“What an incredible week for cannabis. We are thrilled to be part of a small group of licensed producers to have received a sales license, and as a result, are able to participate in the early-stage, legal recreational cannabis market in Canada,” said Alison Gordon, Chief Executive Officer at 48North. “Near-term revenue from sales will support the brand and business, as we continue to focus on developing women-oriented products and brands in the consumer packaged goods (CPG) space, including cannabis-infused edibles, drinkables, cosmetics and skin care.”
DelShen, 48North’s wholly-owned facility in Northern Ontario received its cultivation license in February 2017 and has been growing unique genetics sourced from the Netherlands in preparation of achieving this milestone.
Ms. Gordon continued, “We will continue to leverage our cultivation facilities, along with our production and sales license, in support of partnerships both in and out of the cannabis space. It is our goal to have CPG licensed products available upon legalization of adult-use cannabis in accordance with the Cannabis Act.”
48North is a TSXV Venture Exchange listed company whose wholly owned subsidiary, 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 (“ACMPR”) 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, and pertains to its state-of-the-art, closed-box, 40,000-square-foot building with an additional 200,000 square feet of production space planned within the current security perimeter.
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For further information: 48North Investor Relations, Heidi Christensen Brown, (416) 848-1389, firstname.lastname@example.org; David Hackett, Chief Financial Officer, email@example.com, 416 639 5891 ext 304