TORONTO, May 23, 2019 /CNW/ - 48North Cannabis Corp.
("48North" or the "Company") (TSXV:NRTH), a vertically integrated
cannabis producer focused on the development of next-generation
cannabis products, has granted an aggregate of 708,250 stock
options (each an "Option") and 900,000 restricted share units (each
an "RSU") to certain directors, officers, and employees of the
Company. The Options and RSU's vest through the passage of time or
the achievement of specific goals. The specific goals for the
Options and RSU's vary based upon the duties and responsibility of
the recipient. Each Option is exercisable into one common share
("Share") of the Company at a price of $1.09 per Share for a period of three years from
the date of grant. Each RSU is exercisable into one Share for a
period of up to three years from the date of grant. All of
the Options and RSU's have been granted pursuant to the Company's
Stock Option Plan and Restricted Share Unit Plan which has been
previously approved by the Company's shareholders and the TSX
Venture Exchange.
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 as
positioning itself to contract manufacture similar products for
third parties. 48North operates Good Farm, a 100-acre organic
cannabis farm, expected to produce over 40,000 kg of organic,
sun-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 with more than
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. 48North has a growing portfolio of brands that
include Latitude, a women's cannabis platform
(explorelatitude.com), Mother & Clone, a rapid-acting
sublingual cannabis nanospray (momandclone.com) and Avitas, a
single strain vaporizer cartridge (avitasgrown.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 business plan and future operations of the Company.
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 business plan described herein
will not be completed, that 48North may not derive the expected
benefits from such business plans, or that applicable regulatory
approvals will be obtained to carry out the activities contemplated
herein. 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-party 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.