TORONTO, Sept. 12, 2019 /CNW/ - 48North Cannabis Corp.
("48North" or the "Company") (TSXV:NRTH), is pleased to announce
that it has secured 1,000,000,000 mg of high-quality active CBD oil
from Iverson Family Farms Inc. ("Iverson") based in Willamette
Valley, Oregon through an
industrial hemp production contract.
Under the terms of the contract, Iverson will harvest industrial
hemp on 33 acres of land in 2019 for 48North for the purposes of
providing the Company with high-quality active CBD oil.
Announced on the heels of the Company's expansion into
the United States, the Company
intends on leveraging the high-quality active CBD oil to solidify
and expand its U.S business operations.
The CBD oil will be used for three primary purposes:
- the launch of Quill's full-spectrum, hemp-based, CBD-specific,
internationally distributed, all-in-one vaporizer pen;
- to launch other farm-bill compliant, federally legal, and
centrally distributed CBD-based products across the United States; and
- future B2B sales.
Iverson was started by Ross and Dorothy
Iverson in 1950. After Ross developed terminal liver cancer,
his family used CBD to help manage his pain. This firsthand
experience with CBD led them to begin growing high CBD hemp in 2016
and a year later the installation CO2 processing and manufacturing
facility. Today, Iverson is one of the largest
vertically-integrated CBD operations in the world. The 2019 grow
season includes 600 acres with manufacturing contracts for many of
the largest CBD companies, including Charlotte's Web (TSX: CWEB), a
market leader in the production and distribution of innovative CBD
wellness products.
"48North knows that strategic U.S expansion with a focus on
federally legal CBD-derived products is critical to both the long-
and short-term success of cannabis companies focused on brand and
product for the recreational consumer market. The Company is
laser-focused on securing robust distribution channels, further
building and maintaining brand loyalty, and developing an
innovative and diverse product offering for the increasingly
competitive recreational cannabis market globally," said
Alison Gordon, CEO of 48North.
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 that is expected to
produce more than 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. 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. 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); Avitas, a
single-strain vaporizer cartridge (avitasgrown.com) and Quill, a
leader in the manufacturing of beautifully designed,
lifestyle-focused and sleek vape products (quill.me).
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 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.
SOURCE 48North Cannabis Corp.