TORONTO, June 22, 2020 /CNW/ - 48North Cannabis Corp.
("48North" or the "Company") (TSXV: NRTH) is pleased to report a
successful first week of planting on Good:Farm, one of Canada's first and largest outdoor cannabis
facilities.
Following the first season for licensed outdoor cultivation in
Canada, 48North enters the
upcoming season with improved know how, as well as operational and
structural improvements to ensure that Good:Farm helps meet the
steady demand for 48North products and positions itself to take
advantage of opportunities for contract manufacturing
partnerships.
"48North's commitment to cultivating outdoor, organic, sun-grown
cannabis positions us to deliver the products our customers deserve
in 2020," said Charles Vennat, CEO
of 48North. "Without question, outdoor cultivation has been a game
changer for the industry in terms of cost and quality. Last year,
the Company learned important operational lessons in our season
that will inform our 2020 approach. Our early mover advantage
positions us to thrive in this space, while continuing to drive
down cultivation costs below last year's benchmark of $0.25 per gram."
48North has taken the planting "off season" to focus on critical
operational improvements at Good:Farm, including:
- Construction of a state-of-the-art drying facility on site,
purpose built to be adapted for indoor cultivation in the winter
(48North's licence amendment application was submitted for the
drying facility on May 8th
and early conversations with Health Canada leave the Company
confident in its ability to receive approval in time for
harvest);
- Leveraging genetics that succeeded outdoors in the first season
at Good:Farm, through an in-house genetic breeding program,
- Introducing clone and tissue culture cultivation to Good:Farm,
in addition to the Company's experience with seed stock;
- Expanding beyond Good:Farm's organic farming processes, with a
specific focus on regenerative practices to nurture more resilient
soils for nutrient-rich crops, this includes the consideration of
the longevity and fertility of our farm;
- Recruiting new management with local know how and successful
outdoor cannabis cultivation experience; and
- Emphasizing the Company's commitment to sustainability by
eliminating single-use plastics in the production process.
Good:Farm's inaugural planting season demonstrated that
high-quality, low cost cannabis for next generation cannabis
products is best grown on a farm. Popular strains and products
already on the market are the result of 48North's first harvest.
The Company's added experience and operational upgrades will
position it to build on this momentum and deliver on its initial
vision of giving people the latitude to live well through
high-quality cannabis products.
The Company will continue to provide updates on the cultivation
process over the weeks and months ahead.
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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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
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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.