48North Agreement with OCS for Outdoor-Grown Cannabis

TORONTO, June 10, 2019 /CNW/ – 48North Cannabis Corp. (TSXV:NRTH) announced today that it has signed a supply agreement with the Ontario Cannabis Store (“OCS“), Ontario‘s sole wholesaler and online retailer for recreational cannabis.

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Under the supply agreement, 48North will supply the OCS with 1,200 kilograms of dried cannabis from its outdoor farm in Brant County, Ont., (“Good Farm”) and other cannabis products such as pre-rolls from its indoor facilities in Brantford, Ont., (“Good House”) and Kirkland Lake, Ont. (“DelShen Therapeutics“).

48North’s Good Farm is expected to produce an estimated 40,000 kilograms of organic, sun-grown cannabis from more than 3.7 million square feet of outdoor cultivation space. At Good Farm, 48North expects to harvest cannabis at what is expected to be one of the lowest cost per gram in the country.

This supply agreement marks the Company’s third outdoor supply agreement with a provincial wholesaler for outdoor-grown cannabis. Previously, 48North signed agreements with the Société québécoise du cannabis (SQDC) for 1,200 kilograms of dried cannabis, and Alberta Gaming, Liquor & Cannabis (AGLC) for 2,460 kilograms of dried cannabis. To that end, 48North has committed nearly 5,000 kilograms of dried cannabis from its Good Farm in 2019 to the Canadian recreational cannabis flower market.

“48North is looking forward to delivering high-quality, sun-grown, low-cost and organic cannabis to some of the largest cannabis markets in the country. Through a series of historic supply agreements, 48North has solidified its place as part of the solution in addressing the significant supply shortages facing the Canadian recreational cannabis market,” said Alison Gordon, co-CEO of 48North.

48North’s supply agreement with the OCS was signed on June 7, 2019, and pertains to calendar year 2019.

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 operates Good Farm, a 100-acre organic cannabis farm that is expected to produce more than 40,000 kilograms 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. 

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