October 1, 2018 MJ Shareholders
October 1st, 2018
TORONTO, Oct. 1, 2018 /CNW/ – 48North Cannabis Corp. (“48North” or the “Company“) (TSXV:NRTH) today announced that it has entered a supply agreement (the “Agreement“) with 2599708 Ontario Inc. (“Good & Green”), a socially responsible, organic cannabis company and late-stage ACMPR applicant. Under the terms of the Agreement, signed September 28, 2018, 48North will pay Good & Green $1,500,000 in exchange for 6,000 kilograms of organically sun-grown, dried cannabis, as permitted under the Cannabis Act, for use in extraction, to be delivered on or before December 31, 2019.
This Agreement follows 48North’s announcement that it received a supplemental license from Health Canada for the extraction and production of cannabis oil and marks another key milestone towards the Company’s commitment to produce second-generation cannabis products focused on the women’s health and wellness market. The additional access to 6,000 kilograms of dried cannabis significantly increases 48North’s ability to produce low-cost, extracted cannabis products, including the recently announced licensing deal with Mother & Clone’s proprietary, rapid-absorption, sublingual nanospray.
“We look forward to collaborating with Good & Green given their extensive experience in the production of organically grown cannabis,” said Alison Gordon, Chief Executive Officer at 48North. “This arrangement provides 48North with a meaningful amount of organically sun-grown cannabis, which is essential to developing second-generation products.”
“With its acquisition of a 100-acre farm in southwest Ontario, Good & Green is excited to be a first mover in outdoor cannabis cultivation in Canada, as permitted under the Cannabis Act,” said Jeannette VanderMarel, President at Good & Green. “Today’s announcement is consistent with Good & Green’s commitment to partner with best in class companies and we are looking forward to working with the great team at 48North.”
Terms of the Agreement
Under the terms of the Agreement, 48North will pay Good & Green $1,500,000 in exchange for 6,000 kilograms of organically sun-grown dried cannabis for use in extraction on or before December 31, 2019. If Good & Green is unable to deliver on this agreement they may satisfy its obligations by providing 48North with 600 kilograms of indoor produced, dried-finished, salable cannabis with a minimum tetrahydrocannabinol (THC) level of 18%.
48North Cannabis Corp. (“48North”) is a TSX Venture Exchange listed company whose wholly-owned subsidiary DelShen Therapeutics Corp. (“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 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, its cannabis sales license was granted on June 25, 2018, and its extraction license to produce cannabis oil was granted on September 13, 2018, and pertain to the facility, a state-of-the-art, closed-box, 40,000-square-foot building.
About Good & Green
Good & Green is a socially responsible, organic cannabis company co-founded by Jeannette VanderMarel (co-founder The Green Organic Dutchman) and Daniel Goldberg (formerly PharmaCan, Macquarie, CIBC, and National Bank). Good & Green received its Confirmation of Readiness letter from Health Canada on May 2, 2018 in respect of its 46,000 square foot facility on five acres of land in Brantford, Ontario and has recently acquired a 100-acre farm in southwest Ontario. The Corporation is focused on developing high quality, consistent, homogeneous organic cannabis and cannabis products.
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. 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.
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About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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