taking a meaningful step to respond to market demand and provide a reliable and environmentally-sustainable source of production for Quebec.
Jeannette VanderMarel, co-CEO of 48North
The 100-acre outdoor farm, located in Brant County Ontario, is expected to produce an estimated 40,000 KG of organic, sun-grown cannabis, from over 3.7 million sq. ft. of outdoor cultivation space.
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.
48North’s letter of intent with the SQDC was signed on February 22, 2019 and pertains to calendar year 2019.
About 48North
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”) and 2599760 Ontario Corp. dba Good & Green (“Good & Green”), both Licensed Producers under the Cannabis Act. In addition, 48North expects to operate a 100-acre organic farm providing 48North with organic, sun-grown cannabis providing 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).
