TORONTO, May 17, 2019 /CNW/ - 48North Cannabis Corp. ("48North" or the "Company") (TSXV:NRTH) is poised to produce over 40,000 kilograms of outdoor-grown organic cannabis this year, at what is expected to be the lowest-cost per gram in Canada.
Earlier today, 48North received its outdoor cultivation license from Health Canada for its 100-acre (3.7 million square feet) organic farm ("Good Farm"), located in Brant County, Ontario. Good Farm will become one of the largest-ever licensed cannabis operations in the world.
Health Canada's licensing of Good Farm will allow 48North to harvest in excess of 45,000 kilograms of dried cannabis in 2019 across it three Canadian facilities. In turn, 48North is well-positioned to become a global leader in the production of low-cost, high-quality, next-generation products in the lead-up to Canada's legalization of next-generation products later this year.
48North has also recently signed three supply agreements for cannabis from its Good Farm, including:
- a historic outdoor cannabis agreement with the SQDC (the exclusive distributor of cannabis in Quebec) for 1,200 kg of dried cannabis;
- a supply agreement to provide 2,460 kilograms of dried cannabis to AGLC, the wholesaler of Alberta, which leads the country in both cannabis stores and per capita cannabis sales; and
- an agreement with Humble + Fume for 6,000 kg of dried cannabis and trim.
"Receiving the outdoor cultivation license from Health Canada for our Good Farm is an absolute game changer for 48North and the cannabis industry. Overnight, the company expands its annual expected capacity from 5,000 kg to over 45,000 kg. As a result, I am confident that 48North will deliver on its promise to produce, high-quality, low-cost, organic cannabis for the next-generation of cannabis products, and the dried flower market," said Jeannette VanderMarel co-CEO of 48North.
"48North is now better positioned than ever to deliver on its commitment to deliver high-quality cannabis products to the Canadian and international cannabis markets. 48North knows that consumer packaged goods brands looking to get into the cannabis space need a low-cost, consistent, and organic cannabis inputs, 48North's Good Farm, without question, fulfills this need," added Alison Gordon co-CEO of 48North.
Good Farm has a number of strategic advantages, including: ultra-low-cost cannabis, environment-friendly and energy-efficient production, in addition the farm provides a source of relief to the national shortage of recreational cannabis.